Breaking News: Ing

baby_boomer

Any and all banks could be destroyed by a short term run, since they have lent long.

But why would there be a run, given the guarantee in place?

And this bank's been vetted by our own government within the last couple of weeks .

cwcw

MSE_Andrea wrote: »

Evening all!

So everyone, including the OP, knows I've changed the title to say just "Breaking News: ING". If anyone has a problem with that feel free to let me know.

Andrea

As the OP, may I request you recapitalise (no pun intended ) the ING letters in the thread title and add some meaning, like "Requires Emergency Loan" or something to represent the story at least.

opinions4u

baby_boomer wrote: »

But why would there be a run, given the guarantee in place?

I believe 30% of a typical bank's deposits are held by people with more than £50k (2% of the customers).

In other words, those wealthier than me join the stampede and good quality banks managing their way through hard times end up out of business or, alternatively, owned by the state.

Herd mentality is a dreadful thing!

baby_boomer

To cwcw
It's not an emergency loan.

Banks across the world are recapitalising - often at the request of government and with the assistance of government.

There was no "emergency" story about ING before this weekend from the financial journalist bloodhounds or from the markets, so I can't see why it's warrants being described as an emergency.

To O4u
Presumably with worries like that, your mattress is firmer than usual with all the extra stuffing?

cwcw

jingle68 wrote: »

all banks are in trouble. its people like you that cause panick with thread titles like this one.

ING savings are protected under the Dutch scheme not the 'passport' scheme. £77k approx is protected.

Surprised to hear that it is people on internet forums and the naming of their thread titles that has brought about the global economic crisis. Have you let Robert Peston know? :rotfl:

As for ING being in the passport scheme, please see:

http://www.fscs.org.uk/consumer/how_to_claim/deposits/eea_firms_that_have_topped_up/

jingle68

agsnu wrote: »

It is the so-called "passport" scheme which allows ING savings to be protected under the Dutch compensation scheme rather than the UK one. Your statement makes no sense.

my gripe was with the thread title, or didnt that make sense either??

justaquickie

equitydealer wrote: »

What could happen now is that UK depositors start an online run on the bank further weakening their capital position. All depends on how the media report this...Mr Peston...over to you

The BBC have already referred to is as "The ING rescue deal" in their article. How responsible is that?!

poppy10_2

cwcw wrote: »

As the OP, may I request you recapitalise (no pun intended ) the ING letters in the thread title and add some meaning, like "Requires Emergency Loan" or something to represent the story at least.

Yes, it's a bit of a silly thread title now, it's not going to be breaking news tomorrow.

cwcw

baby_boomer wrote: »

To cwcw
It's not an emergency loan.

Banks across the world are recapitalising - often at the request of government and with the assistance of government.

There was no "emergency" story about ING before this weekend from the financial journalist bloodhounds or from the markets, so I can't see why it's warrants being described as an emergency.

A 500 million euro loss in a single quarter is not to be sniffed at. I hope we don't see a repeat of Icesave but in these times, who knows? People need to know what's happening.

cwcw

justaquickie wrote: »

The BBC have already referred to is as "The ING rescue deal" in their article. How responsible is that?!

If the bank would collapse without the loan, then it's very responsible indeed, since it's the truth.