Key Post Brendan Burgess explains: The Deposit Protection Schemes

Brendan Burgess

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I have summarised the deposit options according to my assessment of their rough order of safety…

As there is a lot of work in keeping this updated, check out www.itsyourmoney.ie which is kept up to date

This is a complicated subject and corrections and clarifications are welcome
.

In particular, I have described some of the banks such as Leeds and KBC as solvent in their own right. Has anyone got any further information on these, which I could incorporate into the table? Or would anyone like to post a reply discussing the safety of the various banks on a case by case basis?

The inherent safety of the bank is probably the most important decision in choosing a bank and the guarantee should be a back-up. Thus Rabobank which has a AAA rating is as safe as you can get whereas Anglo Irish Bank is depending entirely on the Irish government being able to meet its guarantee.



Rabobank | Safe in its own right as it has a AAA rating|+ covered by the Dutch Scheme -100% of €100k
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Northern Rock | Irish Deposit Scheme €100k| + UK Scheme £100k+has recently been split into a good bank +owned by UK Govt
NIB |Irish Deposit Scheme €100k|+Danish Guarantee €50,000 + owned by Danske a good bank
_

Investec | UK Scheme 100% of £100,000|+ solvent in its own right
Leeds Building Society | UK Scheme 100% of £100,000|+ solvent in its own right
Nationwide UK| UK Scheme 100% of £100,000+ solvent in its own right
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Ulster Bank/First Active |Irish Deposit Scheme €100k|+84% owned by UK Govt
KBC | Irish Deposit Scheme €100k|+ good bank in its own right
Pfizer | Irish Deposit Scheme €100k|+ good bank in its own right
Postbank | Irish Deposit Scheme €100k|+ good bank in its own right
These are covered by the Irish Deposit Scheme but not by the unlimited Irish Government guarantee scheme



The Irish government guarantees 100% of the liabilities of the Irish covered banks:
Bank of Ireland/ICS |will probably be adequately capitalized shortly
Permanent tsb |will probably be adequately capitalized shortly
EBS |will probably be adequately capitalized shortly
AIB |will probably be adequately capitalized shortly
The following are relying solely on the Irish government guarantee and would be unable to repay their depositors without it:
Anglo Irish Bank Irish Nationwide
 
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