Kaupthing Edge CHAPS Transfer

concisethinker

Haider wrote: »

So can any body help me please
How come the chancellor can transfer the securities of KE to ING under the Banking Special Provisions Act, This would mean that he has transferred the liability of compensation from FSCS to Dutch authorities!! And if so and ING gone bust can the German refuse to compensate us??

Ah, its now becoming clearer...the Germans are involved...the mystery deepens..

Haider

miserable_ol_so_n_so wrote: »

Please relax. ING is a solvent bank, it may also be short of staff. It must be difficult for them taking over all the accounts. If our money does not appear on Friday, we will be compensated somehow, that is a certainty, because the FSCS has the responsibilty of compensating us. They must have considered it a good idea to do what they did.

In my earlier post, I suggested one course of action, that was to make the outside world aware of what is going on, hopefully, the Dutch government would then step in and ensure ING corect the default. But as I say here, relax, try not to worry. Friday is not too far away. Hope this helps.

I am trying but can't stop thinking about it, may be its better to leave it behind and I won't even check my account till Friday evening:o

northernstar5

You'll be doing better than me then. I keep intending not to look at my account - but it's hard to resist. At least I'm out this evening - so that will give me a few hours' remission!

ES10

miserable_ol_so_n_so wrote: »

We would be entitled to conclude that ING is in default. We should inform the Dutch authorities. We should ensure that existing ING customers are made aware of the default, and suggest they would be wise to head for the exit, before their accounts are locked up too!

We should also write to our FSCS and ask for forms that need filling, as we were under the FSCS scheme when Kaupthing defaulted, and we need compensating from the FSCS, stressing their compensation has not worked. I certainly never signed anything to apply for an ING account, so why should I be forced to go to Dutch authorities? I could not prove to them that I have any contract with ING.

I don't think that it would be wise to encourage a run on a bank that is owe us money. If I haven't got my money by Friday, I will be phoning on Saturday and hoping that they will be in a situation to look at my account on an individual basis and tell me what the status is, Up till now, everytime I have phoned they have not even looked at my account. I would hope that any 'missing' payments on Friday would be down to human error and be treated as missing payments would be in normal times.

If I get nowhere, then I would get in touch with Martin or I think someone said Declan at working lunch on Monday.

Of course, I am hoping that it will not come to this, but this is my plan of action ... I think that the FSA would probably tell us to give it more time before any claim could be made ...

SteepPip

In my complete panic on Wednesday 08 October at 8.00am, I requested they close both my accounts (one fixed term, which meant closing it early, and one basic)
and CHAPS the money to my link account, but just like everyone else nothing happened, I was one of the lucky ones and could still see my money, I just wasn't allowed to have it! So can some bright person please tell me in their humble opinion if potentially I would be one of the lucky ones on Friday, or because my account is going to be closed I will still have to play the waiting/ringing and forum watching game?????

Anyone who could shed some light on this might stop the stress levels as Friday seems so far away....I have received both emails if that helps!!!!

intex

I put in a request to withdraw money by BACS transfer on Friday 10th October. I then called Kaupthing up again on Monday 13th October. Should I get my money by this Friday or is this announcement only for people that tried to withdraw funds earlier?

goodethernet

miserable_ol_so_n_so wrote: »

We would be entitled to conclude that ING is in default. We should inform the Dutch authorities. We should ensure that existing ING customers are made aware of the default, and suggest they would be wise to head for the exit, before their accounts are locked up too!

We should also write to our FSCS and ask for forms that need filling, as we were under the FSCS scheme when Kaupthing defaulted, and we need compensating from the FSCS, stressing their compensation has not worked. I certainly never signed anything to apply for an ING account, so why should I be forced to go to Dutch authorities? I could not prove to them that I have any contract with ING.

Errrr....no we wouldn't. The FSCS defines a default as:

FSCS will declare a firm in default if:

• it has received at least one eligible claim against it, and the customer has made a financial loss;
• we are satisfied that the firm is unable, or likely to be unable, to pay claims against it. We will investigate the firm's financial position to establish this.

........it would be hard to claim that either of these conditions is met just becuase we are not paid on Friday. Can you imagine the implications of the FSCS declaring ING in default? Please be serious.

Celt08

intex wrote: »

I put in a request to withdraw money by BACS transfer on Friday 10th October. I then called Kaupthing up again on Monday 13th October. Should I get my money by this Friday or is this announcement only for people that tried to withdraw funds earlier?

good question, i hope we all do.... but this is typical ING cannot answer the question which makes me worry - they surely know....

bigg

Haider wrote: »

So can any body help me please
How come the chancellor can transfer the securities of KE to ING under the Banking Special Provisions Act, This would mean that he has transferred the liability of compensation from FSCS to Dutch authorities!! And if so and ING gone bust can the German refuse to compensate us??

I don’t know what you’re on but I’d like some. You’re clearly on a different planet. :A

bigg

We could keep guessing and chew this over and over for days. My suggestion is that we see what Martin has to say in tonight's programme and wait until Friday. If nothing has happened by then:

fiiiiiiiiiiiiight :mad:

PS
I bought a lucky dip Lotto ticket for tonight. If I’m lucky I’ll buy you all a virtual drink, from Barbados. :beer: