• From The BBC:

    Savers in the UK who have put their money into Icelandic banks have been told their deposits are safe.
    That message was given today by the Icelandic government and the two Icelandic banks that operate in the UK.
    Hundreds of thousands of UK savers have put their money into Icelandic banks which pay high interest rates.
    But concerns about their safety rose after a week of reports that the Icelandic economy itself was in difficulties.
    Bank’s response
    Mark Sismey-Durrant, chief executive of Icesave in the UK told Radio 4’s Money Box programme,
    “They shouldn’t be nervous about the state of the bank.
    “We have a strong capital base and 63% of our balance sheet is funded by deposits.
    “We maintain strong liquidity levels.”
    Asked specifically if customers could be sure their money was safe and they could get it out when they wanted he replied, “Yes. They can be.”

    At the end of September the Icelandic government rescued the country’s third biggest bank, Glitnir, buying three quarters…

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    Posted by Jon @ 8:21 pm

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