IceSave Affects Small People Too!
On 7 October 2008, the Icelandic Financial Supervisory Authority (FME) took control of Landsbanki Islands, placing the bank into administration.
In the UK, countless thousands of individuals, charities and councils have invested in IceSave, the Icelandic based internet savings account, owned by Landsbanki, and promoted and guaranteed in the UK, for the purpose of earning favourable interest rates.
For charities, even a few percentage points can make a dramatic difference when it comes to helping change the lives of people in need. And IceSave provided instant access to those funds. One cancer charity currently has in excess of a million pounds deposited in IceSave and the BBC has shown numerous segments where pensioners, young people, and small businesses have their entire assets in the Icelandic accounts.
Our FSA (Financial Services Authority) say they’re diligently working on a plan to rescue the bank so that Britains may recover their savings. But for now, the money is frozen in a cyberworld of global banking and goverment policies.
We're told it may take months, it may take a year, but we’re assured by politicians that 'eventually' a plan will be worked out whereby the public will be able to access their money again.
But for now, the advice offered to young families who are desperately relying upon their money to pay the utility bills and mortgages, or buy Christmas presents for their children, or the elderly pensioner who can’t pay their heating bill without these funds, or the small charity who needs to feed children this winter, the advice from our government is...well…
Nothing, nada, zip, bupkes !
In other words…we’re on our own!
Mazal tov ! מזל טוב