Kaupthing Edge CHAPS Transfer

ontherun_2

welovedarling wrote: »

I'll try again.....is all our money in hyperspace guarenteed - even if its more than 50K?

It is 100,000 Euro - About £77,000 through the Dutch compensation scheme

thumshie

lozzy73 wrote: »

There's nothing too imaginative in that theory, just simple economics. Money in = money out. ING don't have a pot of money sitting there for our payments, they borrow to lend and make a profit on the margins. They simply aren't going to pay through the nose to honour our withdrawals or it could cripple them as it did KE! We will be paid when the interbank lending rate falls and ING / KE borrows the money at a reasonable rate.

If they're waiting on any payment, it's the one the treasury/FSCS promised them if they took on KE's liabilities......

MABLE

lindabloo wrote: »

Just spoke to ING direct and the guy said there had been a hold-up, but they are now continuing to process payments. He said that they guarantee that all payments will definitely be honoured but couldn't give a time-scale. He said he doesn't think it will be months as mentioned in a previous post, but should be much sooner.

A hold up thats all we need. I wander how much was taken :rotfl:

ontherun_2

lozzy73 wrote: »

There's nothing too imaginative in that theory, just simple economics. Money in = money out. ING don't have a pot of money sitting there for our payments, they borrow to lend and make a profit on the margins. They simply aren't going to pay through the nose to honour our withdrawals or it could cripple them as it did KE! We will be paid when the interbank lending rate falls and ING / KE borrows the money at a reasonable rate.

Ohh come on Lozzy!! .......And what if the rate does not fall?? Do you really think that they can hold on to our cash until they deem it convenient to let us have it??

:eek:

genny

Originally Posted by lindabloo
Just spoke to ING direct and the guy said there had been a hold-up, but they are now continuing to process payments. He said that they guarantee that all payments will definitely be honoured but couldn't give a time-scale. He said he doesn't think it will be months as mentioned in a previous post, but should be much sooner.


This completely conflicts with what Martin posted on p94....

nomorekids

MABLE wrote: »

Do you fancy another visit to Channel 4? You were brilliant last time.

whenever a shoe or ballet bag or spellings have gone missing this weekend, my kids have told me they have disappeared into the ether.

fredhaben

lozzy73 wrote: »

There's nothing too imaginative in that theory, just simple economics. Money in = money out. ING don't have a pot of money sitting there for our payments,

That's exactly what they're supposed to have. The FSCS and the Treasury jointly paid ING Direct a sum equivalent to the total amount in all KE accounts, less £5,000,000, for the takeover.

I don't think the delay has anything to do with LIBOR being high. My feeling is that it probably reflects the fact that they need to co-ordinate quite closely with KE's administrators, which means there will be loads of bureaucratic paperwork associated with the payments.

nomorekids

MABLE wrote: »

Do you fancy another visit to Channel 4? You were brilliant last time.

whenever a shoe or ballet bag or spellings have gone missing this weekend, my kids have told me they have disappeared into the ether. LOL

MABLE

As long as I can have my £10,000 back by the end of October I will be happy and if not will need to cash in some of my ISA's to pay my builder. Seems so bl..dy unfair but that is life.

sph1971sph

thumshie wrote: »

If they're waiting on any payment, it's the one the treasury/FSCS promised them if they took on KE's liabilities......

Thumshie - 'twas also my theory. Ing buy business - UK treasury say to ING "use that money to start the transfers off", pool of money runs out ... ING then have to wait for FSCS/HM Treasury to provide additional liquid funds (my understanding was the latter would stump up, in the form of a loan, which the FSCS would then recoup over time from scheme members to pay back the government)

I fully understand people's frustration but please stop shouting at each other, bite your lip and count to ten if someone has a pop! :A

I do agree with the general sentiment that the comms from all comers is appalling, and probably misleading ... but not misleading because they want to keep our money!