Kaupthing in Administration

thommo

laineyc wrote: »

I heard it too.

yes me too

briona

nzseries1 wrote: »

Give us a reliable source please.
And ING do not have all deposits. Yet.

http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=454063&in_page_id=7

This article has further details on the ING buy out – I have just transferred my savings from Kaupthing back to my linked account and will be choosing my next savings account a little more carefully!

EalingSaver

Umm. I saw earlier the link someone put up to the FSA post regarding Landisank. While I was intersted in what it had to say (or not quite say) about IceSave, I thought the bit about Heritable going to ING was interesting as I reckoned it set a pretty good template for what they would do with KEs UK banking arm if it goes belly up (i.e. differentation with what they could with Hertiable, and by implicatoin KE UK, versus what they couldn't do with IceSave).

Times move fast.

nzseries1

briona wrote: »

http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=454063&in_page_id=7

This article has further details on the ING buy out – I have just transferred my savings from Kaupthing back to my linked account and will be choosing my next savings account a little more carefully!

Thanks, although what I was actually wanting was a reliable source saying that Kaupthing Edge has gone into administration (for those of us without access to the BBC television news channel). So far I've yet to see one.

trashcan_2

I've recently closed a Abbey a/c but as I'm with the Bradford and Bingley I find myself once again a customer. Now having just closed an ING account, does this mean I am now back with them again?

nzseries1

trashcan wrote: »

I've recently closed a Abbey a/c but as I'm with the Bradford and Bingley I find myself once again a customer. Now having just closed an ING account, does this mean I am now back with them again?

I assume you have a Kaupthing Edge account? (You don't actually state that you do.) It's uncertain. There are conflicting reports even in just this very thread. Are they in administration? Are they in liquidation? Have they been bought out by ING (not yet they haven't)? Who knows.

MadSage

briona wrote: »

http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=454063&in_page_id=7

This article has further details on the ING buy out – I have just transferred my savings from Kaupthing back to my linked account and will be choosing my next savings account a little more carefully!

Further details, or speculation? I noticed the part which says savers are now covered by the Dutch compensation scheme, but I am taking it with a pinch of salt and waiting for KE to release an official statement with the facts. I don't believe such a swift change is legal for a bank operating in the UK.

blizeH

Bloody hell.

I guess those of us with fixed term accounts have to just sit and hope?

EalingSaver

nzseries1 wrote: »

Thanks, although what I was actually wanting was a reliable source saying that Kaupthing Edge has gone into administration (for those of us without access to the BBC television news channel). So far I've yet to see one.

Well...here's a slant on it. Maybe it hasn't. ING are saying KE UK is now with it, UK Govt is saying it is. Interestingly no comment from KE itself. Therefore, my current interpreation of this is the KEs parent in Iceland is NOT in administration. So maybe a deal done behind the scenes to sell of (or dispose for nothing) or maybe the UK Govt hsa used its powers in some way without the agreement of KE parent or Icelandic govt. If the latter case then presumably it has declared it 'failed' and moved it to a new owner in one leap (a la B&B deposits), in which case I also think it will operate under the ING license.

codger

Confirmation is on BBC Radio 4 now.

Adair Turner is Chairman of the FSA.

He confirms that a deal has been brokered and ING has taken on KE's UK customer accounts.

Asked if this meant the UK was guaranteeing KE saver deposits in the same unlimited fashion as with IceSave, Turner said the situation doesn't arise because ING comes under the Dutch scheme, not the FSA's.

Basically this means if you have less than £75,000, you're covered by the Dutch compensation scheme.