Crest & Shares

T

Tullaroan

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I have some English based shares through AIB/Goodbody. This morning I received a letter from Euroclear saying that intend to cease to act as sponsor in respect of my crest membership and that I must find another broker willing to act as crest sponsor. Can anyone enlighten me about my situation? Thanks.
 
Hi Eircomnet,
Received the same letter a while back. Goodbodys stopped using CREST to hold their clients shares back in November. Apparently Euroclear were slow off the mark issuing these letters. Now any shares are held in a nominee acount by Goodbody.

What it actually means for you is that any shares purchased with Goodbody are not held in your name (as they are with CREST) but instead are held by Goodbody. There may be implications in the unlikely event that Goodbody were to fail, so it is prefered to have a CREST account.
 
GRUS Might I be so bold as to ask what you intend doing yourself and is it easy to get a sponsor?
 
Hi Eircomnet,

For the moment I'm doing nothing and letting Goodbody hold my shares in a nominee account. I only have a small amount of shares with them so am not overly concerned. If I had my life savings with them it would be another matter. In any case, Goodbody is a wholly-owned subsidiary of AIB so it is fairly unlikely it will fold (but not entirely impossible).

AFAIK Sharewatch offer a Crest account and also have much more competitive comission rates, but I don't know what markets they deal with or how quickly they execute trades. I've never dealt with them myself but here is a link if your interested in reading about them.
[broken link removed]

Grus
 
I have placed my views on the Goodbody activity in this respect here..http://www.askaboutmoney.com/showthread.php?t=59869&highlight=Goodbody . I got the same letter from Euroclear last week.

I have moved all of my business to Sharewatch as a result

I also attempted to find out who was the appropriate regulator to which a complaint might be made. The Financial Regulator did not want to know. Nor did the stock exchange.

The essential difference which a nominee makes is that you give up most of your rights to participate as a shareholder of the company - except the right to receive dividends. It is analagous to a pensioner giving up the right to vote, but continuing to receive his pension.
 
I have moved all of my business to Sharewatch as a result
Click to expand...

Hi Gulliver,
In your experience how fast do Sharewatch execute transactions? Would you be able to buy and sell shares on the same day, for example? Can you confirm that purchase of US, Irish, UK, and European shares is possible? I know the comission rate is massively better for purchases under €25000 (Goodbody 1.25% vs Sharewatch 0.3%). I think the only thing stopping me applying is laziness at this stage.
Thanks, Grus.
 
Have bought Irish and UK shares with Sharewatch.... Excellent - much better than Goodbody. Have not yet sold.... wish I had sold many months ago
 
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