Irish banking shares in complete meltdown (again)

whats your opinion on PS pay cuts? will the be enforced?
 
Suspect higher taxes and more borrowing will come first. But thats really a political question.
 
I can see Cowen having to do a tv speech to the Nation shortly. People will be in total shock on hearing it.
 
Hi Lemur,

how exactly did you move money "offshore" -?

I would have thought a bank that is a subsidiary of a foreign bank would count as "offshore" e.g. Rabo Bank or indeed NIB as backed by Danish scheme. I have been diversifying out of accounts with just the Irish Government guarantee but as soverign default is a possibility unless the international belief that all Irish banks are insolvent is rebuffed.
As regards gold have you taken physical possession or made gold investments? Any recommendations in this regard woudl be appreciated.

I still think we are a while away from an argentine scenario as we are part of Euro zone so serious implications for Euro should Iirsh Gov default but it is becoming more likely by the day...

In summary Would appreciate your advice re moving cash and other assets "offshore"
 
For gold - you could use Goldmoney.com or bullionvault.com. They store the bullion v cheaply for you.

Re:cash - you can use the safewealth group in Switzerland who specialise in safe banks.

Argentina - do'nt know if it will get that bad but we are heading in that direction. Look as it as a process that will unfold over time.
 
Don't believe it will get anywhere near as bad as Argentina. A lot depends on if the US can avoid a depression and possible hyperinflation.

Digital gold is not a bad way of owning but one also has significant counter party risk, nationalisation risk and the not insignificant risk of their massive dependency on technology. Digital gold is entirely dependent on the interface with a website and one cannot take delivery of one's gold (important option to have in the current climate).

Best not to have your golden eggs in any one basket and to own physical gold that can take delivery of like gold bars or coins in an allocated account, safety deposit box or hidden away in your home's attic (with home insurance)! For obvious reasons would be better is more of us Paddies owned the gold in Ireland and not offshore.
 
Is the potential problem with the govt not being able to guarantee desposits restricted to Irish-owned banks only? In which case would it be advisable to move funds to non-Irish owned banks such as Rabo, Ulster and NIB etc? Even if the deposit interest rates are bad, is there a better chance that your deposits will be safer?
 
brian cowan should have done a speech already to the country. he needs to make an address like bush has being doing . the people need to know he is still alive
 
PaddyW said:
Wow, you're all making it sound like Armageddon is coming.
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Yes this doomsday talk is all getting quite irrational. I think people need to relax, take a few deep breaths and calm down.

The Country (like lots of others) has problems but all of them can be solved.

Calm down everybody.
Cool collective minds are needed not panic.
 
When the banking system blows up... its time to be concerned.
 
But until that time shouldn't we all try to keep cool and not go off on mad ones that involve financial ruin. It's this erratic, sensationalist thinking that will cause people to panic and turn this all into a self fulfilling prophecy. Calm heads are needed.
 
Fair point PaddyW and my post may have triggered this avalanche.
People are fearful because they are not receiving any leadership or indeed information from the government. In fact, Cowen has stated that too many questions will just undermine the system even more. I don't like the "you can't handle the truth" attitude.
I see Bank of Ireland AM got out of Anglo in Oct 08. (They started rewinding positions in Dec 2007)
I understand that Irish Life are practically out of all their Irish bank positions, where possible. (Was told this by an employee)

One way or another I have concerns about what is going on. That does not mean I will be pulling money out of the banks. I'll rely on the bank guarantee.

Merrill Lynch reported back to Cowen yesterday.Hopefully, it is a action based plan and not another useless visionary piece.
 
Agree with the sentiments here on remaining calm. If everyone rushes to pull their money out of Irish banks then collectively we're all going to have an even bigger mess to deal with. If I genuinely expected this Armageddon scenario to play out, I wouldn't just want my money offshore, I'd also want to get out of the country as well. If it somehow appears the rational thing to withdraw all your money from the Irish banks and to advise others to do the same in spite of government guarantees then it strikes me as not very rational to plan on living in this country in the years ahead. Just imagine if a run did take hold and no guarantees or assurances could stop it, the banking system in this country would be destroyed and chaos would ensue. We'd all have to pay in even higher taxes for years and god knows what else to try and clear up the mess. For those of us planning on living here through the already tough times we've got facing us, telling others they'd be wise to essentially participate in a run on our banks doesn't seem very sensible.
 
VOR said:
Merrill Lynch reported back to Cowen yesterday.Hopefully, it is a action based plan and not another useless visionary piece.
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Can't believe we are getting advice from a bank that would have collpased itself if the US Government and Bank Of America hadn't saved it!!
 
Agreed. ML's record is terrible. I'll listen to anyone at this point as long as it points us in a direction.

AIB at 30c from 60c.
 
PaddyW said:
But until that time shouldn't we all try to keep cool and not go off on mad ones that involve financial ruin. It's this erratic, sensationalist thinking that will cause people to panic and turn this all into a self fulfilling prophecy. Calm heads are needed.
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Those who were predicting a property crash and banks being nationalised last year were being called sensationalist.
 
And for the record, I myself knew that the financial bubble would not keep growing, it could never have kept expanding as it was. A property crash was always on the cards. The bank part, well I think few saw that coming.
 
PaddyW said:
Fair enough, let's talk and panic our country into a financial blackhole.
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I don't think anyone on here talked or panicked our country into the mess we're in. But we did elect the people who brought us to this and they in turn allowed the vested interests to do whatsoever they wished and that's why we are where we are at. What we need now is someone in charge telling us how we're going to get out of this mess, maybe we have to dig a little deeper to get to the bottom before we crawl our way out.
 
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