Ing - anyone else worried?

brewerdave

Just read a piece on ING share prices plunging because they are planning to split the business in two and raise 7.5 billion euros in a rights issue.
My wife & I still have ~ £35000 each with them in FR Interest accounts transferred over from the Kaupthing Edge debacle.Should we be worried about their stability ??:eek:

mjmal51

If there are any concerns at all move to an account covered by the UK's £50,000 guarantee. ING are still massive but in the event of a claim it would be through the Dutch system. Many accounts paying interest as good in UK.
Also ING are the worst at getting customers at one rate then offering a higher rate only to new business.

noh

mjmal51 wrote: »

If there are any concerns at all move to an account covered by the UK's £50,000 guarantee. ING are still massive but in the event of a claim it would be through the Dutch system. Many accounts paying interest as good in UK.
Also ING are the worst at getting customers at one rate then offering a higher rate only to new business.

As good as the circa 7% the OP is getting on their ex KE accounts?

mjmal51

noh wrote: »

As good as the circa 7% the OP is getting on their ex KE accounts?

If that is true then certainly not and I would just hang on with that interest rate and not worry.

sabretoothtigger

7%? Whens that expire

raise 7.5 billion euros in a rights issue.

To pay off government investment or subsidy as the EU views it.
They are too secure according to the EU, private business backed by government is uncompetitive internationally and across europe so thats the basis of the move not desperation


China on the other hand has no problems with government controlling private industry, they have no need of western savings but do offer mortgages now I think

Ifts

sabretoothtigger wrote: »

7%? Whens that expire

Don't know about the OP's but my 7.67% 3 year FRB with ING matures Sept 2011.

(sabretoothtigger, on your other post you said you missed the Warren Buffet programme, its repeated tonight at 11.20pm)

I'm not worried about my savings with ING, in this case purch's signature fits the bill:

There are more things to alarm us than to harm us, and we suffer more often in apprehension than reality." ~ Seneca, 4 B.C. - 65 A.D

brewerdave

I got 7.16% for 3 years expiring July 1st 2011 - so there's no way I can afford to move the money unless it is at serious risk.
Ifts - you must have been about the last one into KE to get 7.67% !!

atypical

It's 7.67% gross every year but not compounded so comes out as 7.15% AER over the 3 year term...I think.

I was one of the last in, maturing mid October 2011.

Jake'sGran

mjmal51 wrote: »

If that is true then certainly not and I would just hang on with that interest rate and not worry.

What information do you have on that account? If there is such an account we would all have heard about it by now.

I finally managed to empty the account I had with them a few weeks ago. They asked for proof of identity for me to empty the account (?) when there was only a few hundred in it and really made it hard work by insisting on original documents. I first heard negative reports about them some weeks ago.

Baldur

Jake'sGran wrote: »

What information do you have on that account? If there is such an account we would all have heard about it by now.

These are former Kaupthing Edge fixed term accounts which were taken on by ING last year (October, from memory), when Icesave and KE folded.

bjorn_again

Ing - anyone else worried?
In a word, no. The Dutch Government "invested" Euro 10 bn in ING last year. They are hardly likely to let that go down the drain.