# Will Government take deposits?



## jonocon (15 May 2011)

I'm starting to get worried about my deposits in Irish Bank (PTSB), As I see it the government have taken the first step towards deposits by dipping into peoples pensions. Does anyone have advice for me as I am about to move my money in EBS tomorrow morning for 1 yr 6 months as its the best rate. thanks


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## capilano (16 May 2011)

Read Key Post - How to protect your deposits. The most salient point for me was not to tie up your money in any long-term account just in case you need to move it. You might lose some interest in the short-term but you might have more peace of mind for the present.


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## Kev (16 May 2011)

jonocon said:


> I'm starting to get worried about my deposits in Irish Bank (PTSB), As I see it the government have taken the first step towards deposits by dipping into peoples pensions. Does anyone have advice for me as I am about to move my money in EBS tomorrow morning for 1 yr 6 months as its the best rate. thanks



I feel that they will not touch deposit as it would completely the irish banks as no one would ever trust them again.  Also it would not look too good for the EU they would have something to say about it.  

I expect if they do default they will go back to sterling again, as it would cost too much to bring back the irish pound but who knows what the government  have got up their sleeve.


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## jonocon (16 May 2011)

thanks guys, if we do default and revert back to the punt, or indeed sterling, how will that affect deposits? Is it safer to have deposits in a foreign bank, like Ulster Bank?


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## bryanod (16 May 2011)

Probably not.


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## z107 (16 May 2011)

It's now not safe to leave deposits in Irish banks for two reasons:

1. When Ireland defaults your money could be converted in a new currency and you'll lose loads. There might also be restrictions on withdrawals.

2. The Irish government may just simply help themselves to your deposits like they have done with pension funds.


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## Kev (16 May 2011)

I feel that pensions funds are totally different to deposits in banks.  Regarding Ulster that comes under UK and is safe to put money in there up to the amount of £85,000 which the UK government will gurantees.


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## PolkaDot (16 May 2011)

What about deposits with Nationwide UK Ireland? They are protected by the British Scheme. But are they technically an Irish bank / building society which the Government could dip in to?


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## Kev (16 May 2011)

If that is the case then the AIB in UK would be very safe as it would be technically UK Bank.


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## bryanod (16 May 2011)

Although they could simply go after all residents' accounts in which case the whole arguement is moot. And makes it even worse for those in foreign currencies losing to exhange rate movements this year already.


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## JoeB (16 May 2011)

There seems to be several types of banks, and thus deposits.

Irish owned banks, operating in Ireland.
Irish owned banks, operating in EU.
Irish owned banks, operating outside EU.

EU banks, operating in Ireland.
EU banks, operating outside Ireland, but inside the EU.
EU banks, operating outside the EU.

Foreign banks (non EU), operating in Ireland
Foreign banks (non EU), operating in EU.
Foreign banks (non EU), operating outside EU


So nine types there. Banks operating outside Ireland but inside the EU may be in the exact same legal position as banks operating outside the EU.

I'm not sure if all deposits in Irish banks can be 'confiscated',.. surely only those deposits made in Ireland can be affected. (i.e.. all deposits made to banks operating in Ireland, banks regulated by the Irish regulator, and perhaps some online deposits). 

All deposits made to foreign banks, but made in Ireland and subject to the Irish Regulator are likely 'confiscatable'. Deposits made in foreign countires to these banks may or may not be safe. All banks claiming to take deposits subject to some other law than Irish law should be safe, .. if these companies are prepared to go to court to protect your property rights in their foreign jurisdiction, .. (i.e not roll over if our government makes an illegal demand on them to garnish your deposits.)

(For example, BullionVault in the UK will fight such a case in the UK courts, if Ireland passes a law making private gold ownership illegal.. this is in their terms and conditions. Can the Irish government overide such a condition in a foreign jurisdiction?, I'd suggest not, at least not easily. So banks seeking customers in Ireland should also make strong claims as to the safety of the deposits, and their safety from Irish Government grabbers)


Deposits made outside the EU, to non EU owned banks should be safe from the Irish government.

