Ice Save Bank Puts Accounts "On Ice"
is also the parent bank of Heritable bank.
There is scant information at the Ice Save website, other than they are currently not processing deposits or withdrawals from customers.
Ice Save bank offered high interest returns for savings accounts and serviced customers in Iceland, the UK and the Netherlands. Ice Save
customers in Iceland were said to still have access to their funds via ATM's and Landsbanki branches, while international customers
were cut off.
A statement at the Financial Supervisory Authority of Iceland reads, Based on New Legislation, the Icelandic Financial Supervisory
Authority (IFSA) Proceeds to take Control of Landsbanki to ensure Continued Commercial Bank Operations in Iceland
* Domestic deposits are fully guaranteed, as declared by the Government
* Landsbanki´s domestic branches, call centres, cash machines (ATMs) and internet operations will be open for business as usual
* The objective of the IFSA´s action is to guarantee a functioning domestic banking system
The Icelandic Financial Supervisory Authority (IFSA) has under powers granted by the Icelandic Parliament proceeded to take control
of Landsbanki.
As declared by the Government, all domestic deposits are fully guaranteed. Landsbanki´s domestic branches, call centres, cash machines
(ATMs) and internet operations will be open for business as usual.
The action taken by the IFSA is a necessary first step in achieving the objectives of the Icelandic Government and Parliament to ensure
the continued orderly operation of domestic banking and the safety of domestic deposits.
If the bank is dissolved, depositors in Iceland sound to be covered, but it isn't so clear what will happen with Ice bank's international deposits.
If the cash from foreign entities is recoverable, I'm sure it will be a lengthy and nerve wracking process for those that want their monies back.
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