PTSB Future

J

jb724

Registered User
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31
I am working abroad currently (with limited internet access unfortunately).My life savings (approx €40k) are locked in with PTSB at home in Ireland until June. I had a slightly panicked text from my parents advising they are in trouble etc and I should consider switching savings etc... which I cannot really do from here unfortunately. I assume PTSB and my savings are still gaurenteed by govt and my folks are just being over anxious about it?

I'd appreciate any update or advise as to wht to do.. as I said its difficult to get real story when abroad and my folks arent very financially/economically savvy.

Thanks
 
I would assume that the panicked text that came from your parents was due to the fact that ptsb announced a loss this morning of €424 million.

Your saving are safe as the government now own both ptsb and Irish Life.

Irish Life will be sold as it is profit making and the trioka and goverment (not that they have much of a say) will decide what to do with ptsb by, according to news reports the end of April.
 
jb724 said:
I assume PTSB and my savings are still gaurenteed by govt and my folks are just being over anxious about it?
Click to expand...

The Irish state guarantees PTSB savings until at least June 30th 2012.

PTSB will either be:
1) Wound down over time or
2) Merged with IBRC (mortgages) and AIB (savings) or
3) Sold or
4) Left as a standalone entity.

I would guess that PTSB will be merged with IBRC and AIB.
 


Based on that assumption CiaranT I would think the unprofitable tracker book would go to IBRC and the remaider (deposits, loan book, variable rate mortgages) would go to AIB.
 

Dead right Banker.I contacted them and they said thats why they were worried etc.Appreciate your reply. I dont get to listen to news in IE so thanks for clearing that up.
 
I'm in exactly the same situation as jb724.

CiaranT, you mentioned: "The Irish state guarantees PTSB savings until at least June 30th 2012."

And after that? (my savings EUR 30K mature in October...)

Tks!
 
The_Banker said:
Based on that assumption CiaranT I would think the unprofitable tracker book would go to IBRC and the remaider (deposits, loan book, variable rate mortgages) would go to AIB.
Click to expand...

Agreed. The 'assumption' is simply just speculation.
 
Curious said:
CiaranT, you mentioned: "The Irish state guarantees PTSB savings until at least June 30th 2012."

And after that? (my savings EUR 30K mature in October...)
!
Click to expand...

If you opened your term deposit before June 30th 2012 you are covered up to maturity date, provided the maturity date is inside the next 5 years.

Hence, you are covered untill October 2012.
 
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