# How safe are deposits?



## Ninjini (24 Nov 2010)

Hi there,  I'm really worried at the moment that deposits in Ireland are no longer safe...  I have been saving for 10 years and have €10k in Anglo and €10k in Ulster bank.

Is it safe?  Should I move the €20k that I have access to to a foreign bank?  I really can't afford to loose that money that has taken 10 years to save...  I don't earn a massive salary (and lost my job this year already), but have steadily saved what I've worked hard for.


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## callybags (24 Nov 2010)

It is my humble opinion that your money is safe.

I have deposits in Anglo and B of I and don't intend moving them.


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## Boyd (24 Nov 2010)

I've moved any savings I have to Nationwide UK, alot of people doing similar......its up to yourself really, nobody can give a definitive answer


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## galleryman (24 Nov 2010)

username123 said:


> its up to yourself really, nobody can give a definitive answer


 
+1

Nobody has the answers. Just do what you are comfortable with. Hindsight will let us all know if we were right to keep deposits in Irl or to move them offshore. 

Personally, I believe that if you have no plans to move abroad, and you only use foreign currency for holidays etc, then you have less to fear. Your deposits in Irl banks will not evaoprate. Even if we left the Euro and devalued, that in itself will not mean less money in your pocket in Ireland. Your loaf of bread will cost the same. Okay our imports and energy costs will rise, but our exports will also rise and somewhere in there we will find a balance. It's not like if the Punt nua came in and immediately devalued 30% against the Euro that you now lose 30% of your money. If you think like that then you are already making and losing large amounts of money every day against the Dollar and Yen etc. in fact you are making and losing it hour by hour. It's all relative.


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## daithi200 (24 Nov 2010)

Hi,

can someone advise if i have a old SSIA with AIB, which still has money in it, is this covered by the deposit guarantee or should i move this to a deposit account asap?

Thanks,
Daithi


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## Expat64 (24 Nov 2010)

I think Ulster Bank is safe. So far as Anglo is concerned, it is the bank which has caused all this trouble, so you might want to think about your account there.


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## Ninjini (24 Nov 2010)

Thanks all for your advice.  I think I'm going to leave my money in Ireland, but take my money out of Anglo and put it in Bank Of Ireland instead.  I don't plan on living abroad, so as long as my money doesn't evaporate, I'm happy to leave it where it is (except not in Anglo!).  Thank you!


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## croseus (24 Nov 2010)

Hi, I am in a similar situation to OP, a modest amount of money deposited in Irish owned banks. I also have an account with Ulster Bank opened in Ireland.. I gather from the threads that Ulster bank are covered under a different gaurantee scheme, I presume the an English Bank gaurantee scheme?
And, if its a simple case of transferring money from one ac to another, would it be wise to move all funds to Ulster Bank? If it is a minimum of hassle to transfer to an English owned bank surely this would be a good idea. I understand that a BoI deposit default is highly unlikely, but i would prefer my savings to be in a bank where it is completely 100 per cent unlikely to default!
And one last point, are there international precendents for deposit account defaults by banks in a modern economy? I am thinking of Argentina, South Korea, and Russia. OF course this is all wild speculation and conjecture, but at the moment it seems anything is possible... and not in a good way.


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## priscilla (25 Nov 2010)

Hi Croseus,

When I spoke with Ulsterbank the other day they said they were 80% capitalised by their main UK banks but the state guarantee is from Ireland, apparantly there are two state guarantees here in Ireland and they have availed of one of those only.


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## Lightning (25 Nov 2010)

Ninjini said:


> Hi there,  I'm really worried at the moment that deposits in Ireland are no longer safe...  I have been saving for 10 years and have €10k in Anglo and €10k in Ulster bank.



As previous posters have said nobody can say for certain if there is risk to Anglo deposits in the medium term should a default occur. 

Have you considered moving the money to a bank such as Nationwide UK?


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## Expat64 (25 Nov 2010)

On the front page of the IT, it says that Anglo and INBS will be merged to form a 'bad bank'. I don't know why anyone would want to keep their money in that!


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## Kev (25 Nov 2010)

Expat64 said:


> On the front page of the IT, it says that Anglo and INBS will be merged to form a 'bad bank'. I don't know why anyone would want to keep their money in that!



Depostis are safe regardless what banks they are in.  UK merger banks in 2008 and no depositors loss any of their savings.  

EU will not let banks go belly up as this would not look good for EU also it is more a political problem now as they policticans are all doing the blame game now and saving their own jobs.

It will be decided within the coming weeks what the packages willo be for the country and banks so do not worry about moving your money. 

Remember that the UK borrowed 10billion in October without a problem. Therefore their economy is not too good as well.


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## theresa1 (25 Nov 2010)

Expat64 said:


> On the front page of the IT, it says that Anglo and INBS will be merged to form a 'bad bank'. I don't know why anyone would want to keep their money in that!


 


- If one Irish Bank goes in my opinion then they all go - I'm sticking with Anglo as long as rates are competitive.


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## cork (25 Nov 2010)

theresa1 said:


> - If one Irish Bank goes in my opinion then they all go - I'm sticking with Anglo as long as rates are competitive.



I am coming around to that view today.


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## TomPetty (25 Nov 2010)

Same here - I hope to weather the storm with some diverse accounts between Irish Institutions and UK ones, present in this country.


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## aristotle (25 Nov 2010)

You invest a portin into some lower risk ETFs maybe. But you can loose money in shares no matter what.


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