# Worried about the Irish Bank Guarantee? Want to maximise your demand deposit interest



## SPC100 (17 Nov 2010)

If you dont fully trust the Irish Bank Guarantee, and if you don't want to open a bank in a foreign country, but you do want the best possible demand deposit return with a foreign guarantee, here is my suggestion;

limits are based on account type and/or foreign guarantee limit

Nationwide UK Ireland (UK 50kGBP guarantee) 3.15% deposit for first 60k - 6 withdrawls during apr to mar
NIB esaver ([broken link removed] ) 3% for next 50k - note reduced to 1% for a month if you make a withdrawal.
Northern rock (UK 50kGBP guarantee) 2.5% for next 60k euro
Rabo (dutch scheme protection - not sure on amount) 2%  for remaining (as I think rabo is the safest..)

Obviously this solution would not be optimum if Ireland was to leave the Euro.


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## Marietta (17 Nov 2010)

SPC100 - That is very good maybe it should be put in with the best buys.


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## radooo (18 Nov 2010)

how safe is money in Ulster Bank?


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## eliza (18 Nov 2010)

re: NIB esaver (danish and irish guarantees ) 3% "for next 100k"

eSaver allows  *50K* max.


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## SPC100 (19 Nov 2010)

edited my post. thank you.


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## serotoninsid (19 Nov 2010)

Have deposit holders ever been burned in instances of IMF intervention?

I'm still unclear as to whether it's necessary to go with whats suggested above or leave funds in IRL banks? :-/


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## Lightning (19 Nov 2010)

An IMF agreement is not a 100% certainty at this stage. Given that the ECB are no longer providing unlimited liquidity to AIB and other Irish banks, it is still an uncertain time until the IMF agreement is in place. 

If you don't want to move your deposits abroad, would you consider some of the non Irish banks here like Nationwide UK?


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## Sierra (19 Nov 2010)

Yes, I am worried about the guarantee. The very fact that the powers that be are on the media defending it makes me worried about why they need to defend it and that there's no smoke without fire. I'm well below the €100,000 limit & up till now I've felt safe but now I'm beginning to get the jitters so I went in to the bank today & I've asked for a substantial amount of my savings to be taken out of a 30 day notice account.

I'm thinking of moving it into the Post Office. Would it be safer there? A bank official has given me a booklet about 'The Irish Deposit Guarantee Scheme' which I'm told is different from the Government guarantee covering €100,000. Thing is given the crap that's gone on & is going on I don't trust anybody anymore, just my gut instinct.

Has anyone any advice on what moves I should take to protect my money.


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## Lightning (19 Nov 2010)

Sierra said:


> I'm thinking of moving it into the Post Office. Would it be safer there?


 
No. An Post deposits are used by the NTMA to fund the Irish national debt. There are serious questions about the medium term prospects with regard to the states ability, even with IMF support/further loans, to pay this debt. 



Sierra said:


> Has anyone any advice on what moves I should take to protect my money.


 
Have you considered Nationwide UK @ 3.15% ?


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## Sierra (19 Nov 2010)

Am I right Ciaran about being nervous leaving my money in the bank, which is safer the bank or PO. Are there any banks that are safe? Where is this Nationwide UK based, have they offices in Dublin. What kind of guarantee do they offer & who backs them.

Are you telling me to avoid puting my savings in the PO.


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## ontour (19 Nov 2010)

Sierra,

Nationwide UK are basedin Spencer Dock beside the IFSC and are opening a branch on Merrion Row.  They are backed the the UK Guarantee.  Have a look at the best buy section where you will see all the rates and who is the guarantor nicely collated.


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## serotoninsid (19 Nov 2010)

CiaranT said:


> Have you considered Nationwide UK @ 3.15% ?


Can I jump on this also.  I have one 1 yr. fixed about to mature with Anglo.
I renewed another 1 year fixed 2 months ago (story didn't look as bad then).

