Confirm Kaupthing and ING DEAL

soolad

Can anyone confirm KE AND ING deal and what happen next, I still have some money with KE fixed saving which i have requested to be transferred to a regular saving since monday and up to this moment nothing seem to have happen.

I will appreciate any advice how to get access to me money with KE.

maypole

I have just heard on radio 4 news, Paul Lewis from Money box live, say, that deposits held with Kaupthing Edge and Heritable bank, will be taken over by ING and that savers will be able to access their money sooner than the people at Icesave will be able to, they might have to wait longer, as they will probably have to go through the compensation scheme I believe.

Farway

soolad wrote: »

Can anyone confirm KE AND ING deal and what happen next, I still have some money with KE fixed saving which i have requested to be transferred to a regular saving since monday and up to this moment nothing seem to have happen.

I will appreciate any advice how to get access to me money with KE.

Where have you been all day? Do keep up at the back

http://www.thisismoney.co.uk/saving-and-banking/article.html?in_article_id=454063&in_page_id=7&ct=5

Thinker

Check out the UK Gov Treasury website - Kaupthing article link on homepage. This sets out the position and should alay your fears for the timebeing at least.

Smitty

That makes me feel better, cheers Thinker....

This is the link mentioned and the key part copied in below.

http://www.hm-treasury.gov.uk/press_102_08.htm

3. KSF’s Kaupthing Edge deposit business has been transferred to ING Direct, a wholly-owned subsidiary of ING Group, which operates through its branch in the UK. ING Direct is working to rapidly ensure that it is business as normal for all customers.

soolad

Do anyone know how soon we will have access to our money.

pompompo

Has anyone else got funds in limbo? KE made a CHAPS payment to me yesterday, it shows as having left them on the 7th but never got to my linked account. Is there a huge log jam at the clearing bank? Any experiences that people can help with. I am hopeful that it will turn out all right -ish in the end but not sure what to do right now. Seems pointless to ring them up, they just say we've sent the money and it's up to your bank to sort it out....

Former_MSE_Dan

Hi folks,

our safe savings article has been updated throughout the day today - here is the latest situation as confirmed by all parties

STOP PRESS. 2.15pm Wed 8 Oct. Kaupthing Edge savings bought by ING Direct

This morning, the savings held in Kaupthing Edge accounts were bought by Dutch bank ING Direct, as have those in Heritable Bank (which was part of Landsbanki, which also owns Icesave). This was widely reported, then confirmed by the Treasury in a statement at lunchtime. It said:

"Kaupthing Edge deposit business has been transferred to ING Direct, a wholly-owned subsidiary of ING Group, which operates through its branch in the UK. ING Direct is working to rapidly ensure that it is business as normal for all customers."

This should mean there is no need for Kaupthing Edge customers to claim money from the FSCS, savings will simply transfer to be adminstered by ING. Read the full statement

How will this money be protected?

None out of the Treasury, Kaupthing or ING Direct are yet able to comment on how savers would be compensated in the unlikely event of ING Direct going bust.

Normal savings held with ING Direct are guaranteed under the Dutch Investor Protection Scheme. This promises to compensate 100% of the first €100,000 (around £78,000). This would have to be claimed from the Dutch authorities.

However, Kaupthing Edge deposits have always been protected by the UK FSCS, meaning 100% of the first £50,000 is protected. This is obviously a lower amount, but would be claimed from the scheme in this country.

As soon as we have any more details of which type of protection will apply to deposits which were in Kaupthing Edge, they will appear here.

Gwhiz

pompompo wrote: »

Has anyone else got funds in limbo? KE made a CHAPS payment to me yesterday, it shows as having left them on the 7th but never got to my linked account. Is there a huge log jam at the clearing bank? Any experiences that people can help with. I am hopeful that it will turn out all right -ish in the end but not sure what to do right now. Seems pointless to ring them up, they just say we've sent the money and it's up to your bank to sort it out....

Just look at the other thread on this!

pompompo

Hi Gwhiz, sorry would you mind pointing me in the direction of the other thread you refer to?

greggp_2

Does anyone have any further news on Kaupthing Edge savings, don't wish to panic but got 30k or so invested. Will it be a case of applying for the money or will the bank continue to operate as normal under new ownership?