Money on Deposit Safety of the Euro

The thing is, if (for whatever reason) Ireland were to find itself reverting to the Punt Nua, as far as I am aware, an acccount with RD or NR would be regarded as an Irish account and would be converted out of Euro - like it or not. This is because although the mother bank is Dutch and British (respectively), it is still and Irish branch. Danske Bank is the mother of NIB - but in the event of a reintroduction of the Punt Nua, any accounts in NIB would be sucked in also. Guarantee to refund in the event of insolvency does not mean guarantee in the event of the host country changing it's currency.
The real question is, if you were to open and account with a foreign bank which did not have a limb in this country, would you be protected against having your deposit repatriated and converted to Punt Nua?
 
People are really losing the run of themselves here.:( They are talking about two events - change of currency PLUS one off devaluation. It has never, ever, ever happened. It is pure confiscation. What is the difference between the following two approaches?:

A. Decree that all deposit accounts etc. now denominated in euro are to be interpreted going forward as in punt nua. Conversion rate 1 for 1. Next state that the exchange rate for the PN will in future be 50c.

B. Decree that all deposit accounts etc. are to be halved in value and interpreted as PN going forward with 1 PN = 1 €.

This latter, I hope most would agree would be sheer theft and totally unconstitutional and yet it is the exact same as (A) which people seem to think a possibility.:mad:

The only plausible scenario (and one which doesn't achieve anything) is to convert from € to PN and let the exchange rate slowly (or maybe rapidly) slide from neglect. Plenty of time in that scenario to jump ship.
 
Unfortunately in the case of Argentina, they closed the banks and introduced their break from parity with the US$ overnight.
Nobody had access to their money till the deed was done...
 
Perplexed said:
Unfortunately in the case of Argentina, they closed the banks and introduced their break from parity with the US$ overnight.
Nobody had access to their money till the deed was done...
Click to expand...
Completely different. Devaluing exchange rates is common - UK and Ireland having done it in in the recent past. But changing currency at one rate and then devaluing the new currency to a lower rate is theft.
 
So what would happen? Would a house currently selling for Euro 300k become PN 300k? - and so it would make no difference to the potential buyer - just a different name for the currency? Would it be that the only sufferer would be the person travelling abroad?
 
Or buying anything from abroad - like petrol, gas, tomatoes, lettuce, flowers, coffee, etc - this is just a random selection from my shopping basket this week
 
You must log in or register to reply here.
Back
Top