I guess I can fore go the 2 months on the existing and fire them both into nationwide...?


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## Sierra (19 Nov 2010)

So is Nationwide UK the safest & only bet. Is the UK guarantee safer than the Irish guarantee or am I being over paranoid and panicking unneccesarily.


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## Marietta (19 Nov 2010)

Sierra - Nationwide UK Ireland are safer than the Irish Banks at present, god knows what's going on with the Irish banks but I really wouldnt leave one cent in any of them, the trust is completely gone. 


Nationwide UK Ireland is one of the 50 safest banks in the world, never required any capitalisations of any kind and depositis in Ireland are British guaranteed.


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## Lightning (19 Nov 2010)

Sierra said:


> Am I right Ciaran about being nervous leaving my money in the bank, which is safer the bank or PO.
> 
> Are you telling me to avoid puting my savings in the PO.



There are safer options that putting your money in An Post products that are used by the NTMA to fund the Irish national debt.


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## Lightning (19 Nov 2010)

serotoninsid said:


> Can I jump on this also.  I have one 1 yr. fixed about to mature with Anglo.
> I renewed another 1 year fixed 2 months ago (story didn't look as bad then).
> 
> I guess I can fore go the 2 months on the existing and fire them both into nationwide...?



Yes, you can fore go the 2 months interest and put the funds in a Nationwide UK 1 year term deposit that pays 3.4%.


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## Lightning (19 Nov 2010)

Sierra said:


> So is Nationwide UK the safest & only bet. Is the UK guarantee safer than the Irish guarantee or am I being over paranoid and panicking unneccesarily.



The UK can print their own money, and have a much lower default probability in their CDS spreads. The market clearly believes that they are safer.


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## serotoninsid (19 Nov 2010)

CiaranT said:


> Yes, you can for go the 2 months interest and put the funds in a Nationwide UK 1 year term deposit that pays 3.4%.


Ok, thanks.  *IF* the worst was to happen, are we talking about a couple of weeks, ....whats the guestimate re. timing - on the worst case scenario re. deposit guarantee.


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## Lightning (19 Nov 2010)

Worst case scenario, however improbable, is that the EC/IMF agreement is not signed by FF and the banks are declared insolvent or the EC/IMF agreement is not signed in a timely manner, and the banks run out of 'assets' to repo to the ECB and ICB in the mean time, rendering themselves insolvent. 

Highly improbable, most likely the EC/IMF agreement will be signed. The risk is in the pre-signature time frame.


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## farmerette (19 Nov 2010)

its looking like a bailout is a foregone conclusion , having been stung on a currency transfer with hsbc and having realised ( in the past few days ) the extent to which british and other european banks are dependant on the survival of irish banks , i now regret having moved my 50 k savings out of the state , it wasnt nesccessery , as i said earlier , were people to loose thier savings , ireland would turn into iraq over night , law and order would break down , the state could not function and the domino effect would effect the whole of europe , even we had our money moved outside the state , would a country completley broke be worth living in ??? , not much good having money abroad if it results in your home country eventually collapising , as someone on another forum said about the phenomenon of nervous deposit holders , once word spreads that people are taking out thier money , the whole thing becomes a self fulfilling prophecy and before you know it , the banks are on the brink

the reality is that we ( however small ) are an important cog in the wheel of the eurozone project and despite the fact that europe via the IMF is going to impose a sever austerity programme on us , they cannot afford to allow our banking system to collapse and clearly believe that were they to do so , the dominos would fall throughout the rest of the eurozone 

thier is no chance of savings being lost , NOW !


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## bullworth (20 Nov 2010)

Is there a chance we could have a freeze on withdrawals from bank accounts as part of any IMF deal ? Im very worried about my savings. Extremely worried.


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## Godfather (20 Nov 2010)

I had accounts with NW UK and NR. As soon as the situation is a bit clearer I'm moving part of my savings back back here from Italy.....


