# Bank of Ireland - Evergreen & TriolligyII gauranteed?



## mydosh (12 Feb 2009)

Folks -

Help????

I've two investment funds Evergreen & Triolgy II funds with Bank of Ireland and it is only now after dawning on me that money invested in innvestement funds may not be covered by the goverment guarantee scheme. Can someone clarify if investement funds are covered?

Just listening to Prime Time and one economist suggest setting up a Good Bank and so all AIB & BoI deposits could be transfered into it, yet he made no mention of investment funds???? So me thinks my money in investment fund is not covered by the goverment guarntee.

So do I need to cash in and take the hit on my investements and place any remaing money on deposit?

Regards,
mydosh


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## CCOVICH (13 Feb 2009)

The Evergreen Fund is does not have a capital guarantee as far as I am aware (although there may be variants that do), so irrespective of the deposit guarantee, your funds would be at risk anyway.

Having said that, funds/investments are not guaranteed by the State.


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## mydosh (13 Feb 2009)

Thanks for verifying this CCOVICH.

Now I need to decide to withdraw from these loss making investements and place fund  in deposit.

Thanks,
mydosh


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## mercman (13 Feb 2009)

These funds have been performing very badly for the past 2 years. Why bother getting out at the bottom of the market, (although impossible to call the top or bottom). Have you considered moving funds to the European or US markets ???


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## mydosh (13 Feb 2009)

mercman -

Yes of course I will be taking on approx 50% hit on these funds if I cash in now. BUT I'm now worried that there may be a  100% hit if further bad news come to light regarding Irish Banks...pessimistic I know but these are unchartered waters and with the daily revelations re: IL&P & Anglo....I have become very uncertain.

At least if I cash in I'll have 50% guaranteed.

Any thoughts?

Regards,
mydosh


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## mercman (13 Feb 2009)

I can't disagree with your comments. Rumour has it that New Ireland for which BoI Life are a Tied agent is quietly on the market. They have massive funds invested. I can't and won't advise you what to do. However, I hope nothing does happen as I have a case with the Ombudsman which is due for a decision very soon.


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## roland (14 Feb 2009)

You should get the facts before you make a knee-jerk decision.

As I understand it from someone close to how insurance companies are set up and regulated, the fact is that New Ireland is a separate legal entity from Bank of Ireland.  Your money is legally safeguarded within New Ireland, and immune from anything that goes on in Bank of Ireland.  By law New Ireland has to hold all the assets that you are invested in (and much more besides).  They don't borrow money, or loan out money, or gamble with the company's money or do anything else which could even come close to reducing the security of the money you have invested with them.  All they do is invest your money as you have instructed.  If only the same were true of banks who borrow, loan and gamble which is why poor depositers get so twitchy when their money is sitting in a bank.

Mercman, you make some odd comments which seem unrelated to the query:.  "New Ireland are quietly on the market" and "They have massive funds invested" - what do either of these statements mean in relation the security of the OP's money.  Can you clarify?


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## Joody1 (14 Feb 2009)

CCOVICH said:


> The Evergreen Fund is does not have a capital guarantee as far as I am aware (although there may be variants that do), so irrespective of the deposit guarantee, your funds would be at risk anyway.
> 
> Having said that, funds/investments are not guaranteed by the State.



Can any one help please.... does it mean that an investment with BoI and with the ICS building society account type Bonus Third issue...is that covered by the guarantee under the government scehme and if there is a New Bank will all the investments from the ICS be take from the BoI and be safe with the new Bank?


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## mercman (15 Feb 2009)

roland said:


> "New Ireland are quietly on the market" and "They have massive funds invested"



It is widely acknowledged and known internationally that BoI are trying to offload New Ireland. This would give the Bank a much needed cash injection into the running of the Bank.

Concerning having massive funds invested, they have managed to grow a huge client base and they are holding billions of euro under management.

Is sold they would give the Irish investment business a much needed boost to the business.


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## Car Mad (16 Feb 2009)

roland said:


> You should get the facts before you make a knee-jerk decision.
> 
> As I understand it from someone close to how insurance companies are set up and regulated, the fact is that New Ireland is a separate legal entity from Bank of Ireland. Your money is legally safeguarded within New Ireland, and immune from anything that goes on in Bank of Ireland. By law New Ireland has to hold all the assets that you are invested in (and much more besides). They don't borrow money, or loan out money, or gamble with the company's money or do anything else which could even come close to reducing the security of the money you have invested with them. All they do is invest your money as you have instructed. If only the same were true of banks who borrow, loan and gamble which is why poor depositers get so twitchy when their money is sitting in a bank.
> 
> ...


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## mydosh (16 Feb 2009)

These are interesting points but like "Car Mad" asks IS MY INVESTMENT STILL SAFE? While its interesting to know how insurance companies are structured and that they are somewhat independent of Banks....however what if something untoward happens the banking/financial system (who knows what could come down the line?) what are the chances of New Ireland or any insurance company folding? Are they in the same predicament as Banks? Perhaps I didn't fully understand 'rolands' point?

BTW, when I suggest are my investment still safe I understand that the whole stock market could crash even further and I will lose my shirt however for this question lets assume the equity markets stay steady!!


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