ING protects UK savers from Icelandic fall-out

The Chancellor Alistair Darling also announced today he has taken measures to ensure no retail depositors will lose their money in Icesave, the UK branch owned by Landsbanki, and Heritable. Under the deal, ING will acquire £2.5bn of deposits held by 160,000 customers from Kaupthing Edge, the internet-only UK retail arm of Iceland's biggest bank. It is also taking control of £538m of savings held by 22,200 people with Heritable Bank, whose owner Landsbanki was placed into administration with Ernst & Young yesterday. The transfer of the retail deposit book to ING has been backed by cash ...