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I am in a similar position regarding an SSIA. I have €12k in mine too. I recently purchased BOI shares to the value of €3,500. I am toying with the idea of buying €10k more with some of the SSIA money. The way I figure it, the shares can only really go up over time from the price they are at at the moment. I must state that I am a BOI employee too and can avail of low cost share dealing. The only prohibitive factor as far as I am concerned is that there will be little or no dividend on the shares for the next few years given the economic climate and the fact that the government are beginning to meddle in the banks' affairs. On the whole however, I reckon they could gain in value if you are prepared to wait a few years. They were up to over €18 each at their peak !
You are right - the government should not meddle in the banks' affairs - except of course to bail them out after creating a huge financial mess through poor lending practices. Hopefully, if and when the banks start disclosing true extent of bad debts, the property bubble can start again for another generation of FTBs with 40 year loans, and the share price can start rising, presumably after the meddlesome government has recapitalised the bank.
Ronan, this is an excerpt from a thread I posted last evening and every word of it is true. After your reading of same, you might consider investing with another more respectable, honest and straight forward investment fund provider.
Did you all know that if you invest in the same funds through New Ireland rather than BoI Life you can get a better investment deal ?? Did you all know that New Ireland investment products are offered on better terms by Non-Tied agents for which they are fully aware but do not bother to advise their customers ?? So if you go to the Bank to invest and they advise you they are giving you the best deal available do not believe them. You are better shopping around.
I presently have two cases with the Financial Ombudsman against this organisation which will then be referred to the Regulator. I have spent 18 months trying to sort out a mess with an original offer in writing but was then refused after they had my money. However I was offered to enact the original deal in writing from their Tied Agent if I paid him a CASH FEE. The main office then sent me figures to show I was on a better deal than the original deal in writing. The figures were false which is totally contrary to the Consumer Code. I could write a book about this and intend in making the entire story public as soon as I can.
We are all reading concerning the mistakes the Banks made in relation to their lending book. What has happened to me is an occurrence of disgrace, for which the largest provider of lump sum investments in Ireland seems to acting in a very irregular manner.
It's your money. Be careful as believe me as soon as you hand over the funds they won't give a damn.
Johnny, I thought somebody would doubt the content of my Post. In fact my Solicitors did as well until I handed them the original paperwork evidencing the entire. And as well a Hand written letter requesting me not to cash in my fumds until after a month end in order that he could receive his commission. As for the best deal available - yep, that's what was stated in both cases.
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