Deposit a/c in North - time to bring it home !

D

Daddy

Registered User
Messages
715
Opened a sterling deposit a/c in the North 6 months ago.

Heard on radio this morning that both Ulster Bank and NIB deposits base has reduced over the last couple of months as apparently several months ago people were moving out of the Irish banks on fear and have been repatriating to the Irish banks. Are we any safer now to repatriate the money to euros in Irish banks is my question or are we still in the grave situation we were several months ago.
 
Surely anybody who went this far, would not even consider moving their money back until after the fiscal treaty referendum.......i mean what was the point ??
 
Sorry I did mean to add once the Fiscal Treaty passes (assuming) then are we safer.
 
The picture is much bigger than the Irish fiscal referendum.

Recent events in Spain, France, Greece, Cyprus, Italy and Portugal are of greater significance with regard to the future of the Eurozone.

Right now, it seems highly likely that Greece will leave the Euro. This may provide a template for other countries to exit the Eurozone.

Right now, it does not seem probable that Ireland, will immanently leave the Euro. That situation could change.
 
CiaranT said:
Right now, it seems highly likely that Greece will leave the Euro. This may provide a template for other countries to exit the Eurozone.

Right now, it does not seem probable that Ireland, will imminently leave the Euro. That situation could change.
Click to expand...
Maybe I am being pedantic and you were just a bit loose with your words. As I understand it even the Greek looney left do not want to leave the euro. But I agree that the probability has increased that they will be dumped. I don't think the probability is as high as you say for even the looneys when faced with the utter chaos which being dumped from the euro entails will probably back off, or indeed the army might take over, Greece finds this democracy thing a bit new fangled.

Reverting to Ireland, no danger of our Government wanting to leave the euro any time soon (unless David McWilliams gets to Noonan the way he got to Lenihan:() and I don't see any medium term possibility of being dumped even if we vote No.

The Greek situation is helpful in this respect. If the looney left back off then the penny will drop here that there is no choice but to play ball. Better still if Greece is dumped from the euro; we will get to see the chaos and will make sure that it never happens to us.
 
have to say my head is done in with this situation for the last year or so. its impossible to know what to do. I talked to Ulster bank this morning, they said I could open a current account in the north over the phone as I have an account here with them. They said the only savings account they have on offer in the north to a non resident is a 6 month fixed term at 1%, you have to travel up to open it. Moving say 20,000 earning 3% out of Ireland to sit in a current account in the north would cost about 420 euro net per yr in lost interest, not to mention the cost of currency conversion. wouldnt you feel a bit silly if you left it up there for say 5 yrs and nothing happened with the euro? You'd have lost out on over 2000 euro interest plus conversion fees
 
tigershark said:
have to say my head is done in with this situation for the last year or so. its impossible to know what to do. I talked to Ulster bank this morning, they said I could open a current account in the north over the phone as I have an account here with them. They said the only savings account they have on offer in the north to a non resident is a 6 month fixed term at 1%, you have to travel up to open it. Moving say 20,000 earning 3% out of Ireland to sit in a current account in the north would cost about 420 euro net per yr in lost interest, not to mention the cost of currency conversion. wouldnt you feel a bit silly if you left it up there for say 5 yrs and nothing happened with the euro? You'd have lost out on over 2000 euro interest plus conversion fees
Click to expand...

would'nt you feel even sillier if you left it here for 2k interest to see the Punt Nua float at 50% the value of sterling say!!! Thats the way I'm starting to look at this
 
Thats the thing with this, with every opinion theres another to contradict.for me,having savings used to be something that brought a sense of security. Thats gone now, the security is replaced by worry about the possibility of loss.
 
I'd think you'd be mad to bring money back into the ROI banking system until the eurozone crisis works its way out.

If the Euro dissolves, an increasingly likely possibility, the likelihood is that an Punt Nua would go into freefall - and your life savings with it
 
tigershark said:
have to say my head is done in with this situation for the last year or so. its impossible to know what to do. I talked to Ulster bank this morning, they said I could open a current account in the north over the phone as I have an account here with them. They said the only savings account they have on offer in the north to a non resident is a 6 month fixed term at 1%, you have to travel up to open it. Moving say 20,000 earning 3% out of Ireland to sit in a current account in the north would cost about 420 euro net per yr in lost interest, not to mention the cost of currency conversion. wouldnt you feel a bit silly if you left it up there for say 5 yrs and nothing happened with the euro? You'd have lost out on over 2000 euro interest plus conversion fees
Click to expand...

You can get far better rates than that with Nationwide in the Isle of Man.
[broken link removed]

You can operate the account by phone, post, or on-line
 
Right so the Fiscal Treaty has been passed and the Greek elections are over.

Safer now to bring it home or what else lies ahead in the short term that should make me leave it in The North.

Surely, we'll be staying in the euro for the foreseeable future now !
 
With Spain in trouble, Italy too, I would leave the money you have in NI there. The foreseeable future is a very short time.
 
Gervan said:
With Spain in trouble, Italy too, I would leave the money you have in NI there. The foreseeable future is a very short time.
Click to expand...

Good advice there.

Not is definitely not the time to consider bringing euros back into the ROI system.

This rollercoaster has only just begun.

If / when the euro collapses, it will happen very quickly indeed. I wouldn't want to be left holding a bunch of worthless Punt Nuas then
 
Neither the fiscal treaty nor the Greek elections have done anything to solve the rot of the problem which is simply too much debt in the system. The problems for Ireland and the Euro are still only starting.
 
You must log in or register to reply here.
Back
Top