Information for Creditors

Notice to all wholesale depositors

Heritable Bank Plc has gone into administration. As a wholesale depositor you will not be able to withdraw funds from your account and you will be treated as an unsecured creditor of Heritable Bank Plc in the administration.

What has happened?

Broadly, Heritable Bank Plc has been split into two. Retail savings have been separated from the remainder of Heritable Bank Plc's business and have been transferred to ING Direct, a wholly owned subsidiary of ING Group, which will operate the accounts from its UK branch All wholesale deposits, mortgages and loans remain with Heritable Bank Plc. They have not been transferred out.

On 7 October 2008 the Court of Session made an Administration Order in relation to Heritable Bank Plc. Tom Burton, Alan Bloom, Maggie Mills and Patrick Brazzill of Ernst & Young LLP were appointed as Joint Administrators of Heritable Bank Plc.

As Heritable Bank Plc is now in administration, its business is being run by the Joint Administrators. This does not mean that Heritable Bank Plc's remaining business will be immediately closed down or sold.

Why was administration necessary?

The administration was necessary because of Heritable Bank Plc's financial position in order to ensure that Heritable Bank Plc could continue to operate. It was also necessary in order to maintain the stability of the UK financial system.

Whilst in Administration, Heritable will continue to manage its current loan book and the Administrators will be seeking to find purchasers for and will continue to manage the remainder of the Heritable's business and loan book to maximise recovery for creditors.

Wholesale deposits

These deposits have now been frozen with immediate effect and no withdrawals will be accepted.

All holders of wholesale deposits will rank as non preferential claims against the Company and will be held on file and dealt with in accordance with the Insolvency Act 1986. These claims will be reviewed in due course and any subsequent payments will be distributed by the Joint Administrators or a subsequent liquidator.

We will continue to keep you updated with developments in respect of the long term plans for Heritable Bank Plc and notify you immediately if any changes are proposed to be made which will affect your current position.

Tom Burton, Alan Bloom, Maggie Mills and Patrick Brazzill
Joint Administrators

Heritable Bank > business deposits > information for creditors

Important Information : Information relating to your legal rights, our procedures, our disclaimer and protection statement can be found on the legal page.

The Insolvency Practitioners Association in the UK authorises Patrick Joseph Brazzill to act as an Insolvency Practitioner under section 390(2)(a) of the Insolvency Act 1986 and the Institute of Chartered Accountants of Scotland in the UK authorises Thomas Merchant Burton to act as an Insolvency Practitioner under section 390(2)(a) of the Insolvency Act 1986. The Insolvency Practitioners Association in the UK and the Institute of Chartered Accountants in England and Wales in the UK authorise A R Bloom and M E Mills to act as Insolvency Practitioners under section 390(2)(a) of the Insolvency Act 1986. The affairs, business and property of the Company are being managed by the Joint Administrators who act as agents of the Company only and without personal liability.