# Can savings be sequestered by the Government



## monagt (7 May 2011)

I have Savings on deposit + Tracker Mortgage on Inv. Property. The savings will go a long way to pay off the mortgage if needed.

After Morgan Kelly in the IT today I am worried.

If the state takes my savings (has it ever been done) and offers to pay me back over 10-15 years then this loss will take away my nest egg that makes my Inv. mortgage less worrisome (in a pinch I can pay most of it off) and leaves me with a no savings and a large mortgage.

Is this Savings grab a possibility?


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## mercman (7 May 2011)

Why don't you simply move your savings to another Bank, different from where your mortgage is ?


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## monagt (7 May 2011)

Its not the bank I'm worried about as its UB/ RBS which is mostly UK Gov. owned.

The State can take the savings from any Institution in Ireland and I don't want to move the money abroad.


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## mercman (7 May 2011)

How can the state take savings from any institution in Ireland ?? I bank with UB and funnily enough have never had any worry  concerning the security of my deposits. Maybe i'm a fool but would certainly prefer to risk the UK government over the Irish thanks.


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## bullworth (7 May 2011)

The state can do anything and dress it up as taxation however I'd think the greatest risk is punitive taxation of savings which are locked into a fixed term. This would affect someone like an elderly relative of mine who invested in a savings bond with the EBS which is taxed on maturity. Just before the 5 years  or so had passed the government raised DIRT tax rates and she lost well over a grand. She also hadn't actually made much in terms of interest compared to the sum invested.


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