If Alistair Darling is to be believed... [Matthew's Journal]

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Iceland's government are a bunch of lying, cheating bastards, who are stealing my money.

He does also, say, however, that the UK government will make good where Iceland has failed to. What remains to be seen is how long this will take, given Landsbanki still isn't officially insolvent.

I wonder if the "passport scheme" will be scrapped now?

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There are 7 comments on this entry. (Reply.)

Good luck in getting all your money back, quickly.

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What I don't understand is how they can stop people withdrawing money without declaring that it's broken and the compensation ball can start rolling.

Surely it is only fair to have both or neither?

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I've been wondering what would happen if a depositor tried to enforce a bankruptcy petition against them. Probably they'll declare it's broken properly before any such thing could kick in, though.

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You can't bring a winding up petition against a company in administration.

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Is it actually in administration yet, though?

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I thought it was, I may be wrong. There are probably some tricky issues of cross-border insolvency law here, but I understood it had invoked emergency measures to give itself short-term protection from creditors, so I presume that it has short-term protection from its creditors, which would include the account-holders.

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The nice man does at least say you can keep it as an ISA though.

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Matthew's Journal

If Alistair Darling is to be believed...

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October