How safe are my deposit savings in Bank of Ireland?

Well the point I am trying to make is that the ECB will simply print more money when it needs it. It doesn't need to freeze people's bank accounts or take their savings. It can generate money at the touch of a button.

After looking at the key posts and best rates, I was tempted to open a double your interest and take some funds out of NationwideUK Ireland. 4.5% vs 3% going by todays rates.

Then after reading the many posts about Ireland going bust etc etc and moving money out of Ireland it struck me that if everyone with savings moves their well earned (in most cases) dosh to a foreign bank, won't that really make the banking situation worse. If the Irish Banks have no deposits then isn't it inevitable that the banks and Ireland go bust?

If this is the case, should there be a call for people to try save Ireland and if we all do so then we can get out of this mess?

By the way, the banking bailout boils my blood and would love to see some heads rolling for the way banks throw money at people who never stood a chance of paying it back. I heard there is some huge amount of money saved by people in Ireland and getting that circulating in Ireland would get things moving here.

Or am I completely wrong?

bazwaldo said:

If the Irish Banks have no deposits then isn't it inevitable that the banks and Ireland go bust?

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Irish banks have already lost a huge percentage of their deposits. The ECB and CBI have stepped in and provided emergency liquidity to the tune of 140 billion EUR.

bazwaldo said:

If this is the case, should there be a call for people to try save Ireland and if we all do so then we can get out of this mess?

Click to expand...

Patriotism versus risk ... risk versus patriotism ... there is a thread on this somewhere.

Hi,
I've worked at Bank of Ireland and I wouldn't touch them with a bargepole. Most of the managers did not know what they were doing. They prepared nice spreadsheets and presentations so that their department would look good on paper, but in the reality it was a big mess. Lost paperwork (deeds of ownerships), refunds (when the bank was owing money) processed at least 1 month late...
Last year, one of our clients closed his account with BoI: they agreed to send the money by direct credit to his UK bank account... and sent him a cheque! He cashed the cheque into his UK current account and proceeded to write a cheque, drawn from that account, to invest the proceeds. The BoI cheque bounced... and of course do did the cheque he had written! It took him about a fortnight of phone calls and complaint letters to eventually get the hands on his money!
I don't know how BoI managed it. Where I worked, one of the bank accounts we use for payments by BACS (direct credit) once went into overdraft by £45 million, because one of my colleagues had done a typo. The payments went off all right, despite the fact that we did not have enough funds in the account!
My guess is that if some of BoI's cheques bounce, their solvency is not held in high regard.

an post

Lads, on year one of my account I got interest added to my account. I was quite please with amount no dirt etc, I am one who is braving it and keeping my account in ireland. Yes things might go sour and I certainly hope not but if we keep talking ourselves down and indeed take our money out of the country then it might be on the way to default. There are better interest rates here for your money and if you all decided to bring the money home then you are supporting your country and your childrens future. I understand the fear and hope for the best but we all have to play our part in saving this country. Not easy to say as I have recently lost my job and hoping for a future even at over 50. Best of luck to us all anyway