In general, are bank accounts in Ireland denominated in Euro, or in the national currency of Ireland (which currently happens to be the Euro)?
This question camt to mind when thinking about all the stuff written about the possibility of an economic crash or property price crash in Ireland. I don't wish to get into a debate about the likleyhood of an economic crash or whatever, but rather just consider one possible consequence - Irish withdrawl from the Euro.
Despite some talk to the contrary, I believe it is legally technically possible for Ireland to withdraw from the Euro at any time and re-introduce a national currency. I guess another option would be to join a sterling monetary union with the UK, or peg the new national currency to the US dollar. However for the sake of arguement, lets assume that Ireland decides to withdraw from the Euro and introduces a new free-floating currency called the Punt.
So what would happen to any money you had on deposit in the bank - either with the likes of Northern Rock or Rabo Direct, or with your local house bank like AIB or BoI? Would these accounts also automatically be converted to the Punt, as the legal tender of Ireland? Or would they remain in Euro as the currency in which they were opened?
Anyone look at the T&Cs for Rabo Direct or Northern Rock when opening accounts there? Or have an idea what their house bank T&Cs are?
This question camt to mind when thinking about all the stuff written about the possibility of an economic crash or property price crash in Ireland. I don't wish to get into a debate about the likleyhood of an economic crash or whatever, but rather just consider one possible consequence - Irish withdrawl from the Euro.
Despite some talk to the contrary, I believe it is legally technically possible for Ireland to withdraw from the Euro at any time and re-introduce a national currency. I guess another option would be to join a sterling monetary union with the UK, or peg the new national currency to the US dollar. However for the sake of arguement, lets assume that Ireland decides to withdraw from the Euro and introduces a new free-floating currency called the Punt.
So what would happen to any money you had on deposit in the bank - either with the likes of Northern Rock or Rabo Direct, or with your local house bank like AIB or BoI? Would these accounts also automatically be converted to the Punt, as the legal tender of Ireland? Or would they remain in Euro as the currency in which they were opened?
Anyone look at the T&Cs for Rabo Direct or Northern Rock when opening accounts there? Or have an idea what their house bank T&Cs are?