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## Lightning (20 Nov 2010)

bullworth said:


> Is there a chance we could have a freeze on withdrawals from bank accounts as part of any IMF deal ? Im very worried about my savings. Extremely worried.



Slim chance. 99% likely your money is safe, for the medium term, if there is an IMF deal. 

Where are your deposits at the moment?


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## sandra1 (20 Nov 2010)

CiaranT said:


> Slim chance. 99% likely your money is safe, for the medium term, if there is an IMF deal.


 
How long is medium term? I have fixed accounts in both INBS and Anglo, they mature in June.


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## Marietta (20 Nov 2010)

Sandra1 - You are invested with two of the worst banks within the irish economy, anybody reading AAM within the last 6 months should have moved all their deposits from these two banks by now. 

Just because they pay a higher interest rate is no excuse to have remained with them, security of deposit is safer than any interest rate as far as I am concerned.


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## sandra1 (20 Nov 2010)

I know, I did not read AAM before I did that. I also have NUK account and I wanted to transfer Anglo+INBS there. I thought I could wait until June?


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## Marietta (20 Nov 2010)

Nationwide UK have increased their guarantee to £100,000 if I were in your shoes I would transfer all my savings from these dodgy institutions on Monday morning. Over on politics.ie they are saying that the banks wont open on Monday morning if some sort of agreement isn't formulated with the IMF over the weekend.


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## sandra1 (20 Nov 2010)

Thank you Marietta. Would you know am I going to loose anything if I withdrow the money before the end of 1 year term? I know I'll not get interest but am I going to get the whole deposit if I withdrow earlier? 
Is the second bank you recommend Northen Rock?


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## Marietta (20 Nov 2010)

There will be some penalties if you withdraw earlier, for the life of me I really dont know why you choose to invest with them this last couple of years, sure the writing was on the wall.

Some people say the deposit guarantee is a huge safety net and the ECB would never let ordinary depositers lose their savings but we are living in very uncertain times and the behaviour and lies of our government over the last week was enough for any intelligent person to begin immediately removing all their savings from Irish banks.

Rabobank is also a safe option but their interest is a pittance compared to NationwideUK Ireland, there are some more, if you so a search here you will find them. Many people are also advocating moving savings outside of the state, the keyway account in Belgium features widely here.


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## sandra1 (20 Nov 2010)

Yes, I read now, but I did not before. I was stupid. I thought I could wait until June and then transfer the money elsewhere.
I found this on INBS T&C - would you know how is B calculated in the formula below:

Withdrawals or closures prior to the account maturity date may result in a
penalty equal to the cost to the Society of replacing the amount withdrawn. This
penalty will be calculated using the following formula: A x B % x C
A - is the amount withdrawn.
B % - is the difference between the prevailing market rate of interest for the term
remaining and the rate on the account.​C - is the number of days remaining in the term.


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## mmclo (20 Nov 2010)

Why no Ulster Bank?? I think Irish Gauruntee was extended to them and NIB but aren't they then effectively double guarunteed?


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## chewchew (20 Nov 2010)

If I were to go to the north or over to England would I be able to open a sterling bank account or do I have to have an address in the UK before they'd allow me to do that?


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## Lightning (20 Nov 2010)

Marietta said:


> Nationwide UK have increased their guarantee to £100,000 if I were in your shoes I would transfer all my savings from these dodgy institutions on Monday morning. Over on politics.ie they are saying that the banks wont open on Monday morning if some sort of agreement isn't formulated with the IMF over the weekend.



Nationwide UK guarantee 100,000 EUR, not 100,000 GBP. See here: [broken link removed]

Agreed, if there is no IMF agreement, then there will be very serious issues for Irish banks. However, there almost certainly will be an IMF agreement.



sandra1 said:


> Yes, I read now, but I did not before. I was stupid. I thought I could wait until June and then transfer the money elsewhere.
> I found this on INBS T&C - would you know how is B calculated in the formula below:
> 
> Withdrawals or closures prior to the account maturity date may result in a
> ...



