Moving deposits out of Irish banks into non-Irish owned - who guarantees what?

I hear that the best country at the moment to go looking for employment is Australia, so if that being so, is it possible and would it be worth considering putting some cash in an Australian bank.

Omega said:

But what about Josip's question: Can the government forcibly convert all existing euros held in accounts in the state into "krona-punts"?

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Yes, ultimately, the government could do this.

And could redenominate all external debt also - today we owe you EUR100, but at midnight we will convert that to 100 kronapunts, and if at one minute past midnight the kronapunt is worth 20c, hey, that's your problem Fritz.

Legalities don't really come into it when this sort of stuff is envisaged, it's just sorted out after the fact.

pudds said:

I hear that the best country at the moment to go looking for employment is Australia, so if that being so, is it possible and would it be worth considering putting some cash in an Australian bank.

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I got an e-mail from a friend in Australia. She can't find professional work at the moment so has taken up a job in a cafe.
I wouldn't describe such a situation as "the best" but it may well be "the least worst".

how do people feel about keeping lumpsums in Ulsterbank (RBS) and Postbank (Fortis)?

Have you considered the German UMWELTBANK? They are doing pretty well and sustainability is a growth field. As far as I can remember they were happy with my Irish address, but you need to pay Irish tax on interest. I am not a customer yet but I seriously consider them, as their investment in Green technology makes sense to me. Comments welcome.

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German economy is very depressed also, but no housing bubble and alot of future sustainable industry
Not sure about the Postbank though, they took a bad hit.


Fanny

For those concerned about this issue, I think this is very good news:

German finance minister says larger Euro zone members would bail out smaller ones in the event of insolvency:
http://bloomberg.com/apps/news?pid=20601068&refer=home&sid=aGwRmgq6Tz7w

I thinks this makes deposits at Irish banks safer because the idea is to prevent economic contagion. So I think its logical to expect that if we got to the point where the Irish government were in danger of defaulting, it would effectively be bailed out by France/Germany and therefore Irish depositors would be bailed out too. If depositors were allowed to suffer losses, the economy would implode, which would be contrary to the whole idea of a bailout.

This realy is a Global problem. Whats curretly happening in Eastern Europe will be as bad as what we are dealing with, except they are not in the Euro. Be careful moving bank accounts out of Ireland. German/Austrian/Belgian bank exposure to CEE countries will cause them significant problems. Finding a real safe have is very difficult. Ireland has the protection of Euro membership, and in times of stress countries tend to look after their own citizens first.