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UK moves to protect Icesave accounts

The British Government has stepped in to protect Icesave deposits held by UK savers with estimates that around 300,000 people had accounts with the UK operation of Icelandic bank Landsbanki.

Speaking on the radio this morning the Chancellor of the Exchequer Alistair Darling suggested that the Icelandic Government had no intention of covering British savers with their compensation scheme.

Theoretically the Icelandic scheme should have covered the first £16,170 with the rest, up to £50,000, covered by the FSCS in the UK although it had not been clear how this would have worked in practice. The bank account had been a market leader in the UK sitting at or near the top of the best buy tables for years.


Made in China

Global equity markets have endured painful and dramatic gyrations in recent weeks. At Barings, we had been expecting further failures in the US financial sector for some time and have long been cautious from a top-down perspective on Western financials.

Rating for answers

What is the point of a rating agency that cannot predict when a company, bank or fund is not fit for difficult times? That is a question which I think the big global agencies should be answering themselves.

India budget: BJP focuses on growth

By Kunal Desai, Head of Indian Equities

With markets kept open on Saturday, finance minister Arun Jaitley delivered a promising budget focused on growth and decentralisation. While many complained about a six-day working week, there was much to be pleased about and the markets rallied in the afternoon to finish in the green.


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