Kaupthing Edge Chaps/Bacs Transfers NEW discussion

kasbridge

kasbridge wrote: »

Timkevan,
Remember that the KE bail out is using UK govt money. Therefore the "missing" monies are an issue for the UK govt, not the Dutch comp scheme and probably not even the UK FSCS as I dont believe this scheme was invoked for this rescue. - I believe it was a UK govt bail out not a bank funded one.

Now, if you are talking about losing your current balance on your KE account, or not being able to access those monies then you are into the Dutch scheme.

Hope this helps,
K.

Just to finish off on this I did speak to the treasury yesterday and was assured by someone two levels up from the call centre operative that the govt were standing behind the KE depositors and that no-one would lose out.

I know it's horrible - I was where you are until 20 hours ago but above everything the reassurances I got from the Treasury were the most meaningful, I believe it is they who are providing the funds to the adminstrators which are then being channeled back to us.

Regards
K.

bigg

Ippylady wrote: »

Perhaps we could start a new thread when all this is over....
WHO HAS THE HIGHEST PHONE BILL FROM CALLS TO KE/ING!:rotfl:

I thought: ‘Survivors of the plane crash’.

Glad to see you still have a sense of humour, while your still waiting.

McCleod

ING were given monies from the UK government to cover all svings from UK customers.

So there should be zero shortage.

KE and ING are a waste of space.

genny

rhinestonemaiden wrote: »

What I found interesting about the INGspokeperson's message was when he said that the KE Administrators used the word "release" regarding the money to be paid to ING for KE account holders on Thursday. This I think shows that ING have been having to wait for a weekly payout from the Administrators, who match up the money they pay to ING with the records ING produces proving it has paid us before they release any more money to ING. So it's the accounting exercise by Ernst & Young, the KE Administrators which is holding things up.

If this is the case, and I don't dispute it, why isn't ING paying out the CHAPS and BACS requests in a correct chronological order? Surely the only fair way to do it.

And that is most definitely not occuring.

bigg

rhinestonemaiden wrote: »

It's all looking better now what with the INGspokesperson contributing to the thread and Martin's poll and Martin posting too. What I found interesting about the INGspokeperson's message was when he said that the KE Administrators used the word "release" regarding the money to be paid to ING for KE account holders on Thursday. This I think shows that ING have been having to wait for a weekly payout from the Administrators, who match up the money they pay to ING with the records ING produces proving it has paid us before they release any more money to ING. So it's the accounting exercise by Ernst & Young, the KE Administrators which is holding things up. Note it's nearly always a Friday pay out, like an old fashioned factory pay day. ING are trying to show a united front with the KE Adminstrators but I suspect there have been a few rows behind the scenes because of the slowness of the payout by the Administrators.

I was paid yesterday (did post this yesterday afternoon) and it was a large sum, £34,000. I noticed others were getting large sums at the same time. Interesting that those with large withdrawals have had to wait the longest. This suggests a temporary shortage of funds from somewhere, not so much ING as KE/FSCS.

The 7 billion quid ING got from the Dutch Central Bank should reassure all. ING was offered double that but took much less, probably because it knew it could manage with that and did not want the Dutch Government to get an even larger stake in ING than it already has.

I think the Friday deadline was engineered to give depositors 2 days to cool off before hitting their call centres, irrespective of the worry it causes people.

The money we are receiving is not KE money it’s FSCS money, so the administrators shouldn't go anywhere near it.

~Chameleon~

My money finally arrived in my account yesterday afternoon :T :T :T

It has a very strange reference number though and is labelled as a "TFR" with F/FLOW in the reference

Would this have been made as a CHAPS payment then? I've not been charged anything, nor did I request a CHAPS payment.

Good luck to everyone else still waiting, I hope you all get your money soon :A

edrumit

rhinestonemaiden wrote: »

...... This I think shows that ING have been having to wait for a weekly payout from the Administrators, who match up the money they pay to ING with the records ING produces proving it has paid us before they release any more money to ING. So it's the accounting exercise by Ernst & Young, the KE Administrators which is holding things up. .........

Perhaps we should start hounding Maggie Mills, Tom Burton, Alan Bloom and Patrick Brazzill ... the appointed administrators at Ernst & Young!
:mad:

pjbuk007

NO CASH yet in Natwest account; CHAPS on 8/10, gone from KE account on 9/10 as well as CHAPS fee £20. Left £40 odd in the account.

No email.

Suppose I will have to wait until Friday.

I, too am pretty disgusted that on 7/10 I had a UK bank account with FSCS guarantee, then ended up in a Dutch Bank thanks to HM Treasury. Not sure why the transfer to ING was done - as things unravelled on 9/10/11 Oct I smelt a rat and wonder why no journalists seem to have picked up on this.

Haider are you still going to post your list of languishers? - I will PM you now.

AB31

rhinestonemaiden wrote: »

What I found interesting about the INGspokeperson's message was when he said that the KE Administrators used the word "release" regarding the money to be paid to ING for KE account holders on Thursday. This I think shows that ING have been having to wait for a weekly payout from the Administrators, who match up the money they pay to ING with the records ING produces proving it has paid us before they release any more money to ING. So it's the accounting exercise by Ernst & Young, the KE Administrators which is holding things up.

I think you are probably right. The word "release" in the latest K-E statement (issued 20th Oct) is important. This combined with reference to "Administrator" involvement, makes it look like the hold-ups may have something to do with blips in the provision of funds, as sanctioned by the Administrators, to enable repayments to be made. Whatever is going on, it's utterly appalling that we haven't been properly informed of the cause of the delays.

bigg

AB31 wrote: »

I think you are probably right. The word "release" in the latest K-E statement (issued 20th Oct) is important. This combined with reference to "Administrator" involvement, makes it look like the hold-ups may have something to do with blips in the provision of funds, as sanctioned by the Administrators, to enable repayments to be made. Whatever is going on, it's utterly appalling that we haven't been properly informed of the cause of the delays.

The funds are not KE funds. Our money was provided by the FSCS. The administrators don’t need to go anywhere near it.