Would B simply equal the current interest rate for the same term?



chewchew said:


> If I were to go to the north or over to England would I be able to open a sterling bank account or do I have to have an address in the UK before they'd allow me to do that?



Most NI banks allow you to open a GBP account with a ROI address.


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## Godfather (20 Nov 2010)

Sorry I'm getting confused here but even if the IMF agreement isn't reached sandra1 can go straight to Brian Cowen to ask for her capital (then for the interest she could get back to the bank, save the capital first!).

Sandra1, on Monday go straight to the 2 banks and get your money back, that's my humble suggestion!


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## sandra1 (20 Nov 2010)

CiaranT said:
			
		

> Would B simply equal the current interest rate for the same term?


 
How would you calculate penalty then? I invested 50K, number of days remaining ~200, interest=3.5%.

Does it mean I pay 50K * 200 * 3.5%? It is not possible?


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## chewchew (20 Nov 2010)

CiaranT said:


> Most NI banks allow you to open a GBP account with a ROI address.



Thanks, any idea of the costs associated with doing this? If I were to move 100,000 euros to a GBP account would I get murdered by currency conversion charges?


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## SPC100 (20 Nov 2010)

How likely to lose something? How likely to have your account frozen? History tells a story. I don't have the exact information to hand right now. In an IMF document reviewing ~42 bank crises, in 30% of the cases depositors lost some money. I think in about 12% of the cases, deposits were frozen from a short period of time up to 10 years. Bank holidays were also very regularly used.

That said, I think given the euro situation, that we are very unlikely to loose deposits, as we have a massive organisation looking to protect the image of the currency.


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## Lightning (20 Nov 2010)

sandra1 said:


> How would you calculate penalty then? I invested 50K, number of days remaining ~200, interest=3.5%.
> 
> Does it mean I pay 50K * 200 * 3.5%? It is not possible?



The days need to be divided by 365.

Hence, I would guess that INBS would charge you:
50,000 EUR * (200/365) * 0.035

I suggest you confirm the charge with INBS but it looks like a big charge. 

As I said, I think an IMF bailout will happen, and as a consequence your money will, almost certainly, be safe.




chewchew said:


> Thanks, any idea of the costs associated with doing this? If I were to move 100,000 euros to a GBP account would I get murdered by currency conversion charges?



I would imagine that the cost will be the currency conversion fee only. Check the currency fees with the bank, they vary significantly.




SPC100 said:


> How likely to lose something? How likely to have your account frozen? History tells a story. I don't have the exact information to hand right now. In an IMF document reviewing ~42 bank crises, in 30% of the cases depositors lost some money..



Interesting stat. Do you have a link to the study?

The risk is not zero that the IMF will impose losses on deposit holders, it just seems highly improbable, should a bailout occur.


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## sandra1 (20 Nov 2010)

CiaranT, thank you for being so knowledgeable and very nice person.


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## Bigmc (20 Nov 2010)

Hi Sandra,

I agree with Ciarian 100% & really really hope he is right. If I were you i would sit tight for the moment & keep a close eye on the news & this site for more updates.

Dont forget everyone has opinion, read them all but always take a moment to sit back & make up your own mind on the FACTS!! I no its a scary time but I feel some people can get carried away slightly.


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## sandra1 (20 Nov 2010)

Hi Bigmc, thank you for your advice. I'd transfer my money on Monday in case there is no penalty involved. Nobody knows for sure what is going to happen, but for the moment I hope it is going to be OK until June.


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## Lightning (21 Nov 2010)

No problem, glad to be of help. 

If there is no penalty or a lower than expected penalty, then absolutely move the money out of INBS.


