Goverment Saving Bonds

Are goverment Saving Bonds safe from creditors?

NTMA State Savings products are invested directly in the Irish sovereign debt. They carry the exact same creditor status as all holders of Irish sovereign debt.

Which is?

In the event of restructuring, however unlikely, I would think that the below would apply.

Primary creditor status goes to the ECB, EU and IMF, if Greece is an indicator of creditor status.

Secondary creditor status goes to all other holders of Irish sovereign debt.

I assume there is no local law versus UK law variant bonds in Ireland akin to the Greek issue?

I would like to revive this thread with the query are deposits with the Government savings certs considered "safer" than with the pillar banks in the event of something happening here like in Cyprus and perhaps on a difference scale.

Dewdrop makes a good point and worthy of input... are deposits with the State safer than with a commercial entity as in any of the Deposit gatherers Banks etc.. I hope so I have State deposits myself and worked on the basis that any deposit gatherer banks or credit unions etc can have issues but the State regardless of credit rating is safe.

If the State can continue to get access to cash to run their business ( the country ) then I trust them whereas the deposit gatherers can and indeed will be allowed to fail in a worse case scenarion..