So which category is Keytrade, Belgium?
What about AIB UK?
What about Northern Island, any safe banks up there?


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## Chris (16 May 2011)

bryanod said:


> Although they could simply go after all residents' accounts in which case the whole arguement is moot. And makes it even worse for those in foreign currencies losing to exhange rate movements this year already.



Moving money abroad and into another currency is a whole different exercise, and would be aimed at protecting against a collapse of the Euro. You can have euro accounts even in countries that are not part of the EMU and thereby avoid currency risk.


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## Kev (16 May 2011)

So if you have an account in AIB in UK in euros that would be safe like Ulster bank in Ireland which comes under the umbrilla of RBS that would be safe despite it being in eruos, have I got it correct.


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## JoeB (16 May 2011)

Well, what does the AIB account say? Under what jurisdiction is the contract? (Eg. this contract will be governed under UK law).

If governed under Irish law then it seems the government can pass a law tomorrow making the money theirs. It may be unconstitutional, but this would require a court case and the law would be in effect and legal until shot down. Confiscarting personal property may also be against EU law.
(Remember last year, when the rape laws were found to be unconstituational,.. yet all rapists weren't released, they were held in prison illegally while the government wrote new laws to imprision them.)


If deposits are governed under Uk law, then the Irish government can do nothing. But I'd be seeking a re-assurance from the bank, that they ignore all Irish laws, as they don't apply to them. I'd be wary of banks with physical branches in Ireland.


edited to add: I'd only be happy with these foreign banks if I had to travel to access them.. i.e you have to go to the UK or N. Ireland to make deposits etc. (Or online as per Keytrade, Belgium etc.. or BullionVault for gold)


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## fionn2011 (16 May 2011)

Just related to this topic, if you move money to a euro account in northern ireland, do you have to first convert it into sterling and then back into euro? I know that this is a basic question, but worth asking.


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## JoeB (16 May 2011)

AIBGB.UK say this..
13. These Terms & Conditions are
governed by the laws of England
and Wales and in the event of a
dispute the courts of England and
Wales have exclusive jurisdiction


and the account seems to be open to non-UK residents. I'd have thought that this account was safe from Gov.ie moneygrabbers. Anyone think it might not be?

Of course, Gov.UK might confiscate your cash. Gov.UK might selectively tax non-residents accounts to the hilt?,.. (would this discrimination between accounts be illegal under UK law?)

Personally I'd prefer to trust the UK Gov.


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## Kev (16 May 2011)

Can you find the T&C for Ulster Bank in Ireland.   I would have though that non residents would be exempt from tax in UK as they would be stating that they non residents and would sign a declaration to this effect that the depositor does not reside in UK therefore tax would be charged in accordance with Irish tax system.


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## Kev (16 May 2011)

Found this link T&C for Ulster bank Ireland 

[broken link removed]

From the link below it looks like Ulceterbank come within the UK scheme.

http://moneyfacts.co.uk/guides/savings/depositor-protection-schemes-04012011/


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## UFC (16 May 2011)

I've been sceptical of the Irish economy for years (mid-2000s) and in general I don't trust anyone in power (you don't get power by being a nice guy), but I really don't think the government will touch deposits. It is far too extreme and would cause utter chaos in the EU. I would imagine the ECB would happily print X billion and give it to the government rather than allow them to steal X billion from the banks.

I have my savings in a non-Irish bank outside Ireland.


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## JoeB (16 May 2011)

Yes, different banks will have different guarantee schemes.

The Ulster bank seems to have an account governed under N.I law


(iv) The laws of Northern Ireland apply to the contract between you and us. The law which
we take as the basis for establishing relations with you prior to the conclusion of the
contract is the law of Northern Ireland. The courts of Northern Ireland shall have nonexclusive jurisdiction over any disputes arising between you and us that are not resolved
by other means.