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## Bigmc (21 Nov 2010)

Hi Sandra,

I think after tonights news we & lots of people like us are ok with our deposits for the medium term anyway, well at least thats the way i read it!

If you do go ahead withdrawing your money from INBS would you be so good as to let us know how you get on & what penaltys you are given for withdrawing your money early.

thanks


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## sandra1 (21 Nov 2010)

Hi Bigmc, I think I will wait until June and transfer my money after the term ends. 
I am going to find out what the penalty is and I'll let you know. I know I should have asked before I put my money there, but I didn't. Thank you for your concern and help


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## Bigmc (21 Nov 2010)

No Problem at all.
There is alot more people than just you with your money in the likes of INBS so dont be hard on yourself for puting your money in there. Im sure like myself when you were investing it you were looking at the interest rates & trying to get the best for your money. Also its very hard to make the right decision when we are being lied to by the goverment & bankers etc etc


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## Boi (22 Nov 2010)

Like Sandra1, I also have money in those institutions and watching and waiting very nervously.I hope the bailout means we can sit tight til may atleast??


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## Firefly (22 Nov 2010)

SPC100 said:


> If you dont fully trust the Irish Bank Guarantee, and if you don't want to open a bank in a foreign country, but you do want the best possible demand deposit return with a foreign guarantee, here is my suggestion;
> 
> * Obviously this solution would not be optimum if Ireland was to leave the Euro.*



How so SPC?


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## bullworth (22 Nov 2010)

CiaranT said:


> Slim chance. 99% likely your money is safe, for the medium term, if there is an IMF deal.
> 
> Where are your deposits at the moment?



I have most of my cash inThe EBS but does it make any difference which bank since they all seem to be lumped together and all of them have problems ? 
I didnt put my money into the bank for the pathetic rate of interest but to keep it safe :/
I also have an old with profits fund with standard life which was originally taken out in punts but paid up to the end in Euro.
Is an insurance company like Standard Life also safe ?


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## SPC100 (22 Nov 2010)

to answer both questions - 

Doc is here http://www.imf.org/external/pubs/ft/wp/2008/wp08224.pdf
The doc "covers all systemically important banking crises for the period 1970 to 2007, and has detailed information on crisis management strategies for 42 systemic banking crises from 37 countries"

If we leave the euro, it is likely that the banks in this list will be legally obliged to change your euros into the punt nua, as they all operate in Ireland.


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## Firefly (22 Nov 2010)

Many thanks for that.


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## Godfather (22 Nov 2010)

sandra1 said:


> Hi Bigmc, I think I will wait until June and transfer my money after the term ends.
> I am going to find out what the penalty is and I'll let you know. I know I should have asked before I put my money there, but I didn't. Thank you for your concern and help



Hi sandra1, I envy you quite a bit. If hear that my savings could remotely be at risk I would move them away ASAP...  Well done on keeping so cool!


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## Lightning (22 Nov 2010)

bullworth said:


> I have most of my cash inThe EBS but does it make any difference which bank since they all seem to be lumped together and all of them have problems ?
> I didnt put my money into the bank for the pathetic rate of interest but to keep it safe :/



EBS are one of the 6 Irish banks. They are guaranteed by the Irish state like other Irish banks. There is nothing that makes EBS 'different'.


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## sandra1 (22 Nov 2010)

Hi Godfather, I am anything but not cool


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## tech (22 Nov 2010)

I have just under 100k in INBS 
70k in EBS 
and 55k in Ulster bank, Should I move the 100k into Rabo?  Im afraid I will loose all 

What kind of penalties should I expect from INBS account is mature in Aug 20th 

thanks


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## sandra1 (22 Nov 2010)

Hi tech, welcome to the club. I am happy I'm not alone. I have sent an email to INBS and I'll post when they answer me about the penalty.
If there is no penalty on your other accounts NUK is the best option for the first 100K.


