Is the UK government about to be embarrassed over the Icelandic affair?
Amid claims that the government were aware of problems in Iceland prior to the collapse of the country's financial sector there are growing calls for a thorough investigation into the collapse where confirmation about what the government did and did not know would be requested. As we discussed yesterday there are claims that Gordon Brown knew about problems as far back as March 2008 although no action seems to be taken.
We also have the issue of Alistair Darling speaking with his counterpart in Iceland when he requested confirmation that UK funds would be guaranteed or at the very worst come under the European compensation scheme. While he was given no such guarantee, neither was he informed that the funds would not be covered although he then appears to have revealed to the press that the Icelandic government were not willing to guarantee UK deposits.
There is a growing feeling that this disclosure by Alistair Darling did in fact exacerbate the problems with the Icelandic financial system leading to a further run on the banks. It will be interesting to see if such an investigation is carried out as there have been numerous rumours and counter rumours about the saga.
Share this..
Related stories
Nestlé has the cash but does it have the conviction?
Nestlé has today announced the sale of its stake in eye-care group Alcon for a reputed £17 billion, which has led to intense speculation that this will form the war-chest needed to enter the bidding for Cadbury. While Nestlé has so far been quiet on its plans for the future it is known that behind-the-scenes the company has already discussed a potential acquisition of Cadbury and is said to...
Read MoreIs the era of free banking officially over?
Last week's announcement by Lloyds Bank would appear to have sounded the death knell for free banking in the UK with customers now being charged a monthly fee to have in place overdraft facilities. While the issue of "free banking" has been something of a myth in all honesty, it does look as though officially more and more customers will be charged a monthly fee to obtain access to banking facilit...
Read MoreIs International Power on the shopping list of GDF Suez
French utility giant GDF Suez is said to be in talks with leading UK power provider International Power in what could turn out to be a very difficult situation for the UK government. While no formal bid has been forthcoming as yet it is believed that the French authorities, who hold a 35% stake in the giant French utility company, have given the go-ahead for a bid for International Power. But how...
Read MoreCredit, debit and pre-paid cards and your holiday spending
14/07/2015 Spending money on holiday can often be a minefield of hidden charges and excessive transfer rates. If you feel uncomfortable carrying large amounts of money around with you, there are still many different options available to you, so we have looked at the best ways to use cards abroad.
When buying your holiday
Before you pay for your holiday, maybe think abo...
Read MoreAre there problems in the US banking system?
After news that the Financial Services Authority has fined a third Morgan Stanley dealer for alleged trading violations there are serious concerns about regulatory and monitoring systems within many of the world's largest banking companies. While the headlines today and tomorrow will centre on Morgan Stanley and the new fine issued by the FSA there are concerns that the worldwide financial system...
Read More