I'd be worried about 'non exclusive'.. what does that mean? I'd be asking for clarification, and if none was coming I'd be going elsewhere. (For example, AIB GB use the word exclusive as would most if not all other contracts)


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## z107 (16 May 2011)

> but I really don't think the government will touch deposits. It is far too extreme and would cause utter chaos in the EU.


Why? What's so special about Ireland?

They've already raided pensions. These are funds that the pension holders themselves can't even touch. They've also introduced a property tax. It's not a huge leap for them to get stuck into deposits.


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## Kev (16 May 2011)

I read on here that bondholders and depositors were covered by the same legislation.


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## Kev (16 May 2011)

JoeBallantin said:


> Yes, different banks will have different guarantee schemes.
> 
> The Ulster bank seems to have an account governed under N.I law
> 
> ...



Thanks for looking this up for me.  Very grateful, next time I am in the bank I will asked them clarification of hte word ''non exclusive'


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## UFC (16 May 2011)

umop3p!sdn said:


> Why? What's so special about Ireland?
> 
> They've already raided pensions. These are funds that the pension holders themselves can't even touch. They've also introduced a property tax. It's not a huge leap for them to get stuck into deposits.


 
They haven't "raided pensions".

There is an additional tax. 

An additional tax is very different to taking our deposits.

If they took our deposits the people in Portugal, Greece and Spain (etc.) would freak out and start withdrawing their money from their own banks. 

The ECB cannot handle a large scale bank run in the EU.


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## JoeB (16 May 2011)

They have raided the pensions. The tax is on the capital amount, not on any profit or interest.

If this is an extra tax then it's retrospective.

If the government told Irish banks to confiscate 1% of all deposits, and give the money to GOV.ie.. would that be a tax, or property confiscation? Could it be dressed up as a tax? (if so, how?)


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## T McGibney (16 May 2011)

JoeBallantin said:


> If the government told Irish banks to confiscate 1% of all deposits, and give the money to GOV.ie.. would that be a tax, or property confiscation? Could it be dressed up as a tax? (if so, how?)



If they follow the logic of last week, they could label it as a 'special interest levy' and argue that (1) most deposit accounts should be earning at least 1% in interest so they are merely levying that interest (2) savers got a very good deal in the past with SSIAs and low DIRT levels, so the taxpayer helped them build up their savings (3) the money is badly needed for job creation and Fás will spend it carefully.


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## JoeB (16 May 2011)

I rang Ulster bank to ask about the 'non-exclusive jurisdiction' thing.. they are unsure and 
say they will ring me with an answer.

The contract for the south also claims 'non exclusive jurisdiction'.


I think that's a problem.


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## Bobby1 (16 May 2011)

umop3p!sdn said:


> Why? What's so special about Ireland?
> 
> They've already raided pensions. These are funds that the pension holders themselves can't even touch. They've also introduced a property tax. It's not a huge leap for them to get stuck into deposits.


 
Its this kind of writing that really annoys me...they have NOT raided the pension funds, they have imposed a levy of 0.60% that will be in place for approx 4 years, to funds a job stimulation programme. 

What property tax? I havent paid any property tax yet???

We are in a bad enough state without this kind of carry on... state the facts and please dont be making things out to be 10 times worse then they are!


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## T McGibney (16 May 2011)

Bobby1 said:


> they have NOT raided the pension funds, they have imposed a levy



A slight contradiction here?


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## Sunny (16 May 2011)

Bobby1 said:


> Its this kind of writing that really annoys me...they have NOT raided the pension funds, they have imposed a levy of 0.60% that will be in place for approx 4 years, to funds a job stimulation programme.


 
It doesn't matter if it is 0.6% or 60%. They HAVE raided the pension funds. They didn't go after investment gains and profits, they went after the actual capital.