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## Godfather (23 Nov 2010)

sandra1, then if you are worried then why not forget the penalties and save the capital sorry? It's like trying to save small things while the house is burning and you should save the valuables...


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## Lightning (23 Nov 2010)

Yeah, I assume the INBS penalty is taken off interest accrued rather than capital?


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## DocOc (23 Nov 2010)

sandra1 said:


> Hi tech, welcome to the club. I am happy I'm not alone. I have sent an email to INBS and I'll post when they answer me about the penalty.
> If there is no penalty on your other accounts NUK is the best option for the first 100K.


 
Is the 100k Euro guarantee in place at the moment or from January 2011? Thanks.


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## farmerette (23 Nov 2010)

tech said:


> I have just under 100k in INBS
> 70k in EBS
> and 55k in Ulster bank, Should I move the 100k into Rabo? Im afraid I will loose all
> 
> ...


 
thier was a slim chance of savings being in danger last week , thier is no chance now , the whole point of the bailout is to prevent an irish banking collapse from becoming a european bank collapse and subsequently a euro collapse , german and british banks lent heavily to irish banks so the two were joined at the hip , even you took out your money and put it in a german or belgian bank , were thier to be a european wide bank run , no one would be safe anywhere from the carnage 

id be more worried right now about the impending 100 billion mortgage were being saddled with for generations to come , this is the price we are paying for the protectiong of irish ( and european ) banks , let no one think that the EU is rescuing us , they are rescusing themselves


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## cavanMan (23 Nov 2010)

sandra1 said:


> Thank you Marietta. Would you know am I going to loose anything if I withdrow the money before the end of 1 year term? I know I'll not get interest but am I going to get the whole deposit if I withdrow earlier?
> Is the second bank you recommend Northen Rock?



Check out Nationwide UK!!

As for your deposite they are 100% safe, if people were to start losing their money there would be chaos on the streets and law and order would totally break down.....so in reality the IMF/ECB are not going to let that happen.


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## cavanMan (23 Nov 2010)

Totally agree with Bigmc....everyone to there own in terms or leaving or withdrawing money from irish banks!! its all the uncertainly with this gob****e goverment about will the budget be passed or not!! what is going to happend is the budget will be passed without a doudt and the bailout will be signed, that should ease peoples worries.....and we can all have a good xmas


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## Sierra (23 Nov 2010)

What is this, the mutual appreciation society.

Anyway I went in to AIB today. I'm transferring money tomorrow to the National Irish Bank. However AIB have refused to let me transfer money out my 30 notice account until the 30 days are up. This is where the bulk of my money is so hopefully nothing will go belly up before this date.

I'm thinking of moving the rest in to UK Nationwide or atleast splitting it between them. Am I making the best choice regarding the safety & dependibilty of financial institutions and secondly regarding return. Of course there is also Vestec, Northern Rock (I thought they had a dodgy reputation), Rabodirect, Leeds something or other. Would any one these be preferential to the two institutions I've chosen to invest in. 

Also how do I contact UK Nationwide, have they a physical office open you can walk into yet in the IFC or Merrion Sq or when is the latter opening. Has anyone got addresses/phone numbers to contact them. 

BTW National Irish Bank (NIB) are closing their branch in Terenure at the end of the week i.e. November 26th. They are a cashless bank, they maintain very dependable who have an agreement with the Post Office to let customers withdraw their money there. 50% of deposits are covered by the danes, 50% by the Irish government.

AIB wanted to know today had I an issue with their bank. Do I have an issue, of course I do. I've been quiet till now but after the weekend they put me through, I let them know it today.


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## sandra1 (23 Nov 2010)

DocOc said:


> Is the 100k Euro guarantee in place at the moment or from January 2011? Thanks.



Ciaran posted on this forum that is the case. I did not check, but I believe he is the person who knows.



CiaranT said:


> Yeah, I assume the INBS penalty is taken off interest accrued rather than capital?



I don't know, I am still waiting for them to reply.


