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8.—(1) By virtue of this Order the transferred rights and liabilities are transferred to ING.
(2) The second transfer takes place immediately after the first transfer (“the second transfer time”).
(3) From the second transfer time, ING shall—
(a)be liable to pay depositors any accrued interest on the transferred accounts and any interest accruing at or after that time on those accounts;
(b)have the same rights in relation to each holder of an Edge account as it would have if Kaupthing’s relevant terms of business applied.
(4) Paragraph (1) does not apply to any liability in respect of any breach of contract or other duty which arose before the second transfer time.
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