RaboDirect Cuts Deposit Interest Rates

[rmelly]

They are.
But this is Rabo.IE
What if the IMF freezes all Irish accounts?

well they won't be freezing my mattress (I hope).

 

[Omega]

What if the IMF freezes all Irish accounts?

How likely is that?

 

[Starbuck]

Getting likelier by the day IMHO.
The government is doing nothing to address the severity of our financial situation.
If the IMF steps in, a freeze on all deposits is probable. Otherwise the rapid exit of cash from banks would be unstoppable.

Anyhow, lets just pretend it did happen...Rabo.ie would be frozen too. Right?
Guarentee or no Guarentee. Finito.

Ex-Bundesbank Boss Warns Of Euro Threat

One of Europe's most respected former central bankers has told Sky News there is a serious threat to the survival of the European single currency.
Karl Otto Pohl, president of the German Bundesbank from 1980 to 1991, gave the warning in an exclusive interview with Sky's Jeff Randall.
He said countries such as Ireland and Greece are in danger of defaulting on their obligations to the Euro zone.
He admitted the Euro was under intense pressure and heavily indebted countries could be forced out of the single currency.
"I think there are countries considering the possibility. It would be very expensive," he said.
"The exchange rate would go down, 50 or 60% and then interest rates would go sky high because the markets would lose all confidence."
In his view the right organisation to mount any financial rescue would be the International Monetary Fund. Although the IMF itself would require more funding to do the job.

 

[Omega]

I asked this question in another post (where it got lost) but perhaps it's more appropriate here: At the risk af appearing paranoid..... as possible hedges against a euro collapse (less likely) or Ireland leaving/being forced out of the eurozone and implementing a South America style currency devaluation (more likely?), which of these options are worth considering: (a) buying shares in euro, US$, Can$, CHF, etc. gilt edge companies (not a great time to buy, admittedly); (b) opening foreign currency accounts in Irish banks (risk of exposure to currency fluctuations - and would these accounts be safe from a devaluation anyway?);
(c) sending money abroad for family members to deposit in state-guaranted banks within euro/non-euro countries? (d) buying real assets - land, property (ouch!), etc.?

 

[Daddy]

Could accounts in the NIB be frozen by the IMF if they came in as it's owned by a Danish bank and the deposit guarantee is backed by the Danish Government ?

 

[Omega]

.....Anyhow, lets just pretend it did happen...Rabo.ie would be frozen too. Right? Guarentee or no Guarentee. Finito.

According to this, NIB accounts would be treated like Rabo's, though I'm not sure what the legal basis for this would be. Many commentators seem to suggest that the IMF, etc. could freeze Irish euro accounts in these non-Irish banks.....

 

[Ceist Beag]

Getting likelier by the day IMHO.
The government is doing nothing to address the severity of our financial situation.
If the IMF steps in, a freeze on all deposits is probable. Otherwise the rapid exit of cash from banks would be unstoppable.

Anyhow, lets just pretend it did happen...Rabo.ie would be frozen too. Right?
Guarentee or no Guarentee. Finito.

The IMF has already stepped in for a number of countries ... were peoples deposits frozen there too?

 

[Daddy]

Thanks for that Omega.

I have just posted a query in Mortgages which you might have an opinion on please.

 

[DublinTexas]

Maybe it's time to move banking to some other country (with SEPA payments now so easy it's actualy feasable) and as long as I declare the foreign account to revenue and pay my taxes it's actualy (currently) legal.

Has anybody done such a thing, and which bank would you suggest?

 

[Omega]

There was a thread on this subject.....
http://www.askaboutmoney.com/showthread.php?t=102156
I don't know anybody who has done this, though I'm currently in the process of opening a Keytrade account. However, I have heard of someone who is thinking of transferring funds abroad for a family member to deposit in a state-guaranteed bank within the eurozone.....

 

[sulo]

Could some one explain to me what a freeze would involve?
If Rabo is frozen??? DOes that mean I cannot access my savings with them?

 

[TSThomas]

Moving way off-topic here aren't we? Certainly nothing specific only to Rabo this past page.

 

[IrlJidel]

Rabodirect have dropped their rates again from 3.0% to 2.5%

see here

 

[Lightning]

The Financial Regulator have update the RaboDirect rate as well.

So RaboDirect are first to act after the ECB cut. Now is the time to lock before many others follow suit.

 

[pudds]

Now is the time to lock before many others follow suit.


what do you mean by that?

 

[adox]

Now is the time to lock before many others follow suit.


what do you mean by that?

I presume he(she?) means stick your money in a fixed term account before the rates are cut due to Thursdays ECB rate cut.

 

[Lightning]

I presume he(she?) means stick your money in a fixed term account before the rates are cut due to Thursdays ECB rate cut.

Exactly. If you want a fixed term deposit then now is the time to open one before fixed term deposit rates get revised downwards.

 

[sunrock]

Is there still time?

 

[Lightning]

Is there still time?

Yes.

None of the best buys term deposits have yet being withdrawn from the market but act fast.

6 Months - Investec - 5.58% (Discuss here) Expires March 31st 2009
1 Year - Anglo-Irish Bank - 5.25%
2 Years - Halifax - 4.28%
3 Years - An Post - 4.19%
5.5 Years - An Post - 4.58%