Are current accounts safe?

[GarydeDub]

I have quite a large company deposit account which matures at the end of this month and I am extremely concerned about leaving it on deposit with BOI. I realise that I won't earn any interest if I transfer it to the company's current account but is it a safer bet than the risk of the government defaulting or imposing a levy on all deposits? I am assuming that a company's current account is it's working capital and can't be touched. Am I right?

 

[Lightning]

All deposits, both consumer and business deposits, both savings and current accounts could be converted.

There is no ranking of deposit holders.

Have you considered non Irish banks or foreign bank options?

 

[Compass]

It'll be interesting to see how some of the large multi nationals deal with this, if it does come to pass. I'd imagine a currency devaluation didn't figure too strongly in their calculations when choosing to bed down in Ireland.