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Ireland increases depositor protection to Euro 100,000
IGK
Posts: 106 Forumite
http://www.itsyourmoney.ie/index.jsp?1nID=93&2nID=96&pID=145&nID=385&aID=0
Now, with banks like Anglo Irish, which (for UK depositors' purposes) operate under the passport scheme, where the first port of call is that country's deposit protection scheme, then topped up by the UK, presumably this means that depositors are now protected to nearly £80,000. Or do I misunderstand the passport scheme?
If this is the case though it is good news.
Now, with banks like Anglo Irish, which (for UK depositors' purposes) operate under the passport scheme, where the first port of call is that country's deposit protection scheme, then topped up by the UK, presumably this means that depositors are now protected to nearly £80,000. Or do I misunderstand the passport scheme?
If this is the case though it is good news.
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"Internet
A lot of people are depositing their savings with foreign banks, often via the internet - what happens with them? You do need to check because a European bank can do business here but only offer their home country's protection which could be lower.
Good news if you're with an Irish bank such as Anglo Irish though - over the weekend the Irish Minister of Finance announced an extension to the Irish protection scheme. From now on customers are covered for up to 100,000 Euros - roughly £80,000. Which means those savers actually have more than the £35,000 protection the FSA offers in the UK. "
http://news.bbc.co.uk/1/hi/programmes/working_lunch/7629403.stm0 -
Thanks for sharing this info. Really useful!0
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I've just opened an account with Anglo-Irish Bank in the Isle of Man - Not UK.
AIB in IOM is covered by the IOM depositor's scheme (which isn't great), but they say all funds are also guaranteed by the parent AIB group.
Can anyone tell me - in the event the AIB parent group as a whole went bust, would I be entitled to claim under the Irish compensation scheme?
Thanks...0 -
My reading of the situation is that if AIB IOM fails you are covered by the IOM protection scheme. Also AIB group guarantees the deposits. If the AIB itself also failed then I don't think there would be any cover under the Irish compensation scheme.
Offshore accounts with UK banks, as far as I am aware, are not covered by the FSCS so I assume that the same would apply with Irish banks and their national scheme.
http://www.angloirishbank.co.im/Personal_Savings/Frequently_Asked_Questions/index.htm#120 -
I would have thought that this will now put some pressure on the UK government to increase level to the much talked about 50k or higher.0
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I would have thought that this will now put some pressure on the UK government to increase level to the much talked about 50k or higher.
Well it's only been just over a year since Chancellor Darling promised higher safeguards for depositors ... didn't he mention a guarantee of £100,000 after the Northern Rock fiasco? ... so it's obviously far too early to expect a result from this pathetic bunch of ditherers who still choose to masquerade as a government in charge of the economy.
Dave.... DaveHappily retired and enjoying my 14th year of leisureI am cleverly disguised as a responsible adult.Bring me sunshine in your smile0 -
I would have thought that this will now put some pressure on the UK government to increase level to the much talked about 50k or higher.
Get your knitting needles out and knit yourself a bigger comfort blanket as that would be of more use to you.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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