Breaking News: Ing

POR_2

poppy10 wrote: »

Their share price dropped 28% on Friday - the markets knew something was up, as always it is us mug punters who are the last to know.

I bet you were the one of the ones screaming that Icesave was safe right to the end.

Rules of panicking
1. Don't panic
2. If you must panic, make sure you do so before everyone else.[/quote]

Excellent advice and very true. :T

jingle68

POR wrote: »

poppy10 wrote: »

Their share price dropped 28% on Friday - the markets knew something was up, as always it is us mug punters who are the last to know.

I bet you were the one of the ones screaming that Icesave was safe right to the end.

Rules of panicking
1. Don't panic
2. If you must panic, make sure you do so before everyone else.[/quote]

Excellent advice and very true. :T

thats it, i give up! my ex KE now ING savings....should i panic?
ps....what about my ICICI savings?

Joe65_2

baby_boomer wrote: »

Quite.

Holland is in the EU. There wouldn't be any need to bully. It would be a matter for the European Court of Justice - except it wouldn't come to that.

Let's hope it doesn't. We know how long the ECJ can take, to even set the date for a hearing.

Let's not forget that Kaupthing Savers are with ING courtesy of the UK Prime Minister's decision. He isn't going to them down - especially with the daft £50K+ precendent he established at IceSave. And he's hardly going to distinguish between ING/ex-Kaupthing savers were they in trouble.

Which they won't be.

Crafty move 'though, shifting all them ex Kaupthings entirely onto the richer Netherlands scheme, and off the books of the FSCS.

Money_Grabber13579

poppy10 wrote: »

FT are confirming the €10billion stock injection story. Full details to be announced tomorrow at 6pm. Looking very bad.....

And why's it very bad?

Going along the same line of thinking... We're doomed!! Britain has given our banks £37billion, our banks are all in trouble now! They've all collapsed! We've lost all our money!

Oh wait, they haven't, have they? Why do people always think the worst, and then try and make it even worse again? It's what causes panic, and banks to collapse.

(And €10billion isn't that much, about £7.5billion, compared with what other banks have got. E.g.RBS with loan, rights issue etc. They're still going, and they're about the same size as ING. So what am I saying? ING is still in a better position than RBS, both are still secure for the time being.)

dillydilly

baby_boomer wrote: »

"daft £50K+ precendent"

the whole system relies on the confidence of savers not withdrawing their money and putting under the mattress - when this starts happening the whole thing tumbles down. The decision to guarantee all Icesave savings of UK depositors was part of the UK government's essential reassurance that deposits are safe. As soon as one Uk depositor loses £1 that confidence is tarnished and the risk of a run is increased.

It was not a 'daft' decision.

and before you suggest this was not a UK bank, the September edition of Which magazine, one of the most trusted sources of advice for the average UK Joe Public, had the Icesave ISA as its Best Buy - please don't suggest these despositors were risk takers. The rate was 6.10%, vs the 7% rates currently being offered by the likes of Halifax

cherrub

poppy10 wrote: »

FT are confirming the €10billion stock injection story. Full details to be announced tomorrow at 6pm. Looking very bad.....

Poppy10 - Please can you let us all know the source of your insider infomation that allows you to know that it's "Looking very bad ...." ?

At the moment it appears that the Dutch government are providing a cash injection for ING based on the model proposed by Gordon Brown at the recent European Summit. Very similar to the deal done with RBS and Lloyds TSB/HBOS although the sum of money is actually smaller in proportion to the size of the bank.

So please, can you either fully explain your reasons for your comment, or stop scaremongering?

baby_boomer

dillydilly wrote: »

the whole system relies on the confidence of savers not withdrawing their money and putting under the mattress - when this starts happening the whole thing tumbles down. The decision to guarantee all Icesave savings of UK depositors was part of the UK government's essential reassurance that deposits are safe. As soon as one Uk depositor loses £1 that confidence is tarnished and the risk of a run is increased.

That being the case, it is rather puzzling that the government hasn't raised the £50K limit for UK banks, don't you think?

opinions4u

baby_boomer wrote: »

That being the case, it is rather puzzling that the government hasn't raised the £50K limit for UK banks, don't you think?

Not if there has been agreement across the EU to keep limits within a close range.

The premature Irish and the Greek moves on the compensation limit were to provide confidence. Little substance behind them though.

I would rather have banks backed by specific governmental actions in times of stress, and no compensation limit, than have banks teetering on the brink and governments saying "we'll make sure savers' money is ok", even though they can't actually afford to.

baby_boomer

Times Online

Much of what we already know + the Times' assessment of the market fallout.

"...Today's news is likely to send tremors through Europe's stock markets tomorrow as ING was considered one of the banks to emerge strongest from the current turmoil.

The Dutch Government has already put €16.8 billion into the joint rescue of Fortis bank with the governments of Belgium and Luxembourg...."

It has 1 million UK customers.

apt

If you were to panic about this news then you should have panicked at the capital injections in HBOS, RBS etc. You'd also avoid Egg as Citigroup has announced bigger losses. For me the positive signal that the Dutch govt is standing behind ING just as our government is standing behind the British banks plus the increased capital outweighs the negative news about the losses. But if you are worried go to National Savings, NR or HSBC, but you'll have to accept lower interest rates.