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Irish government guarantee bank deposits
Comments
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Greece to guarantee all bank deposits, official says
Greece's government will guarantee all bank deposits in the country, a senior finance ministry official said on Thursday, even as the finance minister said the nation's banking system remained completely safe and solvent.
Greece's cabinet met on Thursday to discuss ways to insulate the country's financial system from the global crisis, amid media reports that worried savers were withdrawing savings from banks.
"The government will guarantee all bank deposits, whatever the amount," the official, who spoke on condition of anonymity, told Reuters. Greek laws currently guarantee deposits of up to 20,000 euros ($27,890).
Greek bankers contacted by Reuters estimated the value of deposits in the financial system at around 230 billion euros -- roughly equivalent to Greece's annual gross domestic product (GDP).
http://uk.reuters.com/article/euIpoNews/idUKL2562553200810020 -
The reply I got from Anglo Irish IoM was a standard one that did not take account of my specific questions. It did state that: "The Irish Government has decided to put in place with immediate effect a
guarantee arrangement to safeguard all deposits (retail, commercial,
institutional and interbank), covered bonds, senior debt and dated
subordinated debt (lower tier II), with certain Irish banks. This covers
all deposits with Anglo Irish Bank and also includes the Isle of Man
subsidiary."
However, the original statement has now been removed from the Anglo Irish IoM website. There is now nothing to be found on it about guarantees other than the Isle of Man's GBP 15K scheme.
Does this mean that the Anglo Irish IoM is not covered by the new Irish Government compensation scheme after all?
Something fishy's going on.0 -
The only thing that can now be found about guarantees on the Anglo Irish IoM website is under FAQs, as follows:
12. Are my funds secure?
Yes, banking in the Isle of Man is regulated by the Financial Supervision Commission, and as a licensed Bank, deposits with us are covered by the Isle of Man Depositors' Compensation Scheme. This government-administered scheme covers individual deposit account holders in the unlikely event of a default. The scheme guarantees three quarters of an individual's account balance, up to the first £20,000. The maximum protection offered to individual savers by this scheme is, therefore, £15,000. If deposits exceed this amount, you will be reassured to know that Anglo Irish Bank Corporation (International) PLC is a wholly owned subsidiary of, Anglo Irish Bank Corporation plc, which fully guarantees all deposits made with Anglo Irish Bank on the Isle of Man.
I suspect this is worthless.
The statement signed by a Mr Quaggan that appeared on the website earlier this week, saying that IoM was a subsidiary of Anglo Irish that was covered by the Irish Government directive has been pulled (cited in my post on page 2)0 -
the Irish banks have ben told not to promote the guarantee to foreigners - maybe thats why it disappeared ?0
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Given the following:
1. Original govt statement stating guarantee only extends to " ... such specific subsidiaries as may be approved by govt.."
2. No govt or regulator statement (as yet ) specifying that IOM subsidiary is covered by the guarantee
3. evasiveness and/or uncertainty of staff when questioned about guarantee
and in particular about:
4. the withdrawal of the statement on the IOM website which did offer the guarantee to IOM savings accounts
I will not be depositing any money with Anglo Irish IOM.
4. in particular causes me problems. It suggests that the situation is at best uncertain.
If the bank goes under I would not want to be relying purely on the e mail
which I and others have received from IOM. There is not even a name
attached to this e mail.
What do others think?0 -
the Irish banks have ben told not to promote the guarantee to foreigners
Source, please, Gozomark!
Rich, I agree with you entirely; you evidently received the same email that I did.
My problem is that I (an expatriate) already have over GBP15K's worth of euros in Anglo Irish IoM. I will send a registered letter on paper, enclosing the email, and asking for clarification. That will take about two weeks. But it would be useful if others would keep the barrage up, and let us know.
Are there other forums where this is a topic?0 -
Minotaur
Some postings on a few forums like House price crash but nothing to add to
what has been posted here. I have already posted my application form but will not deposit my money without a specific gtee from regulator or govt .
I will e mail the regulator and see what response I get.0 -
Quote:
Originally Posted by gozomark
the Irish banks have been told not to promote the guarantee to foreigners
Source, please, Gozomark!
I read it on either Reuters or Bloomberg, but can't find it now - it wasn't a "you must not promote yourself", but a "don't stirr things up too much" message0
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