Kaupthing Edge CHAPS Transfer

Landyman64

There will hopefully be lots more positive posts on here tomorrow as the money starts flowing again. Still waiting for my CHAPS from Wednesday morning before the ING anouncements were made...I know I was a little slow on the uptake trying to get my money out!!

For anybody interested, I understand that there is a Moneybox special about savings during the current turmoil at 9pm tonight on Radio 4....might be worth a listen.

joanniepony

I totally agree with the worrier. When/if my missing money turns up, I'm of to spend a large portion of it. I don't believe any bank is safe at the moment (after all, I believed KE's reassurances, for a while anyway) and i've decided i might as well get the benefit of some of my money before some incompetent CEO gets it as a golden handshake. May be I'll even be able to kick start the economy by indulging in all those things I've been denying myself.

I've always been taught to save and not to get into debt and where is that getting me?! Sleepless nights and bitten fingernails! The only thing that kept me sane over the last few days was the various forums where I discovered I wasn't alone, so my thanks to everyone here.

Still with 2 kids at uni I need to keep some aside to fund them, I suppose.

Fingers crossed for tomorrow!

codger

goodethernet wrote: »

You make it sound like ING PAID for the deposits of Kaupthing Edge in the UK. I think you will find that HM treasury PAID ING Direct +/- £2.5bn to take it on, so the cost to the Taxpayer is the same, whether it's paid out via the FSCS or simply administered by ING Direct in the way of a "take over". Politically, one massive claim on the FSCS (icesave) is better than two (icesave AND KE).

Deposits are LIABILITIES in banks' balance sheets, not assets, so somehow giving the impression that ING stepped in to fund the whole thing and save KE is just plain wrong. The government bailed it out, just by another mechanism, that's all. The UK taxpayer HAS been stung for the value of the KE deposits, just not many people have spotted that yet. .

If your post is to be taken at face value, then ING has just collected £2.5 billion from the UK Treasury PLUS at least half a £billion by way of non-transferred savings (i.e., savings on deposit with KE which the deposit holders had elected to leave in place.)

I'd seriously recommend you contact your MP right now and ask for a Parliamentary enquiry.

As to my position: I never said ING had "paid" for the KE business. If you read my post, you'll see that it refers to what actually happened: Kaupthing Edge's UK subsidiary reported an approach-default position to the FSA; the FSA alerted HM Treasury; The Treasury then brokered a deal, presumably, by contacting ING.

What The Treasury did not do was fork out £2.6billion of UK taxpayers' money to ING on Wednesday of last week.

I'm no fan of this Government, or Whitehall, and have been one of ING's biggest critics in the past. I may be again.

For the moment though, I'm happy that I haven't lost anything, the UK tax payer hasn't lost anything, Kaupthing Edge and the FSA acted responsibly, The Treasury did what was required of it, and ING has subsequently, and at very, very short notice, worked long and hard to reunite many a KE transfer-out depositor with his / her savings.

Celt08

i've just had an email from ing - confirming they are in charge of our savings with KE...

codger

joanniepony wrote: »

I totally agree with the worrier. When/if my missing money turns up, I'm of to spend a large portion of it. I don't believe any bank is safe at the moment (after all, I believed KE's reassurances, for a while anyway) and i've decided i might as well get the benefit of some of my money before some incompetent CEO gets it as a golden handshake. May be I'll even be able to kick start the economy by indulging in all those things I've been denying myself.

Funnily enough, or perhaps not so funny, if you are in a position to spend on a consumer acquisition, then now's as good a time as any -- actually, it will get even better from that point of view: depends on whether you want to take what in your view is a gamble with your savings or use some of 'em now.

We had no plans to change our car this year but last week did exactly that by acquiring a company-owned vehicle from a business feeling the chill wind of recession. The £1,000s we saved on this transaction could never have been achieved through interest accumulated on savings over the next several years -- assuming those savings were "safe" anyway.

We didn't, of course, buy from the retail trade, so we're hardly kick-starting the national economy. And every car is, longterm, a waste of money, but as we live in a rural area, are entirely dependent on a car, and change only every five or six years, we minimised the wastefulness of a car purchase tomorrow by maximising -- now -- the buying power of our savings in a recession-hit UK.

Moral: don't feel guilty about spending. . . if you're sure you can afford it.

m00head

From http://www.ingdirect.co.uk/kaupthingedge.asp:

Our priority is to restore normal service to you as soon as possible and to keep you informed with regular updates on this page, so please check here on a regular basis.

[FONT=Verdana, Arial, Helvetica, sans-serif]UPDATE: SUNDAY 12TH OCTOBER[/FONT]

[FONT=Verdana, Arial, Helvetica, sans-serif]IMPORTANT NEWS ABOUT PAYMENTS[/FONT]

When Kaupthing Edge encountered difficulties last week withdrawals were not able to be completed. ING Direct will be honoring all withdrawals and will continue to work to clear the backlog as quickly as possible.

ING Direct has now started to make payments and is in the process of clearing the backlog of pending transactions in the system.

From the email:

[FONT=Verdana, Arial, Helvetica, sans-serif]Why was I not able to access my account?
Following UK Treasury action there was disru[/FONT][FONT=Verdana, Arial, Helvetica, sans-serif]ption[/FONT][FONT=Verdana, Arial, Helvetica, sans-serif] to your normal service.[/FONT]

[FONT=Verdana, Arial, Helvetica, sans-serif]We are sorry for any inconvenience, and we are committed to ensure you have full access to your savings at all times.[/FONT]

goodethernet

codger wrote: »

If your post is to be taken at face value, then ING has just collected £2.5 billion from the UK Treasury PLUS at least half a £billion by way of non-transferred savings (i.e., savings on deposit with KE which the deposit holders had elected to leave in place.)

Dont' know where your £half billion number comes from. And it doesn't matter what the number is. The fact is ING have collected nothing except a database of customers and possible future profits from whoever they can persuade to leave their money there. The deposits in KE BELONG to to the depositors. ING is taking on a LIABILITY, not an ASSET. KE could not pay those deposits out as they were insolvent. Do you really think ING stepped up and said "don't worry Alastair, give us the details of all the KE depositors and we'll pay them with our money". Unless there was actually £2.5bn of cash in KE (which there certainly wasn't or we would have been paid as normal, which we weren't), then tell me how ING would have taken this on without a consideration from somebody, utlimately the FSCS, Icelandic assets or UK taxpayers money.

Either way, somebody has paid something to ING to take on some of Kaupthing's liabilities (the deposits), otherwise why would ING bother?

joanniepony

Yes, the car we've been putting off buying for the last few months is on the list. We've been looking today and as soon as we can decide which one (of 2 models) we want, it will be bought. And we are going for a much newer one than we would normally have bought just to off load more money. Just need to sort the new conservatory and double glazing when that's done.

I've just listened to the Money box programme on radio 4 and almost all the experts predict things will get worse than they are now on the stock markets, so the sooner I spend my money the better as far as I can see.

JohnAnt

My guess is the same as the one I made last week, that the UK Government's actions probably puts all BACS and CHAPS into financial limbo. Question is, when does the money get back down to earth in ING (or preferably into the celestial haven of my home bank account).
Isn't life grand!

JohnAnt

Sorry, typo, should read 'the UK Government's actions put' etc