Kaupthing Edge CHAPS Transfer

dag_2

Goodethernet says:

I really think all the stuff about timing of transfers is just idle speculation. The fact is, any transfer that did not leave KE before ING took over will still be a liability on the balance sheet of KE and, as such will have been included in the deal, whether or not it was sitting in an individual's account at the time.

Yes, thanks, you have a point.

However, there's a detail; ING Direct have not taken on all of Kaupthing Singer Friedlander's liabilities.

The only liabilities that they have taken on have been the consumer-facing internet-only accounts that were operated under the "Kaupthing Edge" brand.

Charities, local authorities, NHS Trusts and universities, together with the handful of people who had branch-based accounts with KSF, have not had their accounts transferred over to ING. These people have to queue up at the administrators, along with the rest of KSF's creditors, such as their consumables suppliers and service contractors.

This means that the fact that the liability might have still showed on the balance sheet is neither here nor there. The UK government agency that handled the transfer would still have needed to do some sifting and sorting, to distinguish between the liabilities that relate to Kaupthing Edge retail customers, and all the other liabilities, before knowing what to pass onto ING.

My point is - they might not have got that sorting absolutely spot on first time. Especially when it comes to amounts relating to unprocessed, half-processed and bounced transactions.

But then again - can we be sure that the liability really would have been on the balance sheet? It may be that once they had input the CHAPS transaction, they would have written the liability for it off immediately. If the transaction bounced or failed to go through, they might not have known about it until later. Granted, they should write the liability back on when they get the bounce back - but by that time, ING Direct may have already taken on the liabilities for the KE balances without these bounced transactions being added back into them.

It really depends on how they do their accounting, I guess.

I don't think you can generalise about which transactions have gone through and which ones haven't. If there was a pattern to it, then I think the people doing the processing at ING would have probably spotted it by now, meaning that the backlog would be totally cleared. But we know that some people are still waiting for money (myself included - I requested a withdrawal a whole week after the takeover, which I still haven't received yet). Like goodethernet says, though, my theory is total idle speculation.

Thanks for posts everyone.

web_ferret

Johan de Wit CEO
[EMAIL="johan.de.wit@ingdirect.co.uk"]johan.de.wit@ingdirect.co.uk[/EMAIL]
was read on Sat, 18 Oct 2008 15:23:03 +0100

Julian Hartley Sales and Operations Director
[EMAIL="julian.hartley@ingdirect.co.uk"]julian.hartley@ingdirect.co.uk[/EMAIL]
was read on Sat, 18 Oct 2008 15:14:14 +0100

Simon Andrews Risk Director
[EMAIL="simon.andrews@ingdirect.co.uk"]simon.andrews@ingdirect.co.uk[/EMAIL]
was read on Sat, 18 Oct 2008 15:01:31 +0100

Pam Rowland Mortgage Director
[EMAIL="pam.rowland@ingdirect.co.uk"]pam.rowland@ingdirect.co.uk[/EMAIL]
was read on Sat, 18 Oct 2008 14:59:24 +0100

Feike Brouwers CFO
[EMAIL="fefeike.brouwers@ingdirect.co.uk"]feike.brouwers@ingdirect.co.uk[/EMAIL]

I just emailed this lot to ask where my CHAPS transfer is.

I've tried phoning so I thought I'd give this a try.

Oblivion

ontherun wrote: »

So who is feeding this "herd" exactly - Dave no mates????

Certainly not KE/ING thats for sure!!!!

PS,

Sure I did put this point to you before...............Was it before you sidestepped the income tax question in reference to an earlier rant!!

However, no one is blaming the "hard working people" All the "herd" are looking for is total transparency of what is actually happening with their money!!!

Why are you not out entertaining your abundance of friends (associates) that you claim to have anyway D***Head ??????

When you have to resort to such juvenile insults, you have destroyed any credibility you might have once had.

Dave.

Oblivion

joanniepony wrote: »

i see you're still lurking oblivion, but i'm not listening! Ha!

Which is the root of so many problems ... too many people just don't listen.

Dave.

ontherun_2

Oblivion wrote: »

When you have to resort to such juvenile insults, you have destroyed any credibility you might have once had.

Dave.

You mean I had credibility??????? Waow!! Thank you fellow herd ;-)

Not bad for a "Dunce" I supose :rotfl:

ontherun_2

Oblivion wrote: »

Which is the root of so many problems ... too many people just don't listen.

Dave.

Disagree!!! ......We do listen, unfortunetely it's been missleading at best from your "associates" at ING!! ;-)

Oblivion

ontherun wrote: »

You mean I had credibility??????? Waow!! Thank you fellow herd ;-)

Not bad for a "Dunce" I supose :rotfl:

Well I did say "might" which was clearly over-optimistic on my part.

Dave.

ontherun_2

Oblivion wrote: »

Well I did say "might" which was clearly over-optimistic on my part.

Dave.

Awww Dave no mates - Have I brought you down to my level??

Poor sod! What will your associates think? :rolleyes:

Oblivion

ontherun wrote: »

Awww Dave no mates - Have I brought you down to my level??

Poor sod! What will your associates think? :rolleyes:

Game, set and match to me.

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

Dave.

UnhappyHarry

Stop Responding!!!!