Greek default- what happens to euro banks ?

andycole said:

Its not very reassuring for anybody here in Ireland that may have a non-resident deposit account located somewhere in Europe. In the case of any European Bank going bust I wonder could non-resident deposit account holders be automatically disqualified from the 100K Euro Deposit protection?

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Not sure I fully understand your question... But to make it simple: usually the rule is that the Nation connected to the HQ of the Bank where you have the account might have deposit protection in place and that's not looking at the nationality of the account holder as far as I know AT THE MOMENT (and usually 100K Eur/depositor per Bank in most of the EU-countries, let me point out the word "usually"). So for example I've an account with Unicredit in Italy (big if not the biggest Italian Bank) and that's protected up to 100K Eur from the italian government... I hope this helps a bit...

Anyway each bank's website nowadays should have infos on any deposit protection scheme they are connected to... It's tough to generalize sorry!

Godfather said:

I've an account with Unicredit in Italy

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Is this the same unicredit that went limit down last week on downgrade watches from Moodys on concerns over Italy and on rumours they won't pass stress tests? :-\

YES!!!

I'm planning to move 99% of savings away from it in the next few weeks!

From John Carney at CNBC: [broken link removed]

Cheerful stuff.

Godfather said:

YES!!!

I'm planning to move 99% of savings away from it in the next few weeks!

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Any idea where you'll move it to?

PetPal said:

Any idea where you'll move it to?

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As I can't fly very much I'm spreading around german banks and some banks like Rabo or NIB in Ireland...

DrMoriarty said:

From John Carney at CNBC: [broken link removed]

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Extremely clear explanation!!! Thank YOU!!!

andycole said:

Chris, CiaranT, Godfather..thanks guys for the replies.
Its not very reassuring for anybody here in Ireland that may have a non-resident deposit account located somewhere in Europe. In the case of any European Bank going bust I wonder could non-resident deposit account holders be automatically disqualified from the 100K Euro Deposit protection?

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If you have an account in another EU country you should be covered by whatever level of deposit guarantee that's in that country.