Kaupthing Edge Help Please.

mattytun

hi now that "ingdirect" have "Kaupthing Edge" in the past you was protected under the UK's FSCS upto 50 grand is this still the case

Steve_Zodiac

From Timesonline:

"ING Direct UK is a subsidiary of Netherlands-based ING Group. Following the transfer, savings of up to EUR100,000 (£78,000 of deposits) held with Kaupthing or Heritable will be protected by the Dutch government.
ING operates under the passport system of financial compensation, which requires UK savers to seek compensation from a foreign country first in the event of a banking collapse. If there is a shortfall between the payment from the overseas scheme and the £50,000 guaranteed by the UK government, savers receive the difference from the Financial Services Compensation Scheme.
As the level of compensation offered by the Netherlands is higher than in the UK, in ING's case the entire amount would have to be sought from the Dutch government"

agsnu

mattytun wrote: »

hi now that "ingdirect" have "Kaupthing Edge" in the past you was protected under the UK's FSCS upto 50 grand is this still the case

Did it not occur to you to, oh I don't know, look on the Kaupthing Edge or ING sites instead of asking here?

Crabman

Hi matty, Kaupthing Edge is now protected under the Dutch compensation scheme (full details in the article):

How will this money be protected?

After uncertainty on Wednesday, ING Direct has now confirmed that ex-Kaupthing Edge savers will now be protected under the Dutch Investor Protection Scheme.

This means in the unlikely event that ING Direct goes bust, 100% of the first €100,000 (around £78,000) will be guaranteed. This would have to be claimed from the Dutch authorities.