ebs - Deposit Safety

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narkyhead

Registered User
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17
Is ebs in trouble lost between 20 and 40% bit of a worry this and looking for 300million I have two accounts with these both fixed one is up next month another a couple of years away. Looking for advice on these
 
Your deposit with EBS is 100% state guaranteed until September 2010. It is very safe.

According to reports today, EBS are seeking aprox. 300 million EUR from the Irish govt. This is part of recapitalisation that most Irish banks are going through.

Where are you depositing your money when your account matures next month? Have you checked out the best buys?
 
hi fungus I hope that the banks will start to compete by then and someone will come in with 5% fixed for 12months. But hapy to say like many others I am a daily viewer of best buys
 
There is strong competition for deposits, just very little competition for mortgage products.

I personally would think, that it is rather unlikely that you will get a 5% 1 year term deposit until such time as there are several ECB rate hikes, which is not likely in the near term.
 
Most of the EBS branch offices are now run by tied agents. These are basically self employed people existing on commission received from the EBS for mortgage business, insurance products sold and deposits received. I would imagine that commission is thin on the ground at the moment. If the tied agents did not put aside any rainy day money then they will have to be bailed out by the EBS at some stage however I would imagine that your deposits are quiet safe as guaranteed by the government.

You may find some branch offices closing which is unfortunate for everyone involved as this bad decision by senior management to cut costs some years ago is now backfiring.
 
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