Now that KE is ING

Baldur

Debt_Free_Chick wrote: »

But they're on the FSCS list

ING is EEA Registered and the Dutch Home scheme covers €100,000 - where would the 'top-up' apply, as the FSCS 'guarantee' is lower than the home scheme?

Debt_Free_Chick

Baldur wrote: »

ING is EEA Registered and the Dutch Home scheme covers €100,000 - where would the 'top-up' apply, as the FSCS 'guarantee' is lower than the home scheme?

See FAQ 4

Baldur

Debt_Free_Chick wrote: »

See FAQ 4

Hardly relevant, as the home scheme is in well excess of any current FSCS cover.

Where the bank's home state scheme provides a lower limit of compensation than FSCS (i.e. less than 100% of £50,000), or the scope of protection is less than FSCS's, the bank may choose to join FSCS to 'top up' the level of protection offered by the home state scheme.

Debt_Free_Chick

Baldur wrote: »

Hardly relevant, as the home scheme is in well excess of any current FSCS cover.

It's entirely relevant. The Dutch compensation only went up to €100k on Tuesday and the higher rate is only intended to apply for one year, at the moment.

Baldur

Debt_Free_Chick wrote: »

It's entirely relevant. The Dutch compensation only went up to €100k on Tuesday and the higher rate is only intended to apply for one year, at the moment.

Relevant in a year's time then, maybe............

Debt_Free_Chick

Baldur wrote: »

Relevant in a year's time then, maybe............

...... exchange rate?

Baldur

Debt_Free_Chick wrote: »

...... exchange rate?

Given the Pound's performance against the Euro over the past year or so, it doesn't look highly likely that the Pound/Euro exchange rate will be 1:2 anytime soon :rolleyes:

Debt_Free_Chick

Baldur wrote: »

Given the Pound's performance against the Euro over the past year or so, it doesn't look highly likely that the Pound/Euro exchange rate will be 1:2 anytime soon :rolleyes:

It didn't look likely that any banks would fail, until recently :rolleyes:

.... the glass really is half-empty, isn't it

NoreenOMS

I dont like being a sheep, and I was quite prepared to leave my money with KE, but since ING got involved, its as clear as mud what the protection is, and how long it would take to claim the money if things took a turn for the worse..., and who you would claim that with, so I will be moving our money out of KE as soon as I can..
Although banks in the UK are no safer, I would rather know wholeheartly who my claim would be with..FSCO

genieuk

I maybe getting confused still new to this but on the FSCS website it states ING Direct NV is EEA authorised and not UK authorised so from that I would assume we do not come under the UK compensation scheme only that of the Dutch.

Excert taken from FSCS faq 4

A bank established in another EEA state should be a member of that state's compensation scheme, which is designed to protect depositors in that EEA country, and those with accounts at branches in other EEA countries. Where the bank's home state scheme provides a lower limit of compensation than FSCS (i.e. less than 100% of £50,000), or the scope of protection is less than FSCS's, the bank may choose to join FSCS to 'top up' the level of protection offered by the home state scheme

This is why I think it will be left to the Dutch System as currently higher

Sorry Baldur I have posted just like yours