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## Lightning (23 Nov 2010)

Sierra said:


> Anyway I went in to AIB today. I'm transferring money tomorrow to the National Irish Bank. However AIB have refused to let me transfer money out my 30 notice account until the 30 days are up. This is where the bulk of my money is so hopefully nothing will go belly up before this date.



Did the give you an option of a withdrawal penalty? Did you ask?



sandra1 said:


> Ciaran posted on this forum that is the case. I did not check, but I believe he is the person who knows.



It changes to 100,000 EUR per person per UK regulated bank from January 1st 2011.



Sierra said:


> I'm thinking of moving the rest in to UK Nationwide or atleast splitting it between them. Am I making the best choice regarding the safety & dependibilty of financial institutions and secondly regarding return. Of course there is also Vestec, Northern Rock (I thought they had a dodgy reputation), Rabodirect, Leeds something or other. Would any one these be preferential to the two institutions I've chosen to invest in.
> 
> Also how do I contact UK Nationwide, have they a physical office open you can walk into yet in the IFC or Merrion Sq or when is the latter opening. Has anyone got addresses/phone numbers to contact them.



Their contact details are on www.nationwideuk.ie


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## justforgroup (23 Nov 2010)

Are deposit rates likely to go up or down now?
Half of me thinks UP because the banks need to build a deposit base fast.
The other half thinks DOWN because the interest payments will cost too much.

What happened in Greece, Iceland, etc.? Thanks.


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## Lightning (23 Nov 2010)

Irish bank deposit rates are going up, not because of ECB rate increases, but because of the need for funding. 

Some foreign bank deposit rates are going down, because of excess funding, such as the NUK rate. 

Some foreign bank deposit rates are going up, as they see now as a great opportunity to attract new customers, such as KBC and Investec. 

Irish bank deposit rates are likely to continue to go up until IMF funding is put in place and a restructure has occurred.


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## TripleAceIRL (24 Nov 2010)

I have a deposit with Permanent TSB locked until March.....should I withdraw everything now and loose interest/pay penalty or rather leave it there until March? Is the real danger just with BOI and AIB or all Irish Banks?

I also have a large sum with RaboDirect, I was thinking to take out most of it and spread it across these banks:

barclayswealth (UK)

webank (Italy)

keytradebank (Belgium)

I know if they decide to block funds leaving the Irish Banks then Rabo Direct would also be blocked as you need to have an Irish Bank account in order to use it, but would there be really a danger of losing those money or would they be able to pay out to a foreign account (or cash if necessary) ? I would hate  to take everything out from Rabo as I have an account with the for almost 6 years now and I really like it.


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## Sierra (25 Nov 2010)

Yes CiaranT,



> Did the give you an option of a withdrawal penalty? Did you ask?


Yes, I did ask. The bank official said there were no penalties for early withdrawal.

I was chuffed, I thought to myself how nice this person is. My smugness didn't last for long when she continued "We just don't allow you withdraw before the 30 days, you have to leave it in for the full term."

I begged & pleased to no avail, the lady was not for turning. 

I made a mistake well actually I was informed wrongly by National Irish Bank. You can put in money through the post office but you can not withdraw it on behalf of the bank though withdrawal facilities may be available through the PO next year.


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## Lightning (26 Nov 2010)

TripleAceIRL said:


> I have a deposit with Permanent TSB locked until March.....should I withdraw everything now and loose interest/pay penalty or rather leave it there until March? Is the real danger just with BOI and AIB or all Irish Banks?



PTSB are in a big mess like the other Irish banks. PTSB have got a massive 8 billion in emergency liquidity from the ECB (and the ECB have said they are pulling this liquidity in January), a huge tracker mortgage base which is unprofitable and an unsustainable 280% loan to deposit ratio. 

That said, if the IMF agreement is passed by the Dail, I see the short term risk to your deposit as been low. I suggest you wait till March 2011.


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