Kaupthing in Administration

Foggy

From Motley Fool

"Another day, another take-over: ING Direct is to buy up £3bn worth of British savings held by Kaupthing Edge and Heritable Bank.
The UK arm of Netherlands-based ING Group, ING Direct UK, has acquired £3bn worth of savings accounts from two Icelandic banks -- Kaupthing Edge, the UK arm of Kaupthing Bank, and Heritable Bank, owned by Landsbanki.
Landsbanki folded yesterday and Kaupthing has collapsed this morning. Chancellor Alistair Darling told the House of Commons at lunchtime that the savings accounts operated by Heritable Bank and Kaupthing Edge in the UK have been transferred to ING Direct. This should be welcome news for savers as the credit swap rates for ING suggest that the Dutch bank appears to be safe. Savers with Kaupthing no longer need fret about whether their bank is about to go under."

EalingSaver

P.S. I don't expect many reciprocal votes for Icelands or UK's entries in the next Eurovision....

gris

Darling said they went into liquidation. This doesn't conflict with what people are saying i.e. they have sold off everything they had and will no longer trade. Administration is a very different kettle of fish and was never mentioned.

nordberg

EalingSaver wrote: »

P.S. I don't expect many reciprocal votes for Icelands or UK's entries in the next Eurovision....

Using that logic, unless China joins the EU, there will be NO winner next year!

yowza

I've also posted this elsewhere:
Adair Turner head of FSA said from his own mouth live on BBC radio 4 lunchtime news that he pulled the plug on KS&F this morning after seeing their accounts.
Furthermore there was no need for compensation for depositors because deposits were to be (had been?) taken over by ING.

soolad

Does anyone know what will happen now that ING has bought KE.
I'm still waiting for my fixed saving to clear into my regular saving ANY advice how long that should take.
ALSO WILL I STILL BE ABLE TO DO THIS SINCE THE LATEST DEVELOPMENT.

brasstic

http://www.fool.co.uk/news/your-money/savings/2008/10/08/kaupthing-savings-bought-by-ing-direct.aspx?source=uoofolrf0010002

http://news.bbc.co.uk/1/hi/business/7658286.stm

I called last night to remove my funds from KE, the guy on the phone reassured my everything was fine, howeva my gut instinct told me to take it out...I log in this afternoon and see al my funds are still in there, anyone knw how do i go about taking it out? in need of this cash in the next month...crikey

456cat

Has anyone managed to speak to Kaupthing Edge today? I am currently on hold and wonder if it's worth holding on or am I just wasting money on the phone bill?!

jamieslucky7

I have a fixed term account maturing next august? Can I wave goodbye to this interest if KE go under?

$h@d0w

Are withdrawals going through?