Kaupthing Edge CHAPS Transfer

hometune

goodethernet, you seem to have a similar grasp on this as me. What do you think to this.

We now have no immediate chance of getting money from ING as they think the ammounts shown in our old KE accounts are correct and they have no knowledge of any other funds being due.

We also have no immediate chance of getting money from the KE administrators since they believe all liabilities have transferd to ING.

So I think we'll be waiting until we can show what we believe is the correct posistion, but who would we have to prove it to? I assume ING as they seem to be running the administration.

agsnu

bigg wrote: »

I wonder if they can get anything right. Don’t they know the last update was yesterday, not Tuesday?

They didn't say their last update was on Tuesday. Read what they wrote again.

goodethernet

bigg wrote: »

You told me, first thing this morning that my theory was flawed. It’s taken you all day to arrive right back at square one, priceless.

ING assumed the CHAPS transactions had cleared.:doh:

Yeah yeah, I know but I still think I am right about the process in general.

I think it is complicated by the fact that parts of KE went into administration and it could be that the holding account for outbound CHAPS was legally sitting in a part of KSF that went that way.

CHAPS payments do not go straight out from your individual accounts and the ones made just before the cut off on the 8th/9th could have somehow got tangled up in the wreckage of KSF. Someone brought that up before and now I have had time to think about it.....

I think I'm going to stop posting now as I'm going round in cirles and probably talking utter b**locks at this point. I just don't know what to believe.

I do think that INGs wooly handling of this has led to a lot of worry and speculation and they could have avoided it by being more specific with people that called them

UnhappyHarry

Add your comments here as well:

http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=455706&in_page_id=7&expand=true#StartComments

The more negative publicity the better....

goodethernet

goodethernet wrote: »

Yeah yeah, I know but I still think I am right about the process in general.

I think it is complicated by the fact that parts of KE went into administration and it could be that the holding account for outbound CHAPS was legally sitting in a part of KSF that went that way.

CHAPS payments do not go straight out from your individual accounts and the ones made just before the cut off on the 8th/9th could have somehow got tangled up in the wreckage of KSF. Someone brought that up before and now I have had time to think about it.....

I think I'm going to stop posting now as I'm going round in cirles and probably talking utter b**locks at this point. I just don't know what to believe.

I do think that INGs wooly handling of this has led to a lot of worry and speculation and they could have avoided it by being more specific with people that called them

Actually, the one thing that goes against this whole theory is that I find it hard to believe that CHAPS on 6/7/8 October would only represent 5% of the total volume of incomplete payments that ING picked up. There were lots of spooked people Sun/Mon/Tue trying to get money out as quickly as possible and it just seems like they would be more than 5% of the total.

I give up.....:rolleyes:

hometune

But why should we believe it's only 5% , they've lied before

bigg

goodethernet wrote: »

Actually, the one thing that goes against this whole theory is that I find it hard to believe that CHAPS on 6/7/8 October would only represent 5% of the total volume of incomplete payments that ING picked up. There were lots of spooked people Sun/Mon/Tue trying to get money out as quickly as possible and it just seems like they would be more than 5% of the total.

I give up.....:rolleyes:

5% = 8000 people

truthsleuth_2

One thing they have said in black and white is, "We have identified the affected customers and will contact them directly with further information".

If anyone hears anything more from them please let us know...

Haider

ING to get Netherlands cash boost




Dutch banking and insurance company ING is to receive a cash injection from the government of the Netherlands.
The move follows a weekend of meetings with Dutch finance officials, after ING revealed it expects to make a 500m euro ($670m) loss for the third quarter. Details of the deal would be released later on Sunday, officials said. The Dutch government has pledged to make 20bn euros available to protect the financial sector from the effects of the global credit crisis.

fredhaben

goodethernet wrote: »

Actually I'm a bit concerned now. It does look like CHAPS payments from 6/7/8 October are the ones that have gone a bit pear shaped. I know the ING deal was anounced on October 8th, but the cut off as far as the balance sheet was concerned could have been sometime later, maybe even the 9th and it seems possible to me now that, somehow, a group of CHAPS immediately prior to that might have been missed.

The transfer was effective as of 12.15 p.m. on 8th October. See para 1(2) of the Order. All withdrawals after that time were entered into with ING directly, and there are several of those that are also pending (in the ether, as nomorekids' kids would say). CHAPS from both before and after the transfer date are missing. And ING know that CHAPS requests have not gone through - they have said several times that CHAPS fees will be refunded.

Any road, we'll soon know for sure, because they've now said they'll contact everyone who doesn't get their money by Monday and let them know what's up. Hopefully, none of us here will be amongst that number. :grouphug: