Dutch Govt. refuses to guarantee Dutch savers in Icesave

Seajays

The Dutch government are taking a different tack from the UK...

The 120,000 Dutch savers who have deposits with the troubled Icelandic bank of Icesave are facing uncertainty as the Dutch government has expressed reluctance to guarantee their savings.

Dutch Finance Minister Wouter Bos said Wednesday that the government does not want to fully guarantee the savings of Dutch consumers with Icesave if Iceland fails to meet its obligations under the deposit guarantee scheme, Dutch daily De Volkskrant reported Thursday.

"If I advance the money there is no longer any pressure on Iceland's government," he was quoted as saying during a Dutch parliamentary debate on the nationalization of Fortis and ABN Amro.

Full story:
http://news.xinhuanet.com/english/2008-10/09/content_10171484.htm

also

http://www.dutchnews.nl/news/archives/2008/10/iceland_pm_sorry_for_dutch_sav.php

Count_Dante

I doubt if there are as many Landsbanki assets in The Netherlands to be seized by their government. We are talking about colossal sums of money here.

shindigger

Count_Dante wrote: »

I doubt if there are as many Landsbanki assets in The Netherlands to be seized by their government. We are talking about colossal sums of money here.

Thereby underlining the fact that most of UK savers money is in fact, coming back VIA the British Government not FROM the Government.

Doesnt stop people all over the net (try HPC.co.uk) !!!!!!! on about the "british tax payer"..
Wah wah wah.
Theyre just repatriating the money, thats all.
We seized £4bill of assets before the announcement.
For once Broon was ahead of the curve.
Its not benevolence.

ed123_2

....that does'nt bode well re ING, which is a............Dutch bank.....

Andrew64

This is why I wouldn't touch ING Direct with the proverbial ten-foot bargepole! If INGD got into trouble, the Dutch government would probably say it was our fault for putting our money in a foreign bank and refuse to pay! They would just be following the lead of the Icelandic PM who said that its every country for itself. The Dutch would shaft us just like the Icelanders did!

veronica46_2

ING guarantees the savings of investors up to £77,000 from Wednesday 8th, which is clear indication that they trying to get ahead of the game before UK account holders withdraw all their savings in a fit of economic zenophobic paranoia.
( e.g first Iceland, now the Netherlands!)
best not to get too hysterical .
I believe the British Government are suing Icelandic banking federation.
I don't quite get it all ( who does?)as the krone has been in trouble for ages and yet the advice all over the web (including here) was too invest in Icelandic banks.... the interest rate was high but at what cost?

neilp

The Dutch government appears to have changed its mind on this:

http://www.bloomberg.com/apps/news?pid=20601085&sid=aC8nVLknWAsk&refer=europe

OracleXe

If this is correct then anyone with savings in ING needs to have their head examined.

If they won't pay their own people then what chance do we stand in the U.K.?

Chi_2

OracleXe wrote: »

If they won't pay their own people then what chance do we stand in the U.K.?

If they won't pay their own people money that should be paid by someone else (i.e. Iceland), and isn't actually their obligation, what chance do we stand?

I'd say "pretty good," actually. Not to mention that ING have an extremely low CDS at the mo.

short_of_a_shilling!

UK savers have been told by the Government that their savings are safe in British banks, but what does the Government see as a ‘British Bank’?
Kaupthing EDGE customers are now ING Direct customers. Is ING Direct seen as British? It would seem that it is actually a Dutch bank, part of the ING Group, which is part of the KFS which describes itself as a UK Bank, UK authorised and regulated. Does that make it a 'British Bank'?


If this is truely the attitude of the Dutch Government towards its own ICESAVE investors:

The 120,000 Dutch savers who have deposits with the troubled Icelandic bank of Icesave are facing uncertainty as the Dutch government has expressed reluctance to guarantee their savings.
Dutch Finance Minister Wouter Bos said Wednesday that the government does not want to fully guarantee the savings of Dutch consumers with Icesave if Iceland fails to meet its obligations under the deposit guarantee scheme, Dutch daily De Volkskrant reported Thursday.

Then I agree with the comment made in another post: The Dutch PM seem to me to be following the lead of the Icelandic PM.
Martin asked the question of Mr Darling in his blog and it does need an urgent answer… what is a British Bank?”

qamwc1

I think the Dutch are catching up with Brown/Darling - 100,000 euros to be covered by Dutch government for their Icesave savers. Plus support for their banks.

http://www.nrc.nl/international/article2017885.ece/Dutch_government_supplies_20_billion_euros_to_banks