Are You Leaving It In ING

Pssst

Steve_xx wrote: »

While you are busy putting your money into what you believe is a UK bank, the directors of that bank have actually been investing it abroad for you on very risky terms, it seems.

The reality of the current situation is that many banks, including those that are deemed to be UK banks, have been investing their depositors money most imprudently. The problem is worldwide and worldwide includes the UK. So don't for a minute get hooked on the idea that all the foreign banks are baddies and that those in the UK are innocent, because that is certainly not the case.

I am one who is suffering a certain amount of banking xenophobia at present.

I have certainly not reinvested with the big UK banks but have spread it over a number of other institutions. I would not for instance,trust my wad to the likes of Barclay, Hbos,RBS or similar.

If all else fails,at least i can go and protest a lot easier in the UK and be more sure of securing a fairer deal than i would be if i had to hop on a plane and do the same in a foreign country.


Anyone fancy booking a charter to Rekyavik so that we can all protest?

Steve_xx

Pssst wrote: »

I am one who is suffering a certain amount of banking xenophobia at present.

I have certainly not reinvested with the big UK banks but have spread it over a number of other institutions. I would not for instance,trust my wad to the likes of Barclay, Hbos,RBS or similar.

If all else fails,at least i can go and protest a lot easier in the UK and be more sure of securing a fairer deal than i would be if i had to hop on a plane and do the same in a foreign country.


Anyone fancy booking a charter to Rekyavik so that we can all protest?

Yes, you're right to spread your risk and from what I'm reading it seems like the building societies are fairing better than the banks, safety wise.

You don't have to hop on a plane to Reykjavik because the UK government is taking care of the problems with Icesave and it also seized Kaupthings deposits and handed them to ING.

amistupid

Fitch Affirms ING Group at 'AA-'; Outlook Stable
Fitch Ratings-London/Paris-01 September 2008: Fitch Ratings has today affirmed ratings of ING
Group, ING Bank N.V. and ING Verzekeringen N.V. as follows:
ING Group
-Long-term Issuer Default Rating ("IDR") affirmed at 'AA-' (AA minus), Outlook Stable
-Short-term IDR affirmed at 'F1+'
ING Bank N.V.
-Long-term IDR affirmed at 'AA', Outlook Stable
-Short-term IDR affirmed at 'F1+'
-Individual rating affirmed at 'A/B'
-Support rating affirmed at '1'
-Support Rating Floor affirmed at 'A-' (A minus)
-The ratings of the covered bonds are unaffected by the rating action taken today.
ING Verzekeringen N.V.
-Long-term IDR affirmed at 'AA-' (AA minus), Outlook Stable
-Short-term IDR affirmed at 'F1+'
The agency has also affirmed a number of other bank and insurance companies of the group, see list
below.
The ratings of the holding company ING Group are based on the group's strong banking and
insurance franchises, satisfactory earnings, moderate risk profile and adequate capital. The group is
managed in an integrated manner; the holding company has subsidiaries in different industries
(banking and insurance) leading to material revenue and risk diversification and the amount of debt at
the holding company level is acceptable. Banking activities generated 57% of underlying pre-tax profit
in H108 and insurance activities generated the other 43%. Operating profit from banking activities fell
in H108, but returns remain satisfactory and compare well with those of peers. Earnings from
insurance activities also decreased, reflecting lower investment income. Nevertheless, the financial
market crisis remains manageable for the group so far, with a total P&L impact of EUR255million in
2007 and EUR140m in H108. However, if US housing defaults increase impairments could rise,
especially on the Alt-A RMBS portfolio (gross value of EUR28billion), but Fitch expects the impact to

remain manageable.

This seems to be similar to most British bank ratings. I'm staying with ING.

Dan29

MKUX3 wrote: »

re Heritable fixed bonds, maturing april and may 09.

looks like i have to keep my money there as i have no option now that it is transferred to iNG

anyone else in my position??

Yes. 22,000 people's accounts have been transferred from Heritable to ING, and I'm guessing a large number of these were fixed rate deposits, probably taken out in April and May when the rate was in the top five available.

Even if I could withdraw the money from ING, I don't see any reason to.

pennineman

No longer trust ING so will move money out to best UK-based savings.

nomorekids

Please don't trust ING, everything they have told me hasn't happened and I am still waiting for my Kaupthing Edge savings to reappear.

amistupid

I have just telephoned ING regarding my transfered Kaupthing Edge one year fixed rate deposit, they have confirmed they are honouring the 7.15%, and at present they are still paying 6.36% on my transfered KE access savings account but that this rate is obviously variable.

It seems they are treating their "transfered savers" alot better than their existing customers.

The_Fiddler_2

amistupid wrote: »

I have just telephoned ING regarding my transfered Kaupthing Edge one year fixed rate deposit, they have confirmed they are honouring the 7.15%, and at present they are still paying 6.36% on my transfered KE access savings account but that this rate is obviously variable.

It seems they are treating their "transfered savers" alot better than their existing customers.

I'm waiting for the dust to settle before I decide anything, but while they keep KE's rates I see no rush to move anyway.