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Icelandic bank relief for Lowestoft man

PUBLISHED: 10:55 11 October 2008 | UPDATED: 21:29 05 July 2010

A LOWESTOFT man has told how devastation at the prospect of losing £85,000 of his life-savings turned to elation after chancellor Alistair Darling guaranteed all deposits made to a collapsed Icelandic bank.

A LOWESTOFT man has told how devastation at the prospect of losing £85,000 of his life-savings turned to elation after chancellor Alistair Darling guaranteed all deposits made to a collapsed Icelandic bank.

Richard Lambert, 41, invested £125,000 in the internet bank Icesave, but was initially told only £50,000 would be guaranteed.

However, Mr Darling has since pledged British savers' full deposits would be guaranteed because of “exceptional circumstances”.

Father-of-one Mr Lambert, who sold his fish and chip shop in Suffolk Road earlier this year and currently works as a retained firefighter, said he tied up his cash in Icesave on a one-year deal and expected to make £10,000 in interest, meaning he could have lost £85,000 without government intervention.

He said: “I had a day where I thought I was going to lose £85,000. It didn't really sink in until I was at the fire station and thought I would have to work for another 30 years to make the money back.

“I do feel quite lucky because I have got more money than a lot of people, but I have worked really hard day and night for 20 years. The money is also my pension.”

Mr Lambert, who said he wanted to use his investments to plough into property development, ploughed about half his life-savings into Ice save.

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