YES OF COURSE THEY SHOULD PAY UP THEY WERE EAGER ENOUGH TO TAKE THE MONEY WHEN THEY WERE USEING IT TO MAKE A FORTUNE. YOU CAN NOT JUST TAKE THE SMOOTH YOU HAVE TO ALSO TAKE THE ROUGH WHEN THINGS GO WRONG.
No, I don't see why they should. Gordon Brown et al should have thought about this when they decided to bail everyone out who had money in Iceland. I thought about putting money there to gain the extra interest but decided against it as slightly too risky for me. Thus those with money in Iceland got the extra interest & their money back when it went wrong, & idiots like me never gain by being prudent.
greedy people who thought they were getting something for nothing with interest being paid way over what was reasonable deserved to lose out. the government was wrong to bail them out using our money. I also see no reason why the inocent tax payers of Iceland should be covering the debt that they were not responsible for. any one with any common sense could see that house prices at some stage had to come down it was impossible for them to continue rising forever. it was a bubble and sooner or later it was going to burst with severe consequenses. the government should have stopped banks and building societies lending money to people who never had a chance in hell of paying it back without the ever increasing equity of property.
I agree with the above comments, but the Councils were stupid to invest our money in a foreign bank.
Hard to know. Iceland is a small country. Its President spoke very well and very cheerfully. Apparently it would cost every citizen £10,000 each and they're not terribly well off. I wouldn't fancy having to personally repay Britain's debt.
Why not let the politicians who allowed the system repay it. Here as well. That would be great news - although again the Icelandic President mightn't go for it !
Let's have a referendum.
NO, NOT AT ALL - why should the poor Icelandic taxpayer, who never saw a ha'penny of the bankers' greed have to pay out.
Would people in the UK agree to pay out to another country if any of our banks went under? I VERY VERY MUCH DOUBT IT.
VOTERS GET WHAT THEY VOTE AND HAVE TO STAND WITH IT THROUGH THE CYCLE EH!
Aesop. Why should we turn a blind eye to their nicking our money, seems to turning into a habit, already have our cod and excuse themselves for whaling because it is their heritage. Wonder what they will justify as entitlement when they join the EU.
Yes. The icelandic government gave a 100% guarantee on the savings in icesave, up to £35k. Therefore they are now legally obliged to return the money. The bank had a uk banking license and the highest credit rating. As for the 'greedy' savers who 'invested' there, I disagree. This was a deposit account like any other. If it was so risky it should have never been given a uk license.
I do feel sorry for the Icelandic tax payer who is being asked to pay this bill though....rather like the UK tax payer who will soon be paying for our banks.........
In hindsight it should be law that investors, individuals and institutions must be made fully aware that these non UK banks do not come under the protection of the British FSA compensation scheme (which covers up to £50,000 of losses), and if they still chose to take the risk and invest with banks, not covered by the UK FSA then they should have lost their money and the UK government should not have used taxpayers money to repay them.
They should have been compensated by the Icelandic system or whatever country people choose to invest in their banks outside of the UK protection, if indeed there is any protection in non UK banks
Anyone know how to remove their mistake (posted comment), the gremlins have got into this site
has nobody heard "If its to good to be true it most likely is".shame the idiots who invest our council surplus hadn,t.Icelandic banks must have a legal obligation to pay back the debt.
Yes they should, we need to sort out our countries finacial situation before we worry about others. Although the government should have thought of that in the first instance
I don't really see why taxpayers bailed out the people that had invested there. They knew what they were doing and put their money there to get extra interest. With extra interest comes extra risk. Do you think taxpayers should also refund everyone that makes a loss on the stock market?
If they had made a profit they wouldn't have expected to pay more tax would they?
We already have!! Surely you don't think that only UK people had money in HBOS and RBS etc - the taxpayer has reimbursed everyone from all over the world who invested in our major banks, all of whom would have lost money if they hadn't!!
The Icelandic Government, elected by the people of Iceland, took over the Banks and decided to repay the lost monies. The British Government took over Northern Rock and the other Banks that failed and rescued them, and the U.S. Government did the same. Sorry Icelanders, you elected them, allowed them to call the tune, now you have to pay the piper. You loved it when it was all going well, now be prepared to take the bad times after the good times.
No of course they shouldn't. An investment is a risk, the value of which can go down as well as up. If you can't afford to lose it, don't invest in the first place!! There are no guarantees, and I'm sure these investors wouldn't have shared any earnings, so why should they be compensated for the loss. Welcome to the real world!!
Absolutely they should pay up!! I didn't take unnecessary risks with my money and deposited it with Icesave only because it was a normal deposit ISA and was underwritten by the Icelandic government. There are lots of risky investments I could have chosen if I wanted to throw it away...
So, if Iceland expects to be a player in world finance ever again, it has to honour it's stated guarantees and commitments and learn that the price of not regulating it's own out of control banking system is to become a financial outcast where nobody will ever believe or trust them again.
The Icelandics should not have to stump up one penny.The money grabbing bigwigs who decided to invest outside of our country should have taken the fall,and not been recompensed in any shape or form.If i invest in anything i have got to be prepared to take a fall.Why should the TAX PAYER bail out anyone who lost money? Balloney.
Thanks for sharing. i really appreciate it that you shared with us such a informative post..
The Iceland banks were private companies that went bankrupt, as were the British banks that collapsed, why should the banks get prferential treatment, why should tax payers and their children pay to support bankrupt banks, to repay the losses of greedy financiers.
Well done Icelandic people, hold fast to your course and freedom.
In Britain we have little regulation of an out of control banking sector, which has been bailed out with tax payers debt, the resultant loss of jobs and cuts in services, ordinary people are suffering while the merchant bankers who caused the problem are awarding themselves millions in bonuses.
The problem is not Icelands banking system, it is a world banking system out of controll.
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