Kaupthing Edge CHAPS Transfer

goodethernet

miserable_ol_so_n_so wrote: »

I have just finished a bottle of claret....and am going to take a nap......I will post here later on.

Does anyone know this bank's credit rating? We are constantly reminded by the media that banks are'nt lending money to each other. Therefore I would like to know if another bank will lend this bank the money to pay us......even when LIBOR comes down?

Rating from an agency such as Moody's will give us a clue. Can someone sober, look up what the rating agencies are telling us about this bank and post it here.

Once I have had my nap, I will tell you how the 1929 bank collapse started, as told me by my father.

A sound bank will honour a request made to it by a customer to release funds, within specified time limits (5 days for a cheque, 4 days for BACS, same day for CHAPS, if requested before 12.00 noon). The banks that failed then, could not honour such requests by their customers. That is an acid test.

Something in excess of 15000 banks crumbled in the US alone, so you aint seen nothin yet.

All the banks that went down....were reassuring their customers right upto the last minute that their money was safe.The fact that a Bank has to make such a statement usually says something!

All that we have seen so far are a few failed banks here and in the US. They all have been taken over by governments. Lets hope the Dutch government is aware of our failed requests for return of our monies and acts according to its commitments. If the Dutch authorities arent yet aware of our plight, we will need to ensure they are made aware.

We must also make our FSCS officially aware, because our monies in Kaupthing Edge were guaranteed by the FSCS and the remedy that came up with, namely hand over funds to ING to pay us has not worked. This may require each one of us to write to the FSCS. That is the only way they can take notice

How wierd, I would have thought the statement would have started:

" ING are happy to announce that the LIBOR rate has dropped below the "keep the hapless KE depositors money" trigger threshhold and we were able to secure a loan from the Bank of Horse Manure to pay out the KE depositors pending CHAPS/BACS withdrawals. Sorry for the delay but we couldn't proceed until the overnight LIBOR rate dropped from 4.6997% to 4.6996%......"

Seemingly then, it was just about clearing up the mess around a large number of depositors trying to extract money from a failing bank. Surely some mistake?

dutch123

sounds like good news...

not being a cynic (or rather I am slightly more of one now after this experience) - could this confirmation be a result of them knowing that Panorama is likely to feature this topic in a programme on thursday and at least they (ING/KE) will be able to say they have sorted it (or so we hope)...

genny

I hope it's a true statement, but Martin reported on p94, that money transferred would reappear in the KE accounts, will he update his statement now?

ontherun_2

jillyc wrote: »

Me too. Just spoke to Karl from ING. He said there had been an announcement within ING in the last 20mins saying that all customers would have their transfers by close of business Friday 17th. There is to be something posted on their website shortly.

I asked if there was the possibility that it would come before this and he said "Yes - maybe". We'll see...

I dont know what to think...I am almost scared to believe it. This business has really got me down over the last few days. Feel all aspects of my life have been affected work, family etc

Well, not one to rain on anyones parade, I decided to call ING. Suprisingly I got through to an advisir within a minute and spoke to e very sincere, polite gentleman my the name of Myles. His uptake on this is that nothing whatsoever has changed, no imminent update of the website is scheduled to his knowledge. Nor is there any target date of Friday to process any pending transactions.

What he did say was that, a large percentage of accounts have not yet been transfered from KE to ING direct at this time, they are on the case but have no idea when this will be completed. I asked if he could check my account in the event that I'm in the lower percentage bracket & he said it would be a total wast of time as everything is in a state of chaos. I did ask him to enquire with his superiors if an update to their website with the explenation of the account transfer status could be carried out, he then went away, came back and said that they will edeavour to include this info along with any other progress to future updates

Still no money for Friday though!! :mad:

My man Myles obviously isnt in the know given the latest update!!! haha

Celt08

once this KE debacle is at an end (Friday!) I'll probably start looking for my Icesave savings (what fun!) ...

Ivinda

ginvzt wrote: »

Here!!!!!!

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

I still took a screen grab of it, just in case. I don't like the new cynical me...

However, this is good news, surely? Especially as Friday is also my last day at work (believe it or not, I have chosen to leave in these turbulent times!!!). Here's to - touch wood - getting our money back! :beer:

Spicey

everything crossed.

refusnik

fudgie1980 wrote: »

I have everything crossed.
I am going to miss this thread when it's all over though.

After dust settles I am going to cancel remaining KE term deposits, then withdraw money and close the KE account. Next day I will pull out all my original ING savings and close ING account too.

ING is a business and it is operating purely for profit. In my opinion their handover was horribly organised and handled and tested negative to keep any substantial amount of money. I do not understand why some are cheering them as heroes. They were paid by FSCS to avoid this nightmare and they have failed the confidence test in my opinion. I don't accept calls to be "grateful just to get your money back."

fudgie1980_2

Ivinda wrote: »

I still took a screen grab of it, just in case. I don't like the new cynical me...

However, this is good news, surely? Especially as Friday is also my last day at work (believe it or not, I have chosen to leave in these turbulent times!!!). Here's to - touch wood - getting our money back! :beer:

I did the same thing!!! I think my trust is floathing round the ether with my cash somewhere!!

Squibbler

ontherun wrote: »

Well, not one to rain on anyones parade, I decided to call ING. Suprisingly I got through to an advisir within a minute and spoke to e very sincere, polite gentleman my the name of Myles. His uptake on this is that nothing whatsoever has changed, no imminent update of the website is scheduled to his knowledge. Nor is there any target date of Friday to process any pending transactions.

What he did say was that, a large percentage of accounts have not yet been transfered from KE to ING direct at this time, they are on the case but have no idea when this will be completed. I asked if he could check my account in the event that I'm in the lower percentage bracket & he said it would be a total wast of time as everything is in a state of chaos. I did ask him to enquire with his superiors if an update to their website with the explenation of the account transfer status could be carried out, he then went away, came back and said that they will edeavour to include this info along with any other progress to future updates

Still no money for Friday though!! :mad:

They have updated the website to say we will get our money on Fri - see back a few posts