Advice needed re large deposit sum

[Hopeful10]

Hi
In the next few weeks we will have a large sum of money which we want to put into a deposit account (more than €100,000). We are really stuck for advice as we are unsure of where to lodge the money due to the current Euro crisis. We dont want to invest the money or enter into any scheme where we may lose money. We want to hold onto the money and be able to gain access to it in the next year or so.
Can you please help us answer the following questions:
Will the Government guarantee of €100,000 work if we leave the Euro?
Is the money any safer in Rabo than it is in an Irish bank? Are the same rules that would effect Irish banks if we leave the Euro enforced on Rabo too?
What about splitting the money between different banks / financial institutions?
What about investing in Sterling or American Dollars?
What about an Australian bank account? Is this legal / a viable option?
Sorry for all the questions but we are just really worried. I really appreciate any advice you may be able to give us.
Thanks
Hopeful

 

[Lightning]

Will the Government guarantee of €100,000 work if we leave the Euro?

The guarantee is for an unlimited sum of money, not 100,000 EUR. It is impossible to say what will happen to this if we leave the EUR.

Is the money any safer in Rabo than it is in an Irish bank?

Yes, if you take the rating agencies at their word. AAA rated Rabo versus near junk rated Irish state banks.

You will get a lower interest rate with Rabo.

Are the same rules that would effect Irish banks if we leave the Euro enforced on Rabo too?

RaboDirect Ireland needs to comply with the laws of Ireland, it would be effected by an Irish exit from the Euro.

What about splitting the money between different banks / financial institutions?

Many people do this. Probably a good idea.

What about an Australian bank account? Is this legal / a viable option?

Legal, yes. Remember you take on FX risk.

 

[Hopeful10]

Many thanks for your advice, much appreciated