Barclays acquire ING

Admiral Huddy · 9 Oct 2012 at 11:00

http://www.bbc.com/news/business-19880659

Dutch banking group ING announced its plan to exit the UK in August, as it seeks to raise funds to repay a bailout from the Dutch government in 2008.

1.5 million customers is a huge chunk of the market making way for even greater Monoply for the banks left.

I've just switched from Barcalys to ING :/

JAzz · 9 Oct 2012 at 11:40

Indeed the banks are starting to monopolise the UK market, even though I doubt it I hope the government step in to make sure this doesn't get worse.

Richie · 9 Oct 2012 at 11:55

Banks... The only people not still suffering from their own balls up

Yes, it's a very sweeping statement but that's my opinion. Joe Public will be suffering for years over their careless lending yet they are still collecting large bonuses and back to almost normal after a couple of years :mad:

cymatty · 9 Oct 2012 at 12:01

Richie said:
Joe Public will be suffering for years over their careless lending

So it wasn't also careless borrowing? Or are Joe Public innocent in all this?

[TW]Fox · 9 Oct 2012 at 12:16

Richie said:
Joe Public will be suffering for years over their careless lending

There is no lending without somebody who wishes to borrow.

PapaLazaru · 9 Oct 2012 at 12:18

Admiral Huddy said:
I've just switched from Barcalys to ING :/

I work for ING.

Not going to say much as it would be generally unfounded but the news, for me at least, is nowhere near as bad as I thought it would be.

WrathOfAchilles · 9 Oct 2012 at 12:21

removal old post

Yamahahahahaha · 9 Oct 2012 at 12:23

[TW]Fox;22926531 said:
There is no lending without somebody who wishes to borrow.

There is irresponsible lending.

keysersoze · 9 Oct 2012 at 12:26

Yamahahahahaha said:
There is irresponsible lending.

There is also irresponsible borrowing.

Muffin` · 9 Oct 2012 at 12:51

Yamahahahahaha said:
There is irresponsible lending.

Bit of a woosh moment there Shirley?

FutileBreadMachine · 9 Oct 2012 at 12:53

I heard ING were not exactly on solid ground a few months ago, so I moved my savings out of there. Well done past-me.

Amleto · 9 Oct 2012 at 12:56

RationalGaze said:
I heard ING were not exactly on solid ground a few months ago, so I moved my savings out of there. Well done past-me.

did you have more than the £50000 (?) insured amount in there? Otherwise why worry?

Richie · 9 Oct 2012 at 12:57

Christ, what part of "sweeping statement" do people not get

Of course there is careless borrowing but given that the banks are the lenders and their job (or the job of the individuals employed by the banks) is to not expose the bank to unnecessary risk, the larger onus sits with the banks... IMO of course.

If someone is providing credit (be it mortgage or other credit) then people are going to take it. I am not completely excusing the borrowers at all however there is practices and procedures in place e.g. credit checks and due diligence which is the lenders responsibility.

Some of the reason we are still suffering is the banks refusal to lend money. Now part of that will be the "once bitten twice shy" view where they are going to be more careful as they don't want to end up as they did around 5-8 years ago which is fair enough, but I can't help but think that some of it is them just wanting to build up their coffers and the "as long as I am alright Jack" attitude.... I just think that they are holding back lending too much now...

Edit: This is just my thoughts on it. I may be wrong and, if I am, let me hear your own thoughts over and above one liners or "herpy derp derp" which means sod all TBH....

WillyNelson · 9 Oct 2012 at 13:02

All this means is that I'm going to have to reconfigure my client reports to consolidate the two companies. No biggie.

Yaayuh! · 9 Oct 2012 at 13:03

I recently moved some monies from ING to HSBC, where all my monies are now. Really didn't like my ISA with them, it was all more effort than it needed to be, plus, they cocked up more times than i thought acceptable.

FutileBreadMachine · 9 Oct 2012 at 13:07

Amleto said:
did you have more than the £50000 (?) insured amount in there? Otherwise why worry?

Up until this purchase, it was a Dutch company, and therefore savings there were not covered by the UK's savings protection scheme. If they tanked, UK savers would have to go after the Dutch government to get their money back. Looks like they ended up being bought by Barclays in the end, so now it will obviously get the UK cover, but at the time having money in a Dutch bank which had to be bailed out was a too much of a risk for me. BTW, the limit for cover is £85K per bank now.

cymatty · 9 Oct 2012 at 13:16

Richie said:
Of course there is careless borrowing but given that the banks are the lenders and their job (or the job of the individuals employed by the banks) is to not expose the bank to unnecessary risk, the larger onus sits with the banks... IMO of course.

Yes, Banks do not make money by taking on business that they know will lose them money. A single 10k loan for example may make the bank £500 over the course of the loan, as you can see it doesn't take many loans to go bad for you to end up in trouble.

Richie said:
If someone is providing credit (be it mortgage or other credit) then people are going to take it. I am not completely excusing the borrowers at all however there is practices and procedures in place e.g. credit checks and due diligence which is the lenders responsibility.

You can take it but it is up to you to be responsible with the credit. Banks dont force people to apply for cards or loans.

Richie said:
Some of the reason we are still suffering is the banks refusal to lend money. Now part of that will be the "once bitten twice shy" view where they are going to be more careful as they don't want to end up as they did around 5-8 years ago which is fair enough, but I can't help but think that some of it is them just wanting to build up their coffers and the "as long as I am alright Jack" attitude.... I just think that they are holding back lending too much now...

Its not so much that Banks wont lend it is equally that over indebted people dont want to borrow. Banks make little money by taking deposits and holding on to them, in fact that would cost them money.

The reason they are holding on to more capital is because the regulators are telling them that they have to in a hope of avoiding the same events from 2008 and to rebuild confidence in the system. Banks would rather hold less capital as it is a cost and a tie up of resources that could be used for profit generation.

Also Derp derp derp.

Richie · 9 Oct 2012 at 13:25

Agree with most of what you say but just to clarify

cymatty said:
You can take it but it is up to you to be responsible with the credit. Banks dont force people to apply for cards or loans.

They don't force people to apply but they ultimately have the decision as to authorise the card/loan. They don't have to give money to everyone that asks for it. On this, the lender is to blame (unless the borrower lied of course)

Its not so much that Banks wont lend it is equally that over indebted people dont want to borrow.

Yes and no. Small businesses have been shouting at the banks to give them money but it is being refused. Also, mortgage approvals are also being restricted.

Cosimo · 9 Oct 2012 at 13:28

Muffin` said:
Bit of a woosh moment there Shirley?

Lots of wooosh moments with our banks......

Admiral Huddy · 9 Oct 2012 at 14:10

[TW]Fox;22926531 said:
There is no lending without somebody who wishes to borrow.

Absolutely spot on but both are to blame. As people demanded more for their value of their property, house prices started to increment at an alarming rate way where the borrowing and lending got out of control. Where as lending was based on 2 - 3 x salary , the banks started lending on the capital value of the property as collateral and way above the salaries of most people.. This was a big mistake IMO..

PapaLazaru said:
I work for ING.

Not going to say much as it would be generally unfounded but the news, for me at least, is nowhere near as bad as I thought it would be.

Sorry for your news but reading the press, it looks like the jobs are being transferred over. Maybe with Barclay's keeping a Banking Direct Arm.. I'm just speculating.