ING Direct uk,to acquire KE Deposits

[sparky666]

What is this going to mean.???

[Domipheus]

I dunno, but the BBC jsut confirmed it. ING Direct aquires all kaupthing-edge british accounts.

[webdigga]

Originally Posted by sparky666

What is this going to mean.???

As far as I know ING are covered by the passport scheme aren't they??

[alm721]

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.

[Leon W]

Business as normal I would have thought but I'd feel happier with ING.

This also applies to Heritable Bank depositors.

[martinman3]

I believe that they are also taking the assets of Heritable Bank, probably before the Icelandic government grabs them all.

[cwcw]

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????

[alm721]

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.

[nzseries1]

If this happens, I'll be breaking my term deposit.
No £50,000 guarantee by UK government - no savings of mine.

[itsnever2lateisit?]

Originally Posted by sparky666

What is this going to mean.???

I guess exactly the same senario as Santander aquiring Bradford and Bingley depositors

[WilliamT]

For the uninitiated, how does this actually work? Who pays what to who for Ing Direct to take control?

[nilrem]

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.

[l33tsp33k]

Originally Posted by alm721

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...

[sparky666]

I would think the KE deposits will stay £50k uk cover.

[MadSage]

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.

[nzseries1]

Originally Posted by sparky666

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?

[Thinker]

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.

[coolio]

Can't login anmymore at KE

[cwcw]

Originally Posted by l33tsp33k

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.

[KTF]

The BBC only mentions that Heritable is being sold to ING:

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