Hi
My retired Irish Mother lives in the UK but also has an Irish Bank account too with AIB.
She has a separate 4 year Ark Life Bond maturing at the end of September 2016 for about €18K, (originally invested by AIB).
Someone from AIB recently informed her over the telephone, that she cannot reinvest this money in another bond like before, (or something similar) due to recent Irish Banking rule changes or something.
We're not entirely sure just what exactly these changes are (hence this post
).
She no longer has a physical Irish address, (which I think could be the reason), but that's never been of any concern before, because she's been away from Ireland for over 40 years without a need for any physical Irish address.
Obviously Banking rates are terrible, so it's seems crazy (and certainly not what she wants), to have this €18K transferred back into her normal AIB account where it will accrue close to zero interest.
She returns annually each year to Ireland to visit friends, and has always been able to manage her Irish Banking fine from the UK.
Ideally she'd just like to put the €18K into a 1 or 2 year bond where it will accrue a little bit of interest, and for that to be in Ireland.
Can anyone confirm these address rule changes, or point me to any link(s) detailing this information, or even recommend any possible solutions?
TIA
Carl.
My retired Irish Mother lives in the UK but also has an Irish Bank account too with AIB.
She has a separate 4 year Ark Life Bond maturing at the end of September 2016 for about €18K, (originally invested by AIB).
Someone from AIB recently informed her over the telephone, that she cannot reinvest this money in another bond like before, (or something similar) due to recent Irish Banking rule changes or something.
We're not entirely sure just what exactly these changes are (hence this post
).She no longer has a physical Irish address, (which I think could be the reason), but that's never been of any concern before, because she's been away from Ireland for over 40 years without a need for any physical Irish address.
Obviously Banking rates are terrible, so it's seems crazy (and certainly not what she wants), to have this €18K transferred back into her normal AIB account where it will accrue close to zero interest.
She returns annually each year to Ireland to visit friends, and has always been able to manage her Irish Banking fine from the UK.
Ideally she'd just like to put the €18K into a 1 or 2 year bond where it will accrue a little bit of interest, and for that to be in Ireland.
Can anyone confirm these address rule changes, or point me to any link(s) detailing this information, or even recommend any possible solutions?
TIA
Carl.
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