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Kaupthing Edge, Should I Avoid?
Comments
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Those looking to lock GBP50k up for 3 years at above 7.5% should get in very quickly as ING will pull down the rates to its own level0
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ING could well go bust themselves, and as a Dutch company we don't know what level of compensation will be offered for their savers.poppy100
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- Acting on the advice of the Bank and FSA, and in light of announcements made by the Icelandic authorities in recent days, the Chancellor has taken action today to protect the retail depositors in Kaupthing Singer & Friedlander, a UK-based banking subsidiary of Kaupthing Bank.
- He has taken this action to ensure the stability of the UK financial system. Savers* money is safe and secure
- Kaupthing Singer & Friedlander (KSF) is regulated by the FSA. The FSA has determined that Kaupthing Singer & Friedlander no longer meets its threshold conditions, and is likely to be unable to continue to meet its obligations to depositors.
- The FSA concluded that KSF is in default for the purposes of the Financial Services Compensation Scheme.
- The Treasury has used the Banking (Special Provisions) Act 2008 to ensure a resolution that preserves financial stability and provides protection and continuity of business for depositors
- KSF*s Kaupthing Edge deposit business has been transferred to ING Direct, a wholly-owned subsidiary of ING Group, which operates through its branch in the UK. ING Direct is working to rapidly ensure that it is business as normal for all customers
- This action by the Tripartite Authorities protects savers* money and provides certainty for retail depositors. The transfer of the retail deposit books has been backed by cash from HM Treasury and the Financial Services Compensation Scheme.
- The remainder of Kaupthing Singer & Friedlander business has been put into administration. Any retail depositors eligible to claim under the Financial Services Compensation Scheme whose business has not been transferred to ING Direct will be paid out in full through the Financial Services Compensation Scheme
- This is the right course of action to protect savers, ensure financial stability, and safeguard the interests of the taxpayer.
poppy100 -
!!!!!!, I left it too late. Can't get my money out, have been trying to get through on the phone for the last two days but its constantly engaged. AAAAAAHHHHH!!!poppy100
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poppy... i just logged in to KE online and it is not stopping me from moving my money.
i've had a deposit go in and a transfer go out today
have you tried online?0 -
ING could well go bust themselves, and as a Dutch company we don't know what level of compensation will be offered for their savers.
According to:
http://www.ingdirect.co.uk/
£77700 of your savings are protected under the Dutch Investor Compensation Scheme.Stompa0 -
According to:
http://www.ingdirect.co.uk/
£77700 of your savings are protected under the Dutch Investor Compensation Scheme.
And that is better than the Icelandic Scheme ??
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Anyone with funds in Indian or Pakistani banks should move them. When banks pay more than the norm on deposits, you know for a fact that they must speculate with your money to make more than they are paying.FREEDOM IS NOT FREE0
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Anyone with funds in Indian or Pakistani banks should move them. When banks pay more than the norm on deposits, you know for a fact that they must speculate with your money to make more than they are paying.
Unlike EU and US Banks, none of the Indian banks have gone bust though there were some rumours about ICICI India.
ICICI UK is covered completely (upto £50,000) under FSCS...and not through passport scheme....
Have a look at ICICI Home page regarding recent cash levels.....
Why do you want to pass message to avoid Indian or pakistani banks...in fact, except Northern Rock, none of the UK Banks have taken the interest of investors into consideration and bet on saver's money.
In the current situation, none of the non-nationalized British or any other bank for that matter is safe....to sleep peacefully at night0
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