Central Bank of Ireland: Huge Deposit Movements in November 2010

[farmerette]

In fairness, it is very easy to set up a Keytrade Belgium account, and opening a Deutsche Bank account is fairly painless (apart from having to go to Berlin, but hey, it's a nice city).

do you believe openning an account with the likes of INVESTEC ( who are foreign owned ) offers as much security as opening an account outside the state altogether

 

[Lightning]

@farmerette - Of course money outside the Irish state is 'safer'.

When the Central Bank of Ireland came out with the stats, I emailed the Central Bank of Ireland with questions on their deposit stats.

I was, at the time, finding it hard to get my head around the fact that 70 billion in deposits had so quickly left the country, especially given the small pool of Irish deposits. I knew money was flocking in droves from the 6 Irish banks into Rabo, NUK, Ulster and NIB but I was shocked with the stat that 70 billion in deposits had ALSO left the country. Hence, I was basically querying/confirming if the 70 billion was deposits going out of the 6 Irish banks into foreign banks in Ireland or if it was deposits going out of the country as a whole.

I know this has since been cleared up, that it is money leaving the country, but for the record here is the email from the Central Bank of Ireland to me also confirming this:

Hi Ciaran,

Please see below an expert from the Explanatory Notes which accompany our Money and Banking tables:

[broken link removed]

Please also find enclosed a list of reporting institutions:

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"The reporting population which is covered in these tables are all credit institutions resident in Ireland. Credit institutions, as defined in Community Law, are undertakings whose business is to receive deposits or other repayable funds from the public and to grant credits for their own account and/or issue means of payment in the form of electronic money. In the Irish case, resident credit institutions comprise licensed banks, building societies and, since January 2009, credit unions as regulated by the Registrar of Credit Unions. A resident office means an office or branch of the reporting institution which is located in ‘the State’ (the Republic of Ireland). These are: institutions incorporated and located in the Republic of Ireland, including subsidiaries of parent companies located outside the Republic of Ireland; and branches of institutions that have their head office outside the Republic of Ireland. Reporting institutions report the data in respect of their resident offices only."

More detail can be found in our Explanatory Notes (linked above).

Kind regards,

Analysis Section
Statistics Department
Central Bank of Ireland
PO Box 11517
Spencer Dock
North Wall Quay
Dublin 1