Kaupthing in Administration

Smitty

lesleyoxley - I reckon HSBC is a safe place to put your cash, they were pretty much unaffected by the massive losses UK banks suffered on the FTSE yesterday due to their good deposits:loans ratio

Kaupthing, i did a CHAPS transfer at 8pm yesterday, nothing has left my account. It is disgraceful that all the reassuring messages were put on their website, followed by them going bust :mad: ... i think from now on any message of confidence from the banking CEOs will now be viewed as a strong signal to bail out, as Icesave & Kaupthing have both issued them the day before collapse. I reckon its a bit like football managers being voted manager of the month

There is no news on the TV about Kaupthing... as all the other massive announcements have taken the limelight, this is really frustrating, £2.5Bn of UK depositers need to know exactly what the score is!

If ING take over and the accounts carry on running as they were, Im happy for my transfer not to go through, as €100k deposits are guaranteed by The Dutch and ING is one of the largest 20 banks in the world

mad_maud

Add me as well A BACS transfer on Monday evening.

jim83

I did a BACS transfer on Sunday afternoon... I will be concerned if it doesn't arrive into my account tomorrow.

lynzpower

Am I right in reading that Heritable depiosits have also been moved to ING?

I have a bond with Heritable ( 2k) and circa 8 ( ish) ( how bad is this I dont try to look at the savings, if I ignore them then I dont spend them :wall: )

My password on KE wasnt working yesterday, not had the account long and I cant see how much is/was there :eek:

Fingers crossed for all of us x

swiss_saver

mad_maud wrote: »

Add me as well A BACS transfer on Monday evening.

I did a CHAPS transfer on Monday and got the money out. So on Monday they were still permitting money to leave their central accounts.

monkeyspanner

Does anyone have any idea where Singer & Friedlander Investment Management Ltd. sits in all of this. Would I be right in assuming it is a subsidiary of KSF and therefore in administration? I did speak to them today but the staff didn't know what was going on.

morg_monster

yes heritable deposits have been moved.

Does this mean after years of badtalking ING for their bad habit of running down interest rates, we now like them again?

Assuming poor interest rates => boring bank & traditional banking habits => unlikely to fail / able to take on more exciting-but-now-bust banks problems?!

I suspect that syllogism is one people will be following for the next few years and there'll be a general movement of savings back to places like HSBC etc.

KingL

This is probably not new news, but it's on BBC news (TV) that Kaupthing hf (the icelandic parent) has asked the icelandic govt to nationalise it and they have agreed. Prolly not much direct relevance to us UK savers, but there it is.

monkeyspanner

Managed to speak to a senior member of staff at Singer & Friedlander Investment Management. He stated that they were not in administration and still trading, all funds (shares and cash) under management were ring fenced and that he expected the business to be sold on as a going concern.

This does not relate to the parent bank which is in administration.

There was a small reference on Radio 5 this morning to their being some positive movement on the Icelandic Governments position on compensation, but no real detail was given.

whitesatin

I may have been fobbed off but I just rang ING asking them what the position is for people waiting for transfers. She seemed quite confident that they will all be going ahead, just delayed due to the volume. Hopefully she was being honest.