transfer savings into sterling and dollar accounts at Ulster Bank in NI?

[zipee]

I was just about to go up to Newry this week and transfer my savings and my mother's into sterling and dollar accounts.

And then read article in Sunday Independent today entitled "Euro debt plan may hit Ulster Bank owner hard" .

Euro debt plan may hit Ulster Bank owner hard Foreign-owned banks will shrivel
By LOUISE McBRIDE

Sunday October 16 2011

Europe's plans to resolve its massive debt crisis -- which includes a major capital revamp of its banks -- could leave the British bank, [broken link removed] (RBS), with a capital shortfall of almost €20bn, according to a Credit Suisse note circulated last week.

The note also said that the new round of bank [COLOR=#009900 !important]stress[/COLOR] tests -- which are at the heart of the upcoming recapitalisation of the European banks -- could turn RBS into one of the most vulnerable banks in Europe.

The [broken link removed] banking regulator, the European Banking Authority, will unveil details of its plans to recapitalise Europe's banks at an EU summit this Sunday.
Banks face capital requirements of as high as nine per cent under the new rules. About two-thirds of Europe's biggest banks could fail the new stress tests, according to Credit Suisse.

The recapitalisation could make the European banks more reluctant to lend money, according to Brian Devine, chief economist with NCB.
"European banks won't do much lending if they're deleveraging," said Devine.

Foreign-owned Irish banks could take the brunt of any retrenchment initiated by their parents on the back of the European bank recapitalisation plan.

Am looking for advice/opinions.

Should I rethink? Have appointments made.

Thanks!

 

[Lightning]

It is looking increasing likely that RBS will need huge capital injections after the EU Stress Tests III. The question is where the capital injection will come from, it would seem probable that the UK government will stump up the cash required.

 

[mercman]

it would seem probable that the UK government will stump up the cash required.

Maybe and hopefully !! But will RBS continue to maintain a presence in this country ?? Ireland has certainly in the past five years not being a cash cow for the parent Bank !!

 

[Slim]

.. to go up to Newry this week and transfer my savings and my mother's into sterling and dollar accounts.

Regardless of the difficulties RBS may face, you would be covered by the FSA guarantee of £50k per person.

 

[wbbs]

Even if RBS pulled out of Ireland, which I think unlikely really, presume they would still be in Northern Ireland.

 

[Lightning]

Regardless of the difficulties RBS may face, you would be covered by the FSA guarantee of £50k per person.

The UK FSA guarantee is now 100,000 EUR not 50,000 GBP. This is to keep it in line with some other EU countries.

 

[Lightning]

Maybe and hopefully !! But will RBS continue to maintain a presence in this country ?? Ireland has certainly in the past five years not being a cash cow for the parent Bank !!

Who knows. Ulster are not doing personal loans in any major way in Ireland anymore. What is the purpose in the bank if it is not giving loans. It is plausible that RBS may view Ulster as non-core and cut the cord.