I hear ING has frozen its redemptions (on Mortgage Trusts). Whats going on? Can I still withdraw my money? Is my money safe?
This is about redemptions on the mortgage trust of the ING insurance company. This has nothing to do with your savings held with ING DIRECT. ING DIRECT is an Australian bank with an Australian banking license. On 24 October the Australian Government announced a change to the deposit guarantee. The Australian Government has decided that a threshold of $1 million is to be implemented, over which amount a fee will be charged to receive the benefits of the deposit guarantee. For deposits under $1 million, the Australian Government will continue to guarantee deposits of Australian banks, Australian subsidiaries of foreign-owned banks, building societies and credit unions until 12th October 2011 for free. We are awaiting full details of the changes to the Australian Government guarantee and will inform you about our response to these changes as soon as possible.
Related Questions
- Companies are going bust left right and centre. Can you guarantee my money is safe when booking a stag, hen or group weekend with yourselves ?.
- I hear ING has frozen its redemptions (on Mortgage Trusts). Whats going on? Can I still withdraw my money? Is my money safe?
- Where does ING DIRECT Australia invest its money? Is my money safe?
