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ING Direct uk,to acquire KE Deposits
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# 1
sparky666
Old 08-10-2008, 10:22 AM
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Default ING Direct uk,to acquire KE Deposits

What is this going to mean.???
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# 2
Domipheus
Old 08-10-2008, 10:25 AM
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I dunno, but the BBC jsut confirmed it. ING Direct aquires all kaupthing-edge british accounts.
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# 3
webdigga
Old 08-10-2008, 10:25 AM
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Quote:
Originally Posted by sparky666 View Post
What is this going to mean.???
As far as I know ING are covered by the passport scheme aren't they??
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# 4
alm721
Old 08-10-2008, 10:26 AM
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dont know I've just seen this on sky news as a breaking news at the bottom of the screen but nothings been said yet, no idea what it means but the transfers I tried to action from Kaupthing last night have not gone through and I cant get them on the phone.
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# 5
Leon W
Old 08-10-2008, 10:26 AM
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Business as normal I would have thought but I'd feel happier with ING.

This also applies to Heritable Bank depositors.
I am a Mortgage and Protection Adviser

You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.

Last edited by Leon W; 08-10-2008 at 10:40 AM.
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# 6
martinman3
Old 08-10-2008, 10:28 AM
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Wink

I believe that they are also taking the assets of Heritable Bank, probably before the Icelandic government grabs them all.
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# 7
cwcw
Old 08-10-2008, 10:31 AM
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2 things:

1) Does that mean KE customers will go from 100% FSCS compensation up to the 50k, to the ING passport scheme compensation?

2) Why oh why couldn't they have bought Icesave too????
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# 8
alm721
Old 08-10-2008, 10:33 AM
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1) Does that mean KE customers will go from 100% FSCS compensation up to the 50k, to the ING passport scheme compensation?

I sincerley hope not especially given icelands priblems.
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# 9
nzseries1
Old 08-10-2008, 10:34 AM
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If this happens, I'll be breaking my term deposit.
No 50,000 guarantee by UK government - no savings of mine.
You're spelling is effecting me so much. Your all making me loose my mind on mass!! My head is loosing it's hair. I'm going to take myself off the electoral role like I should of done ages ago and move to the Caribean. I already brought my plane ticket, all be it a refundable 1.
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# 10
itsnever2lateisit?
Old 08-10-2008, 10:36 AM
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Quote:
Originally Posted by sparky666 View Post
What is this going to mean.???
I guess exactly the same senario as Santander aquiring Bradford and Bingley depositors
Debt @ LBM 04/07 14,80401/08 10,472now debt free

Target: Stay debt free
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# 11
WilliamT
Old 08-10-2008, 10:37 AM
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For the uninitiated, how does this actually work? Who pays what to who for Ing Direct to take control?
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# 12
nilrem
Old 08-10-2008, 10:39 AM
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My advice is worthless as I thought Icesave was safe but in view of recent events I would think that savings are more secure with a Dutch bank than with one belonging to Iceland.
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# 13
l33tsp33k
Old 08-10-2008, 10:39 AM
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Quote:
Originally Posted by alm721 View Post
1) Does that mean KE customers will go from 100% FSCS compensation up to the 50k, to the ING passport scheme compensation?
.
ING is not an Icelandic bank, they are Belgian or Dutch IIRC...
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# 14
sparky666
Old 08-10-2008, 10:40 AM
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I would think the KE deposits will stay 50k uk cover.
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# 15
MadSage
Old 08-10-2008, 10:41 AM
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We will have to wait and see, but I would guess business will go on as usual with Kaupthing Edge continuing as they are, like Abbey, A&L, and B&B. ING get something out of this. At the moment, lots of people are wary about ING because of the compensation scheme. Now they can still pull those customers in via KE.
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# 16
nzseries1
Old 08-10-2008, 10:42 AM
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Quote:
Originally Posted by sparky666 View Post
I would think the KE deposits will stay 50k uk cover.
Why?

When Santander bought Bradford and Bingley, the deposits got moved to Santander's FSCS license, meaning B&B was covered as if it were part of the same financial institution as Santander. Why would the same not apply here?
You're spelling is effecting me so much. Your all making me loose my mind on mass!! My head is loosing it's hair. I'm going to take myself off the electoral role like I should of done ages ago and move to the Caribean. I already brought my plane ticket, all be it a refundable 1.
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# 17
Thinker
Old 08-10-2008, 10:42 AM
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Question Ing Ke Buyout

I believe that ING are covered by the dutch compenstion scheme which covers depositers up to 100k Euros. I would have thought however that the FSA would have to honour its 100% guarantee to KE depositers as Kaupthing Bank paid up fully to the British FSA scheme previously.

Can Martin confirm this?

In any event, I am reasonably positive about things because ING must be well placed finacially to buy KE assests in this climate - then again look at Lloyds buying HBOS??

I will be trying to learn more about ING.
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# 18
coolio
Old 08-10-2008, 10:43 AM
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Can't login anmymore at KE
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# 19
cwcw
Old 08-10-2008, 10:44 AM
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Quote:
Originally Posted by l33tsp33k View Post
ING is not an Icelandic bank, they are Belgian or Dutch IIRC...
They are Dutch, but if they went bust, how easy do you feel about claiming the first 16k from the Dutch? Granted, Holland is a bigger country than Iceland, but for me, I wouldn't touch anything other than full FSCS guarantees with a bargepole.
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# 20
KTF
Old 08-10-2008, 10:44 AM
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The BBC only mentions that Heritable is being sold to ING:

http://news.bbc.co.uk/1/hi/business/7658417.stm
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