ingalway, am in the same predicament as yourself. Have our cash with one of the newer UK banks to come to Ireland and like you am now feeling a bit nervous as we are renting and are hoping to buy this year or early next year. Really dont think our money is safe anywhere so might have to split it up and put 20k in different banks. Going to be a lot of hassle but easier on our heads than losing our hard earned cash! Anyone think I am being over cautious ?
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It will be interesting to see what unfolds tomorrow.
If people hold their heads then in the short term I don't see any reason to hit the panic button. I don't think any of the deposit-taking Irish banks were messing with the junk Bear Stearns was in to.
The below article reassured me somewhat - note figures are from March 2007 but things are unlikely to have changed massively.
However if confidence is gone and there is a whiff of a run, it becomes every man for himself, and things could get dangerous.
You would hope the Central Bank would step in and issue reassurance, but they're hardly the most pro-active organisation from what I can see.
(By reassurance I mean deposit guarantees!)
In the short to medium term I am also going to split up my deposits so that there is no more than 22222.22 in any Irish bank (you get 90% of monies up to that), or 40000 in the case of Rabo.
http://www.independent.ie/business/irish/tsb-most-exposed-in-credit-crux-1081400.html
If people hold their heads then in the short term I don't see any reason to hit the panic button. I don't think any of the deposit-taking Irish banks were messing with the junk Bear Stearns was in to.
The below article reassured me somewhat - note figures are from March 2007 but things are unlikely to have changed massively.
However if confidence is gone and there is a whiff of a run, it becomes every man for himself, and things could get dangerous.
You would hope the Central Bank would step in and issue reassurance, but they're hardly the most pro-active organisation from what I can see.
(By reassurance I mean deposit guarantees!)
In the short to medium term I am also going to split up my deposits so that there is no more than 22222.22 in any Irish bank (you get 90% of monies up to that), or 40000 in the case of Rabo.
http://www.independent.ie/business/irish/tsb-most-exposed-in-credit-crux-1081400.html
As I suggested, there's already fully state guaranteed alternatives out there.
I don't think a Central Bank statement is worth anything to Joe Public - consider all the re-assurances issued re: Northern Rock last year... they might as well have had the Iraqi Information Minister giving them.
A la Lulu & JohnJ. Spread the risk a bit.
Open to correction but my understanding is a lot of non Irish banks offer greater protection,
N/R currently (but not indefinitely) offer 100% protection, but generally I think the English protection scheme is higher than the Irish so the likes of N/R or Halifax would be a good option.
Rabo guarantee 100% of the first €20K, and 90% of the next €20K and clearly state this is doubled for joint A/c’s so a couple with a joint A/c is protected up to €76K .
Nib’s protection comes under the Danish scheme which I think is €40K per A/c.
So there are safer options available here.
N/R currently (but not indefinitely) offer 100% protection, but generally I think the English protection scheme is higher than the Irish so the likes of N/R or Halifax would be a good option.
Rabo guarantee 100% of the first €20K, and 90% of the next €20K and clearly state this is doubled for joint A/c’s so a couple with a joint A/c is protected up to €76K .
Nib’s protection comes under the Danish scheme which I think is €40K per A/c.
So there are safer options available here.
Yes. For instance, the 30 day notice Deposit Account Plus pays a gross rate of a whopping 3%, but is state guaranteed.
Just steer clear of the Fortis/Postbank stuff.
The more I read, the more I think we need someone in this country to take a lead for once. Increasing the Deposit Protection Scheme to 100% of 50K per institution would calm nerves.
Maybe others feel it would draw attention to the problems... but if the conversations going on here are also going on in the real world, it might be a bit late for that.
I'm of the view that if everyone sat tight there are no impending liquidity crises in the Irish banking system... but if a stampede starts, however irrational it may be, unfortunately there's not much you can do but join in.
Cowen should get his @ss back from Malaysia this minute and get his eye on the ball for the next few days.
Raskolnikov
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I admit, I got spooked by the Anglo yesterday. Went into my branch and withdrew all the balance over €20k just awhile ago. Noticed there were a few others queuing at the door.
It's all well and good urging people not to panic, but when your life savings are on the line, you have to do something.
It's all well and good urging people not to panic, but when your life savings are on the line, you have to do something.
R
Radwanska
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i was in dublin, didnt read the terms and conditions of my account. now i have to wait 7 days before i can get my money. if i ever get my money back where is the safest place to put it? under the matress?
Were there many in the branch? Queues?
Happy Girl
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I was on to Anglo Irish Bank this morning. I have decided to close my regular saver account with them. Over 25k in it and am just a bit rattled by it all. Maybe a bit drastic but my gut instinct says get it out before the queues start!!!!!!!! Will start studying the "best buys" to see where best to put it.
I have an Anglo regular saver with a large balance and have no qualms about continuing to pay into it.
The account only lasts for 2 years, with max payment of €1000 per month. Surely your account was closing soon anyway? Or had it already converted into a standard deposit account, with a lower interest rate?
The account only lasts for 2 years, with max payment of €1000 per month. Surely your account was closing soon anyway? Or had it already converted into a standard deposit account, with a lower interest rate?
Happy Girl
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No not finished until November. Joint account so we saving 2k per month (reducing it here and there temporarily at financial pressing times e.g. Xmas). I myself just feel there is something intangible there should things go bad. No door to knock on as such (me not living in Dublin or Cork) and as previously happened with N Rock internet access unavailable should these times occur. I am overly cautious by nature and I guess this is just reflected in my decision.
F
Feeder
Guest
Same here...I really don't think Anglo is the same boat as Bear Sterns/Northern Rock (different lending profile).
Jethro Tull
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in a situation like this surely silence will only add fuel to any panic brewing. If there are no problems with the solvency and/or liquidity of Irish banks could either the commercial banks themselves or the central make make some kind of public statement (or am I being naive expecting either to)?
Brendan Burgess
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All discussion is now in this thread
Brendan
Brendan
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