This doesn't make sense to me.so just looking to leave this somewhere safe, where it's difficult for me to get to it.
Can you give it to someone else to mind?Hi , I'm in the process of selling my home and planning to purchase another property to move into, however the sale/purchase dates are not going to align.
I will have equity following sale of property. Can anyone advise where would be a good place to leave this for a while ? I have a Credit Union account but not sure if they are limits to the lodgements , same with KBC savings account.
I'll need access again in coming weeks/months so just looking to leave this somewhere safe, where it's difficult for me to get to it.
Thanks !
Your current account.Can anyone advise where would be a good place to leave this for a while ?
Not necessary.In my case I won't need the money for a few months so am putting it in Prize Bonds where it might earn a small return but is fully protected by the state.
Yes.So reading the above if proceeds are about 100K they are still guaranteed as relating to house sale?
I think so but most CUs have much lower limits than €100k on deposits.This the guarantee also cover Credit Unions?
Not too sure about prize bonds honestly and how I'd given go about purchasing.
Yes.So reading the above if proceeds are about 100K they are still guaranteed as relating to house sale?
Then the simplest thing is to open a deposit account with the bank you have your current account with. This should be simplest as you are already a customer.To clarify, I don't want the proceeds of the sale in my current account, I want to separate it out so it's ready for the purchase.
I know people fell comforted about the €100,000 State guarantee but can anyone give me an example of where an Irish deposit holder lost their money that was with an Irish bank? Given we had a number of insolvent banks/ building societies recently and no one lost a penny, I would say the guarantee is nothing but a comfort blanket and will never be actually called on.Not necessary.
Bank account balances above €100k but less than €1m are state guaranteed for six months if they relate to sale and purchase of a house.
See here.
With Irish banks capital ratios now so high and the EU's single resolution fund quite large I think there is effectively zero chance of an Irish retail bank failing and a personal customer losing funds.can anyone give me an example of where an Irish deposit holder lost their money that was with an Irish bank?
That's what I think. Spreading savings around banks to avail of their €100,000 is a waste of time. During the financial crises, the ECB said that no European bank would fail. And now we have come out of that without anyone losing money, I think the guarantee is nothing more than to provide people with some level of comfort knowing the State will never have to pay for it.With Irish banks capital ratios now so high and the EU's single resolution fund quite large I think there is effectively zero chance of an Irish retail bank failing and a personal customer losing funds.
It's free insurance and gives peace of mind.Spreading savings around banks to avail of their €100,000 is a waste of time.
During the financial crises, the ECB said that no European bank would fail.
It was mainly very large non-resident depositors AFAIK.Depositors in Cyprus faced haircuts on balances over €100k during the financial crisis. See:
Mainly Russian money from what I remember.It was mainly very large non-resident depositors AFAIK.
Since then the EU's Single Resolution Fund has grown (I think €30bn now with a target of €60bn in a few years) and can be used to bail out depositors in the event of a bank resolution.
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