[justadude]

It was slightly more complex than that. Icesave was registered under the "passport" scheme, which meant that technically savers would have had to claim the first EUR 20,000 from the Bank's host country (Iceland in this case), with any top-up remainder being covered by the FSCS (up to I think around GBP 50 or 60k as you mentioned). Savers were fortunate in that the UK government stepped in and guranteed everything up to the limit.

(I too had an Icesave account at the time, it was a fearful couple weeks)

What's also important to remember is that only retail investors were bailed out. Council's and the like lost everything.

[josephlord]

I (probably stupidly and naively but in the end luckily) didn't pay that close attention and just trusted that the FSCS would come through. I was in the fortunate position of not needing the cash in the short term though.

It may have been a £50K limit, the precise number wasn't an issue for me at the time as I wasn't near either figure.

[netcan]

Where do you stand on that know? Would you be willing to take a substantially lower interest rate in a UK based account over a foreign, more ambiguously guaranteed one?

[josephlord]

Would probably still trust FSCS upto it's stated limits (although I would reread/print relevent bits from their website and might do research before investing in Icelandic, Greek, Cypriot and maybe even Italian banks to check there is no risk of devaluation and default that isn't covered.