Safe Deposit Boxes

L

Ludi

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with all the talk about bank deposits and defaults with the possible devalue of the punt nua if we were to leave the €.

We have savings which we can ill afford to lose as my other half was made redundant. I have moved the savings outside the country for the time being, but I'm not to keen on the internet banking and would be more happy with them closer to home. I'm not to worried about earning interest as long as the capital is safe. So I pose these questions

1. Are there Safe Deposit Boxes available to rent in Ireland
2. If so any idea of the cost.
3. If I were to put cash in this box do you think it would be safe from any possible devalue - I'd presume they would be.
4. What happens if the bank was to go bust.
5. Does anybody think this would be a good idea

thanks for replies in advance
 
Safe keeping facilities are available with the major Banks, you will need to have an account and you will have to sign a receipt part of which will include a waiver that you are responsible for any loss, these are in some ways like an uncomplicated version of the safety deposit boxes you see in the movies, you provide the box ( or probably a large envelope ) and the cost varies, I suggest about €25+ annually will cover this .
Nothing is risk free, you are not safe from a devaluation, if the Bank goes bust then your cash is sitting in their vault, try convincing a Liquidator on that one,

IMO not a good idea, spread your risk using IriSh Govt and other European Govt depositor guarantees and perhaps if brave buy some currency dollar or sterling or other... good luck
 
Palerider said:
Safe keeping facilities are available with the major Banks,
Click to expand...

The Banks ceased all safe keeping facilities a number of years ago. The only facility available in this country is at the Bank of Ireland in College Green, Dublin. AFAIK, they are not issuing these boxes to any new customers.

I think the rest of your post is based on dreamland. How can you ascertain that by placing cash i n a box to be safe from devaluation ?

If it is security you are seeking, why not invest your money in to decent Corporate Equities like Vodafone, BP all which normally pay a decent dividend.

Just remember to date, the EU have stated that they will not let a European Bank fail.
 
I am assuming that by placing cash in safe keeping that it would not be in the banking system as such. If its not in the banking system then surely no devaluation can occur and surely they can't devalue my rolex. Thats in my dreamland of course. Didn't a Danish bank go bust during the week?
 
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