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## JoeB (16 May 2011)

On the Ulster Bank non-exclusive jurisdiction thing. They acknowledge that other courts can be used at times, but they're not clear on how these other courts can be used., or who by.

They have nothing further to say, so I'd avoid them.


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## qeivinc (16 May 2011)

Bobby1 said:


> Its this kind of writing that really annoys me...they have NOT raided the pension funds, they have imposed a levy of 0.60% that will be in place for approx 4 years, to funds a job stimulation programme.
> 
> What property tax? I havent paid any property tax yet???
> 
> We are in a bad enough state without this kind of carry on... state the facts and please dont be making things out to be 10 times worse then they are!



Its actually 2.38% over 4 years assuming no growth and that will be lost for the lifetime of the fund.

Its bad enough for me to consider breaking a 2 year fixed term savings account (18 months in) to move it offshore! All the rest of my savings will be offshore once I have the keytrade account open!

Lets see how that helps with recaptialising the banks!

BTW, do you really doubt that property tax, water charges, higher income tax and spending cuts are coming?  Things are bad!


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## pascal12 (16 May 2011)

Have a feeling PS (what ever about deposits in banks) won't care if gov took humans organs to pay their salaries


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## camlin90 (16 May 2011)

Bobby1 said:
			
		

> Its this kind of writing that really annoys me...they have NOT raided  the pension funds, they have imposed a levy of 0.60% that will be in  place for approx 4 years, to funds a job stimulation programme.


This year, the government imposed a levy of 0.6% on my pension. 
Last year, my ATM card was skimmed and a levy of €500 was imposed on my current account. 
A good few years back, my car was broken into. The individual concerned imposed a levy on my satnav and mobile phone.

I love that word - it makes me feel so much better when my assets are confiscated with nothing in return 

I had a reasonable degree of confidence things would work out with Irish banks up until now, but now am genuinely concerned about confiscation of deposits. Well done Michael Noonan. Let the capital flight intensity.


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## z107 (16 May 2011)

'Job stimulation program'

That's a laugh too. So they're reducing the lowest rate of PRSI. Meanwhile all the people who provide jobs are probably considering how much worse is this going to get, and should they emigrate.


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## Omega (17 May 2011)

There has been much discussion on this site about moving money offshore to other eurozone countries. The purpose of this is (a) to stop the government taxing (or siphoning off) bank deposits and (b) to provide safety in the event of an exit from the euro and any subsequent currency devaluation. I just wonder that in the event of a disengagement from the euro, is it possible that, as part of an agreed exit strategy, the offshore deposits of Irish residents in eurozone countries might be repatriated? How likely is such a scenario?


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## Guest105 (17 May 2011)

Omega - that is an interesting scenario. I would assume that some people have ties with the offshore country, maybe partner is from there or they have a relative working there so they may  give a foreign address.


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## Omega (17 May 2011)

Cashier, some people may be able to supply a foreign address. Like others on this site, I opened an account with Keytrade (but haven't used it yet) and thay require photo ID, proof of address, etc. so Irish depositers can be identified..... I'm just trying to envisage the worst-case scenario.....


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## davebrien (17 May 2011)

*repatriation of off shore accounts*

Keytrade require a ID - this would identify people from EU member states - and in the case of a requirement to touch deposits - keytrade as a bank operating in the "control" of the ECB would be somehow "required" to provide this information to the Irish government.  I can't imagine the Swiss for example feeling the same obligation.

So what would happen in this scenario - BOI informs the revenue that this account holder has transferred to switzerland - the revenue contacts the account holder and says - you owe X on the savings in switzerland - the account holder replies to say that the money was spent.

How would this be handled?


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## TSThomas (17 May 2011)

pascal12 said:


> Have a feeling PS (what ever about deposits in banks) won't care if gov took humans organs to pay their salaries


It's the new Health Levy 

As regards worrying about deposits being targeted as a result of the pension levy... has no-one heard of DIRT?


