Icesave Deposits Frozen
The global financial crisis continued today as 300,000 British savers were blocked from accessing their money in the Icelandic bank Icesave after it collapsed.
Icesave's British savers now face a difficult struggle to extract their cash, after withdrawals were blocked this morning from the internet portal which gave them access to their money.
Landsbanki, which runs Icesave, is one of a handful of European banks operating in Britain which has the so-called passport exemption - meaning that when the bank fails, the first €20,000 (around £16,000) needs to be reclaimed from the Icelandic compensation system, not the UK system.
Icesave's British savers now face a difficult struggle to extract their cash, after withdrawals were blocked this morning from the internet portal which gave them access to their money.
Landsbanki, which runs Icesave, is one of a handful of European banks operating in Britain which has the so-called passport exemption - meaning that when the bank fails, the first €20,000 (around £16,000) needs to be reclaimed from the Icelandic compensation system, not the UK system.