I was also told that a joint account is covered up to 200K by ICS head office today. However on talking to my BOI manager he has stated that any holdings are fully covered just as they are in a BOI bank account as it is a wholly owner subsiduary. I have asked for this in writing and he is sending it to me, however I cannot see how this is the case unless the Financial Regulator, Government and Central Bank have met on this matter already?
"and such
specific subsidiaries as may be approved by Government following consultation with the
Central Bank and the Financial Regulator"
There desperately needs to be some clarification on this...
The Governor and Company of Bank of Ireland
Financial Regulator
Irish Government guarantees all deposits
ICS Building Society
Financial Regulator
Irish Deposit Protection Scheme – 100% of deposits up to max. €100,000
Note: ICS is a subsidiary of BOI and can apply to Govt for full guarantee
Well BOI staff I've spoke to seem to be ASSUMING that ICS is covered. The financial regulator are more-or-less sitting on the fence hinting at a cautious thumbs-up:
Irish Deposit Protection Scheme – 100% of deposits up to max. €100,000
We understand that ICS Building Society (which also trades as The Mortgage Shop) is advising their customers that they are covered by the Government guarantee announced on 30 September 2008. Although ICS Building Society was not named in the list of Banks referred to in the Government’s announcement it is a wholly-owned subsidiary of Bank of Ireland, which was named in that announcement. As the legislation has not been passed yet we are awaiting confirmation of this. This information is correct at 1 October 2008.
All the talk seems to be about certain foreign banks - no 100% confirmation on ICS...