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## Sunny (17 May 2011)

TSThomas said:


> It's the new Health Levy
> 
> As regards worrying about deposits being targeted as a result of the pension levy... has no-one heard of DIRT?


 
DIRT is a tax on interest. The levy is a tax on the capital. Totally different.


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## JoeB (18 May 2011)

Omega said:


> ... I just wonder that in the event of a disengagement from the euro, is it possible that, as part of an agreed exit strategy, the offshore deposits of Irish residents in eurozone countries might be repatriated? How likely is such a scenario?



I'd have thought not likely. It's clear discrimination based on race, or nationality.

An Irish person who's lived in Germany for years would be unhappy that his german account is to be 'taken', whereas his german friends get off scot free. There'd also be dual nationality issues.


But now that the doubt is out there I suppose everyone will be moving accounts out of Europe!


Foreign banks will likely always say that they will comply with 'lawful' orders. So if the Irish government stated that your money in foreign accounts was the proceeds of crime then yes, the foreign banks will likely freeze the accounts. 

If the Irish government made it illegal for irish people to open foreign bank accounts would the foreign banks comply with that 'lawful' order?, if the order was that all money held by people who used Irish ID to open an account should be sent back to ireland.

Some companies give strong guarantees. My example here is BullionVault, a gold seller... they claim that they will fight your case in the UK courts if a foreign government attempts to make gold ownership illegal for private citizens in your home country. I believe them when they say that. (It's in their T&Cs). As a company they made over 35 million profit one year, with less than ten employees. They also keep enough funds on deposit to run their company for three years. So they bend over backwards to allay fears.


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## callybags (18 May 2011)

Sunny said:


> DIRT is a tax on interest. The levy is a tax on the capital. Totally different.


 
I don't think it is different.

As soon as interest is paid on a deposit account, it becomes capital. It is then taxed.

As soon as you get paid at the end of the month, it is your money and your asset. It is then taxed.


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## JoeB (18 May 2011)

Not true. Income is taxed at source, through the PAYE system. But it's income first, you pay tax, then it's savings.. you shouldn't have to pay again if you choose not to spend the savings..

Interest is taxed at source before payment.. again it's income, until taxed correctly, then it's savings. Again, you shouldn't have to pay more tax if you don't spend the money.


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## Kev (18 May 2011)

JoeBallantin said:


> I'd have thought not likely. It's clear discrimination based on race, or nationality.
> 
> An Irish person who's lived in Germany for years would be unhappy that his german account is to be 'taken', whereas his german friends get off scot free. There'd also be dual nationality issues.
> 
> ...



What about people money in UK that was transferred and that would come under the UK jurdiction what would happen to their deposts.

Also what about people who have lived in UK for 50 years and retain their passport and have money in Irish bank in euros, would the irish government be able to take their deposits.


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## bryanod (18 May 2011)

Quick answer would be to base it on residence, so someone in the UK for 50 years would be a UK resident obviously, similarily someone in Germany for years would be a german resident, obviously, but someone resident in Ireland whom opened a foreign account would come under the same rules.

All ifs and buts and can't really happen, but don't think opening foreign (currency especially exposuring yourself to fx risks!) accounts will solve much.


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## Kev (18 May 2011)

The best option would be for depositors that have saving in Ireland in euro and residing in UK for 50 years and retaining their irish passport would be transfer their money to AIB in UK


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## Gervan (18 May 2011)

I know it's all theory and guesswork at this stage, but I can't see how the Irish government could tax an offshore bank. Ask them for information, yes.

The pension levy is being raised on the pension fund, not the individuals. So if a "deposit levy" was to follow the same lines, only deposits in Irish situated banks could be taxed.
Well, that's what I'm hoping anyway. And supposing the rich and powerful here have most of their funds abroad now, I think they would stick to taxing the bank, not the individual.
It would be very retroactive taxation, taxing savings that could have been acquired over a lifetime, but they've done that with the pension levy.


