Also do Irish banks sell on their debts as the American banks do? If yes you could have the scenario of the bank going bust, your saving being zero (or 20K guaranteed)and your debt owned by another instituation. Is this too far fetched?
Thanks for the EFM, a little light reading for later........ If you are correct I'd best get to the bank and put my savings in the post office or better still under the mattress.
Also do Irish banks sell on their debts as the American banks do? If yes you could have the scenario of the bank going bust, your saving being zero (or 20K guaranteed)and your debt owned by another instituation. Is this too far fetched? But in the times we live it it's like the Wild West of banking at the minute so nothing seems too crazy.
Very interesting. I hadn't realised that if I owe say 300K to Bank A and have 50 K in savings that the bank could collapse and I would lose most of my savings but still owe the 300K not to Bank A but to whoever had purchased the mortgage books of Bank A. But conversely if I default on my mortgage payments, Bank A can take all my savings/house etc. The banks win every which way.
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