Alistair Darling puts pressure on Icelandic authorities
Alistair Darling has entered the fray regarding the Icelandic banking collapse compensation scheme which was ratified by the Icelandic parliament but has been held up by howls of protest from Icelandic taxpayers. Indeed the president of Iceland has been forced to attend a number of meetings with activists who are dismayed at the fact the compensation scheme is costing each and every member of the Icelandic population around £11,000.
Many in Iceland believe that taxpayers are being left to foot the bill for the incompetence of politicians, regulators and the ever growing impact of the credit crunch. Indeed, as we covered yesterday, Alistair Darling is not a favourite amongst the Icelandic population after his comments last year were seen by many as the catalyst for a collapse in the currency. However, there is more to this compensation scheme than just the £3.4 billion at stake!
Alistair Darling has indirectly hinted that the Icelandic economy, its position in the worldwide market and indeed Iceland's attempt to join the EU could be impacted by a continuing reluctance to sign off the compensation scheme. It seems almost inevitable that the Icelandic authorities will at some stage be forced to hand over the money to the UK government and the Dutch government, both of which had to pay out significant amounts of compensation to savers impacted by the Icelandic banking collapse.
Discipline of saving 'important'
It has been claimed that more people need to get into the habit of saving money for their future, particularly now that the credit crunch is beginning to take effect.Colin Jackson, director of Baronworth Investment Services, has pointed out that the slowdown in the financial sector is going to make it more difficult for people to access credit in the future and this means savings will come in hand...Read More
Icesave 'enters administration'
Savers with Icesave are likely to have to claim their money back through deposit insurance, after the provider entered administration.Reykjavik-based Landsbanki, Icesave's parent company, went to the wall due to the worsening credit crunch conditions.It has now been nationalised by the Icelandic government.British savers attempting to take their money out of the bank have been met with a terse mes...Read More
Will Britain be forced to shoulder compensation bill for the Icelandic banking collapse?
Despite the fact that the UK government is publicly stating it will continue to pursue the Icelandic authorities for repayment of a multibillion pound loan which was to be used to compensate UK savers, behind the scenes it looks as though the UK authorities are readying themselves to give up on the loan. There is growing concern within Iceland that the £3.4 billion compensation package, which was...Read More
Pensioners 'missing out on billions'
Billions of pounds in pensioner benefits are lying unclaimed, the charity Age Concern has warned.As part of its Your Rights campaign the organisation is urging older people to claim the benefits they are entitled to, which it says amounts to £4.2 billion.Age Concern says that £1.4 billion in council tax credit goes unclaimed each year and has launched a campaign to provide claimants with more in...Read More
Abbey: Give up smoking for a financial boost
Regular smokers spend around £170 on the habit each month, new analysis from Abbey has shown.According to the firm, giving up cigarettes can therefore be of significant benefit to personal finances - as well as to health.By quitting, around £2,000 can be generated in a top-rated savings account after just 12 months, Abbey claimed.The research found that a 20-per day smoker can also derive benefi...Read More