I have around €50,000 in Anglo Irish Bank (30 day notice account) . Should I put some of it into another institution since only €20,000 is guaranteed in the event of a banking crisis? How safe is Rabo Bank and would I be able to access my money in a crisis, seeing as it is an online bank in Ireland? Thanks.
Banking Crisis
- Thread starter treasure
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How safe is anything...Bear Stearns was a blue chip wall street bank and now it is gone. Having said that, Rabo is AAA rated which is as strong a guarantee as you can get. I think the figure that is guaranteed is €35000 and not the €20,000 you quote but if you are nervous there are probably safer high street banks than Anglo. Although nothing to do with its liquidity, its shares have been hammered over the past 6 months
The following is what I meant by deposit guarantees:
The Irish state does not explicitly guarantee 100% of bank deposits. It provides for what is called a explicit deposit insurance under EC directive of a maximum guaranteed compensation amount of €20,000 to qualifying depositors. See here : http://www.irishstatutebook.ie/1995/en/si/0168.html The scheme is administered by the Central Bank and funded by banks and building societies.
The Irish state does not explicitly guarantee 100% of bank deposits. It provides for what is called a explicit deposit insurance under EC directive of a maximum guaranteed compensation amount of €20,000 to qualifying depositors. See here : http://www.irishstatutebook.ie/1995/en/si/0168.html The scheme is administered by the Central Bank and funded by banks and building societies.
kinda off topic, but i dont see the need in starting a new thead for such a small query. I called the bank on Friday to hold a certain amount of dollars for me, for collection on thursday. About the exchange rate I get:
Will it be based on the Friday's rate, or the rate on the day of which I collect/pay for the dollars. I'd be confident in saying the latter, as it makes more sense for a number of reasons, but just wanted to be sure..
thanks
Will it be based on the Friday's rate, or the rate on the day of which I collect/pay for the dollars. I'd be confident in saying the latter, as it makes more sense for a number of reasons, but just wanted to be sure..
thanks
eileen alana
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Jethro Tull
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indeed, since the northern rock 'incident' there have been rumours about just about every Irish bank. Anglo suffered extremely 'bad press'. There was even a story not so long ago that they were about to go cap in hand to the central bank for emergency funding. They completely rubbished these rumours and blamed hedge funds for shorting their stock and then spreading such rumours.
However I am led to believe by friends who work in the investment banking sector that they rely more heavily on the short term money markets than most Irish banks
This article quoting figures from last March suggested otherwise. (Conversation on this subject is also going on in Financial Debates thread)
http://www.independent.ie/business/irish/tsb-most-exposed-in-credit-crux-1081400.html
Jethro Tull
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if memory serves me correctly anglo's 30 day noctice account pays 4.75%. There are better rates out there for demand deposit accounts, never mind notice accounts. So maybe you should spread your money about in order to recieve a higher interest rate and not just to 'spread the risk'
Raskolnikov
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I did, willing to take a hit of 10% of €20k but no way would I want to risk my life savings.
Brendan Burgess
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I have reopened this thread as a lot of it does not fall into the thread.
Brendan
Brendan
An investigation has begun in the UK concerning rumours being circulated about the liquidity of various banks.
It is suspected that the current nervous market is being exploited by traders short-selling shares, then spreading rumours that the banks are in trouble.
Short-selling allows profits to be made when stocks are falling and is a common practice amongst hedge funds, for instance.
I wonder if such a thing could be going on in Ireland and could explain some of the recent volatility in banking stocks?
If this is going on it's a pretty despicable activity and hopefully the British authorities will clamp down heavily. Of course, if it was happening here, I doubt the Irish Central Bank would notice. They seem to have gone into permanent hibernation since the launch of the Euro.
http://www.rte.ie/business/2008/0319/boe.html
It is suspected that the current nervous market is being exploited by traders short-selling shares, then spreading rumours that the banks are in trouble.
Short-selling allows profits to be made when stocks are falling and is a common practice amongst hedge funds, for instance.
I wonder if such a thing could be going on in Ireland and could explain some of the recent volatility in banking stocks?
If this is going on it's a pretty despicable activity and hopefully the British authorities will clamp down heavily. Of course, if it was happening here, I doubt the Irish Central Bank would notice. They seem to have gone into permanent hibernation since the launch of the Euro.
http://www.rte.ie/business/2008/0319/boe.html
W
winniek
Guest
This is a great site Im new to it and learning lots. Can anyone give me a list of banks or Building Societies and their parent bank. For instance how do I know which bank is belonging to which group. Its very confusing as I want to spread my money into differnet ones in order to reduce my risk.
I know that ACC & Rabo are related and B of Ir is related to ICC. Anyone know of where I could look this up. thanks in advance.
I know that ACC & Rabo are related and B of Ir is related to ICC. Anyone know of where I could look this up. thanks in advance.
T
The Edge
Guest
- ACC is indeed owned by Rabobank.
- ICS is a subsidiary of BoI. (I think you are confusing ICS with ICC.)
- First Active and Ulster Bank are owned by Royal Bank of Scotland.
- Halifax (formerly known as Bank of Scotland Ireland) is owned by HBOS ('Halifax Bank of Scotland')
- National Irish Bank is owned by Danske Bank.
- BoI, AIB, Irish Nationwide, EBS and Anglo Irish Bank are all independent institutions.
A
adorama4
Guest
Could anyone give me a list of the reasons for the current global banking crisis
M
mercman
Guest
I gather you have been asleep for the past few years !!!
Z
z109
Guest
Maybe adorama4 is the regulator!
Anyway, sleeping, light-touch, regulators are one of the causes...
Not sure why most people are blaming the banks etc. Sure the banks were greedy but they did not create the problem. Real problem was the crazy economic policies followed by govt over the past 10 / 12 years, and all the 'interested parties' jumped on the bandwagon and rode it for all it was worth. The chief culprit; Govt, Main Villains; auctioneers /estate agents, media ( property and advertising ) Banks/Fin Inst and Regulator, Developers, others? Most conspired to mislead a gullible public. Verdict; Guilty. Punishment; ?