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## Kev (18 May 2011)

Gervan said:


> I know it's all theory and guesswork at this stage, but I can't see how the Irish government could tax an offshore bank. Ask them for information, yes.
> 
> The pension levy is being raised on the pension fund, not the individuals. So if a "deposit levy" was to follow the same lines, only deposits in Irish situated banks could be taxed.
> Well, that's what I'm hoping anyway. And supposing the rich and powerful here have most of their funds abroad now, I think they would stick to taxing the bank, not the individual.
> It would be very retroactive taxation, taxing savings that could have been acquired over a lifetime, but they've done that with the pension levy.



You can ask the bank, but would you get an correct answer, taxing the bank would that be the bondholder or depositors, as they both come under the same legislation.


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## farmerette (18 May 2011)

its quite clear that a very sizeable number of irish people have moved money out of the country , in the event of a default or even a euro exit , this would lead to a situation where those who had moved their savings abroad  would find themselves in a very strong possition in terms of purchasing power due to a devaluation of the countrys new  adopted currency , this could very possibley lead to a high degree of profiteering in terms of buying up property etc , this in turn could lead to a lot of social unrest , i wouldnt be surprised if the goverment took measures to prevent this happening , it therefore begs the question , are irish citizens who have bank accounts abroad guarenteed that thier money in sterling or even euro in the likes of the uk or germany , would be entirely safe from a currency devaluation , perhaps thier is no escaping the fallout if we do indeed default or leave the euro 

just a thought


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## barrydn (18 May 2011)

What about keeping your money in cash? (safety and inflation aside)


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## PolkaDot (18 May 2011)

farmerette said:


> i it therefore begs the question , are irish citizens who have bank accounts abroad guarenteed that thier money in sterling or even euro in the likes of the uk or germany , would be entirely safe from a currency devaluation



Well there would obviously always be the risk of a general devaluation of the Sterling or the Euro.

But doesn't doing what you have mentioned above at least remove the risk of your savings being converted to a new Irish punt, or whatever might be used, which would likely to be significantly devalued?


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## bryanod (18 May 2011)

PolkaDot said:


> Well there would obviously always be the risk of a general devaluation of the Sterling or the Euro.
> 
> But doesn't doing what you have mentioned above at least remove the risk of your savings being converted to a new Irish punt, or whatever might be used, which would likely to be significantly devalued?


 

Yes it theoretically could do that, but there is the far more important, immediate and real risk of having your deposits in foreign currencies if you are looking at Sterling Funds. Already depositors have lost circa 3% this year alone, and it was far worse at one stage at nearly 5%. 

not to mention if/when the crises is resolved, the Euro will be stronger again and your losses from Sterling could be greater.


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## dam099 (18 May 2011)

Kev said:


> The best option would be for depositors that have saving in Ireland in euro and residing in UK for 50 years and retaining their irish passport would be transfer their money to AIB in UK


Why bother with AIB GB? If moving money to the UK then there are many UK banks to choose from rather than a subsidiary of a very troubled Irish bank.


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## Kev (18 May 2011)

You could keep savings in euro also the interest rate would not be as low as it would be with a UK bank.


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## JoeB (19 May 2011)

duplicate post to here... http://www.askaboutmoney.com/showpost.php?p=1169179&postcount=10





I may have been unfair on Ulster bank. The term is..
_(iv) *The laws of Northern Ireland apply to the contract between you and us*. The law which
we take as the basis for establishing relations with you prior to the conclusion of the
contract is the law of Northern Ireland. The courts of Northern Ireland shall have *nonexclusive
jurisdiction* over any disputes arising between you and us that are not resolved
by other means._

end term.

So the laws of N.I do apply, as stated in the first sentence. The second sentence also refers to laws of N.I.

