We are currently living overseas but are getting a bit worried by what we read on the net and in the Irish papers online.
Here's our story: (both Irish, on career break from Irish jobs)
Me: I have a €190,000 mortgage on my house in Ireland with "Bank of Ireland Mortgage Bank"
Partner: Sold her house October 06, and has since had the €250,000+ she made in deposit accounts (Irish Nationwide, First Active and NIB). She had intended to buy within months but has ended up living with me since.
A complicating factor is that we are not married and so she couldn't simply give me the money to pay off the mortgage.
Anyway, our fear is that if anything happened to her money that we would still be left with the mortgage. Would we be best to pay off the mortgage in case any of these banks go bust? Or at the very least move her money to Bank of Ireland? Or is that pointless too as Bank of Ireland is different to 'Bank of Ireland Mortgage Bank' anyway?
How safe is our money? (who guarantees the deposits in the Irish Banks which 'could' go belly up from protecting builders and developers?) I have even read that although we think that the money is in deposit accounts that it could actually be lost in bonds without us knowing?
I know what happened in Argentina is completely different but it does show what can happen when people lose their savings?
Here's our story: (both Irish, on career break from Irish jobs)
Me: I have a €190,000 mortgage on my house in Ireland with "Bank of Ireland Mortgage Bank"
Partner: Sold her house October 06, and has since had the €250,000+ she made in deposit accounts (Irish Nationwide, First Active and NIB). She had intended to buy within months but has ended up living with me since.
A complicating factor is that we are not married and so she couldn't simply give me the money to pay off the mortgage.
Anyway, our fear is that if anything happened to her money that we would still be left with the mortgage. Would we be best to pay off the mortgage in case any of these banks go bust? Or at the very least move her money to Bank of Ireland? Or is that pointless too as Bank of Ireland is different to 'Bank of Ireland Mortgage Bank' anyway?
How safe is our money? (who guarantees the deposits in the Irish Banks which 'could' go belly up from protecting builders and developers?) I have even read that although we think that the money is in deposit accounts that it could actually be lost in bonds without us knowing?
I know what happened in Argentina is completely different but it does show what can happen when people lose their savings?