Hi,
I moved some savings to a BOI account a couple of weeks ago to spread my savings for additional security. At least I thought I had moved the money to BOI, but today I got a "confirmation of investment" in the post and my money is in a "3 month invest bond - iss. 13" with ICS.
My wife and I must have both been dopey on the day because neither of us noticed the "ICS" heading on the receipt, the Confirmation of Account Opening, and on a Terms of Business sheet.
Anyway, this ICS Terms of Business sheet that was given to us has a section on Compensation Schemes which says that ICS "is a member of the Deposit Protection Scheme ... maximum amount payable to any depositor is 90% of the ... subject to a maximum compensation payment of EUR20,000".
That doesn't sound great compared with the 100% guarantee for "covered institutions" from the government guarantee scheme.
I see that ICS is on the list of covered institutions from the Dept of Finance and that the scheme says it covers "all retail and corporate deposits", but I'm getting lost in the jargon and concerned at the 90% up to a max of 20,000 on the ICS Terms of Business that I was given on 23 Jan 2009.
So my question is whether my savings in this ICS account are fully guaranteed by the govt. The amount is more than 20,000.
Thanks for any help with this.
I tried to dig out the answer for myself but I'm afraid I got lost in the jargon.
I moved some savings to a BOI account a couple of weeks ago to spread my savings for additional security. At least I thought I had moved the money to BOI, but today I got a "confirmation of investment" in the post and my money is in a "3 month invest bond - iss. 13" with ICS.
My wife and I must have both been dopey on the day because neither of us noticed the "ICS" heading on the receipt, the Confirmation of Account Opening, and on a Terms of Business sheet.
Anyway, this ICS Terms of Business sheet that was given to us has a section on Compensation Schemes which says that ICS "is a member of the Deposit Protection Scheme ... maximum amount payable to any depositor is 90% of the ... subject to a maximum compensation payment of EUR20,000".
That doesn't sound great compared with the 100% guarantee for "covered institutions" from the government guarantee scheme.
I see that ICS is on the list of covered institutions from the Dept of Finance and that the scheme says it covers "all retail and corporate deposits", but I'm getting lost in the jargon and concerned at the 90% up to a max of 20,000 on the ICS Terms of Business that I was given on 23 Jan 2009.
So my question is whether my savings in this ICS account are fully guaranteed by the govt. The amount is more than 20,000.
Thanks for any help with this.
I tried to dig out the answer for myself but I'm afraid I got lost in the jargon.