The third sentence is seperate to the two previous, and qualifies the use of a non-NI court, 'in the event of a dispute not settled in another way'. So the courts of southern ireland could be used, if someone from the republic starts a case in the republic, and the judge agrees to accept jurisdiction. Ulster bank say that this is to benefit consumers, who might not want to travel to NI to a court case... so Ulster bank will agree to a case in another jurisdiction, if they have branches in that other jurisdiction. So perhaps Ireland, north and south, and the UK, but not Nigeria or North Korea.

But Nigeria and North Korea aren't ruled out, and the additional explanations given to me aren't actually in the terms.

But the terms do state clearly that 'the laws of NI apply... full stop'. So I'd be happy enough now actually with that. But a further clarification from Ulster bank, .. that they will only attend court cases in another jurisduiction if that case is instigated by the customer.. and that Ulster bank themselves will never begin proceedings in a different jurisdiction to NI.. that further clarification would be useful, and it isn't contained in the terms, but informally that's how they describe the terms. In court they might give a different intrepretation,.. which is why recording phone calls is so important. (The additional info was given to me in a phone call, and they probably expect that I haven't recorded it, I gave no indication of doing so, and intend the recording for 'private use' only, but nothing kinky)


So to be fair on Ulster Bank, .. I think they'r ok, but make up your own mind!

Cheers


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## dam099 (19 May 2011)

Kev said:


> You could keep savings in euro also the interest rate would not be as low as it would be with a UK bank.



You can have Euro accounts with Uk banks, a quick search of Barclays site for example shows they do one.


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## dec1892 (19 May 2011)

So can a resident of the Republic open a euro account with a Barclays branch in Northern Ireland? Anyone else here having an experience of this?


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## pilotsnipes (20 May 2011)

Don't have much time but yes.

I opened one in Barclay's Newry. Needed to open the free STG current account too, but that was no big issue.

Few things to note.
Euro account is FREE per month.
It is accessible by TELEPHONE only, no internet access, no easy way to see the balance.
It is accessible by TELEPHONE only. Just want you to be clear on this.
Rates are non-existent, but for me I couldn't care less, 5% interest on an account here in ROI where the government might take some is far far worse.

There is a roughly 15-20STG( or was it euro) charge for money transfered OUT of the account to another EUROPE euro account.

Money transferred IN is free.

It's a good deal. Just bring the normal passport licence etc etc to the bank. Make an appointment first, otherwise you'll waste your trip.


(It's hard to find the account on the Barclays website - it is there though, it is NOT the business/international account, but a personal euro account for boyo's like us)


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## coldcake (20 May 2011)

Hi Pilotsnipes,

How did you make an appointment with the branch? Did you call the branch directly of did you have to call the call centre to arrange an appointment?

Thanks

Coldcake


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## dec1892 (20 May 2011)

pilotsnipes said:


> Don't have much time but yes.
> 
> I opened one in Barclay's Newry. Needed to open the free STG current account too, but that was no big issue.
> 
> ...


 

Hi Pilotsnipes. Thanks for your feedback.

I contacted Barclays in Newry today and got referred to their international call center where I was told that I would not be able to open an account in NI (as I was not a UK resident), but that I could open an offshore account with Barclays International Wealth Management based in London or IOM. No need to travel over there, that they would send me out the required documents which I would need to fill in and send off (along with verified copy of passport, utility bill etc etc)

The account I’m after is a euro account. The interest rate would depend on the size of the savings you would be putting with them – I got quote a rate of 0.55% based on if I lodged €40k with them. There is a reward account where you would be entitled to a bonus rate of 0.5% if you did not withdraw anything for a 9 month period. There is no charge for having the account, however a £30 charge would apply on any withdrawals from the account (no charge for lodgements). They have a full on line internet service

Pilotsnipes – how did you manage to open an account in Newry and did you phone the brach directly? 
What is the difference in terms of security between the international account I’m getting offered and the personal account you opened in Newry???


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