Nervous about Anglo

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PaddyW said:
oops, 784 million I mean, time to run for the hills!
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Is this sarcasm (indicating they're still making big profits), or is this level of profit typically low for a bank with this level of exposure?
 
Sorry, sarcasm on my part. Although that is a drop of 37% in their profits.
 
bacchus said:
Don't put everything in Anglo. Spray your money into the like of

  • Ulster Esavings
  • FA Esavings
  • Rabo
  • Anglo
  • Halifax
  • Northern Rock
See best buy for regular saver and lump sum deposit.
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Why? If a particular bank covered by the Government 100% deposit guarantee is offering a good or the best rate for your circumstances (and this may or may not be the case here with Anglo) then why not put everything in it?
 
Again to agree with others, I have 2 Anglo accounts (quite recently opened). I tried to withdraw money from one the beginning of this week. Great customer services, money was transferred to BOI account a couple of hours later. Great service, better and faster than any other bank I have dealt with.
 
I too am a customer of Anglo and have been for over five years. Their customer service is good. They've always been helpful over the phone and in person at the branches especially in Dublin.

Payments out of accounts are extremely quick, they run a a very efficient retail banking operation more so than any other bank in the country. Its Anglos only saving grace right now in the turmoil. So even in a worst case scenario I would predict (touch wood) that the personal deposit/retail side of the business would be successfully spun off or purchased by another bank.
 
Why? If a particular bank covered by the Government 100% deposit guarantee is offering a good or the best rate for your circumstances (and this may or may not be the case here with Anglo) then why not put everything in it?
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Two reasons I can think of;
1. If the bank does go bust, you could be waiting months for your money.
2. Do you really trust the government can even afford the guarantee? Especially if more than one bank goes belly up?
What would happen if the country goes bust?
[broken link removed]
 
ClubMan said:
Why? If a particular bank covered by the Government 100% deposit guarantee is offering a good or the best rate for your circumstances (and this may or may not be the case here with Anglo) then why not put everything in it?
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because I don't have full faith in the government guarantee TBO. And it could take a very long time for state to pay the money back to investors.
 
I have been dealing with Anglo on/off since 98 but i do have to saving A/c with them at the mo and have found them excellent very very prompt
 
SPC100 said:
+1

Better safe than sorry. The bank might still go bust, the guarantees dont say when you will get your money back.
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But with regard to any bank going to the wall - I cannot see this happening in the EU. There is a lot of histeria out there.

But granted some of the Irish banks are still burying their heads in the sand and not taking correct action to reduce costs. Anglo seems to be really badly managed.
 
fungus said:
But with regard to any bank going to the wall - I cannot see this happening in the EU.
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....happened to Lehman bros in the US, ..........don't think it's outside the bounds of possibility by any means
 
fungus said:
...some of the Irish banks are still burying their heads in the sand and not taking correct action to reduce costs. Anglo seems to be really badly managed.
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I'd imagine Anglo's cost overhead is pretty low. They don't have a branch network to maintain.
 
PaddyW said:
oops, 784 million I mean, time to run for the hills!
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Shane Ross' article in to-days Sindo makes for interesting reading on its profitability and viability going forward. The 'reclassification' of investment as loans to developers, which means an increase of exposure to developers from €10 billion to €16 billion in the a matter of months, certainly seems to have shaken the market. Imo, the market has spoken as regards what it thinks of the bank and its future viability.

Perhaps PaddyW could say 'hi' from us to the other investors who have run for the hills.
 
fungus said:
But with regard to any bank going to the wall - I cannot see this happening in the EU. There is a lot of histeria out there.

But granted some of the Irish banks are still burying their heads in the sand and not taking correct action to reduce costs. Anglo seems to be really badly managed.
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If any bank is going to the wall it will be Anglo. They were the major lender for the building boom. The profits they are booking this year are from loans put out years ago. Now they are doing creative accounting called 'rolling up interest', rather than getting the loan paid back they are back dating to interest payments only. If they need extra capital what institution would possibly invest in such an institution. If a panic withdrawal occurred the bank has a high possibility of collapse. Your money is guaranteed but how much money does the Irish government have to cover all deposits (if Anglo sunk so could other banks). How many deposits are covered by Anglo alone under the government back up scheme, billions... There would definitely be a delay in getting your money back. You are thinking the Irish government is like the Fed in the US, that's wishful thinking.
 
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