ING Captial may need to raise capital.

Short_Seller

ING Drops on Speculation Firm Needs to Raise Capital.

ING used the " Lehman Brothers" method of down playing their CDO Tier 3 right downs when they had the chance to come clean earlier this year.

The market is now punishing them for it, ING were down over 20% intrading today.

More details here on Bloomberg.

http://www.bloomberg.com/apps/news?pid=20601085&sid=a4Vkrk5LOlJg&refer=europe

nachovx

They need to raise most things in the Netherlands or they'll be under water.

Short_Seller

Very true

The whole of the Dutch accounting "methods" leave the likes of ING very much exposed to futher downgrades and Captial short falls...

jingle68

quick....quick .....must get my KE savings out of ING!!!!!

did wonder how long it would be before someone started an ING in trouble thread :T

Short_Seller

That wouldn't help ING position by pulling retail deposits.

Just means the Dutch Goverment will have to up its backstop to over 20 billion euros.....

http://online.wsj.com/article/SB122426769386145139.html?mod=googlenews_wsj

Thomas99

Good thing i've only got £1.27 or something in there. Their rates have been rubbish for a while now.

Inactive

Thomas99 wrote: »

Good thing i've only got £1.27 or something in there. Their rates have been rubbish for a while now.

Similar here, got a letter from them today stating how safe they are, it says " we are in a position of strength " Yea right.

Sounds like it was penned from the PM of Iceland.

Caudle

did wonder how long it would be before someone started an ING in trouble thread

Well ING don't seem to be doing so well: see here.

"the Netherlands' biggest listed bank, said on Friday it expects its first quarterly loss ever, hit by financial market turmoil and falling asset prices, sending its shares to a 13-year low"

I'm glad I've only got £1 left in ING and 89p in KE.

.............well, actually, I'm worried about the £1.89 now. :eek: Should I take it out???

Short_Seller

The backstop is confirmed.

http://www.bloomberg.com/apps/news?pid=20601087&sid=akzUx_KPVMhQ&refer=home

May be the other "late to the party" threads should be mereged on to this one.