Move savings out of AIB

S

Scouser

Registered User
Messages
128
Hi there,

I have savings in AIB and want to move them out, I also have savings with Rabo - can someone recommend a bank? Maybe Investec or Nationwide UK, any thought on these? My main concerns are the safety of my deposits if Ireland defaulted.

Thanks,

X.
 
If AIB goes, so will savings in An Post. Spread your money around the non Irish banks.
 
Towger - Agreed, if you are concerned about an irish default, do not put your money in the NTMA/An Post product.

xabi - Good move to get your money out of AIB. AIB do not offer customers a good return for their money. Do you want instant access or a term deposit? If you want instant access, go with Nationwide UK who will pay you 3.15%.
 
Towger said:
If AIB goes, so will savings in An Post. Spread your money around the non Irish banks.
Click to expand...

i read a post here a few days ago that said there was a 32% chance of the Gov defaulting on the loans (cant find the thread now) , would this be correct?
If it is right then there is a 68% of your Irish Bank being ok in the long run ?

How do you fancy them odds ?


"If you want instant access, go with Nationwide UK who will pay you 3.15%."

As a bank working in Ireland would they NOT have their funds used ala the Irish banks should we default and is this a case of there is a better chance of getting your money back from the UK Gov than ours?
Or am I getting it wrong ?
 

Exactly, Nationwide UK savings are guaranteed up to 50,000 GBP by the UK government.
 

Odds of a default are now higher now.

CDS imply a 37% chance of default inside 5 years, worth considering when you are thinking about your choice of bank to keep your savings in.
 
CiaranT said:
Odds of a default are now higher now.

CDS imply a 37% chance of default inside 5 years, worth considering when you are thinking about your choice of bank to keep your savings in.
Click to expand...

Do they say anything about a chance of default inside 1 or 2 years??? 5 years is a long timeframe...
 
I can't find the implied default credit default swap rates for 1 year and 2 year NTMA Irish government bonds online.

Suffice the say the risk inside 1-2 years is much lower. A lot of people expect the IMF/EC bail out fund to be enacted as a first step. The market CDS rates now imply a higher but not certain expectation of a default in the medium to long term. The short term default risk is on a much lower CDS probability expectation thanks to the bail out fund.

If I had to guess, I would say an Irish default will happen but not for at least 3 years, after the expiration of the ECB/IMF bail out.

Most fund managers, according to a recent Bloomberg survey, expect a Greek default by 2014. Perhaps a regional debt re-structuring will take place then.

All pure speculation. It could happen sooner. It may never happen.
 
If Ireland had to pull out of the Euro, would cash in Rabo, Natiowide UK, Investec, etc be safe?
 
xabi said:
If Ireland had to pull out of the Euro, would cash in Rabo, Natiowide UK, Investec, etc be safe?
Click to expand...

As far As I can tell ,NO.

Look at post #6 in this thread , the question and answer .

Its just a matter of WHO you think you have a better chance of getting your money BACK from SHOULD a default happen.
 
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