Irish government guarantee bank deposits

happywarmgun

Road to hell is paved with good intentions. Merkel meant well, but I'm sure she has just caused more damage with this guarentee than she could possibly imagine....

gozomark

occamsrazor wrote: »

Back to the Anglo-Irish Isle of Man operation question - I spoke to them on the phone today and they said they are still waiting for clarification/confirmation from Ireland's financial regulator as to whether the IOM subsidiary will be covered by the Irish Govt guarantee... and said they hope to know "maybe by the end of tomorrow" and it'll be posted on the website.

thanks for that - did they explain why last week they emailed to say they were fully protected ?

webdigga

It's not like any government would come out and say that your deposits are not guarenteed are they?

Thus it doesn't inspire me with confidence hearing them all going on about it.

occamsrazor

gozomark wrote: »

thanks for that - did they explain why last week they emailed to say they were fully protected ?

I didn't ask specifically, but they sounded a bit embarrassed about that... It sounds to me like they jumped the gun slightly in the heat of the moment, but said today they are "hoping" IOM operation will be covered. I guess they are still in talks with the regulator about subsidiaries....

sunshine-days

Although the prominent announcement that they initially placed on the front of their website regarding the guarantee was later removed, it was simply moved to an inner page, where it has remained constantly ever since, albeit it in smaller print.

I understood that this was so as not to be TOO blatant, since there had been so much talk about "unfair competition".

If you look at the link for personal savings, there are several choices.

http://www.angloirishbank.co.im/Personal_Savings/index.htm

Whichever one you choose, the wording is the same, but it might require scrolling down a wee bit to see it, if you have a small screen.

For example:

http://www.angloirishbank.co.im/Personal_Savings/Privilege_Accounts/Access_Account_Issue_2/index.htm

ACCOUNT FEATURES:

100% capital security.

(followed by a list of other features)

The guarantee is first thing in their list of account features, that's how important they rate it.

Since it has now been there for one week, they could hardly say that it was a mistake, could they?

If you are really worried, perhaps it would be a good idea to print it off for future evidence, if you fear that they might backtrack on their promise.

gozomark

100% capital security, but guaranteed by whom ? Its always been 100% guaranteed by the parent bank, but thats possibly worth nothing if the parent goes under. This doesn't necessarily mean 100% guaranteed by the Irish Govt

occamsrazor

The "100% capital security" wording has been there since before the recent financial crisis... I think it simply refers to the fact it's not an investment that can go up or down. I don't think it has any bearing as to depositor's guarantees....

Minotaur

Occam is correct. It has nothing to do with last week's Irish Government guarantee. It only says that Anglo Irish Isle of Man is covered b the IoM scheme to 15K; and that the parent company (Anglo Irish Ireland) guarantees the rest. But if the parent company goes bust, of course it can't.

Thus the need to know whether the Irish Govt is also covering the IoM subsidiary.

Simple, really...

P.S. There's a useful new thread entitled "Offshore Account Guarantee". Might be useful for expatriates to post all IoM etc. posts there, rather than in this thread which is also about Irish guarantees on mainland Ireland and Mainland Britain.

Thanks for everyone's input.

Stavros_3

The Netherlands government have announced that they are guaranteeing savers deposits up to 100,000 Euro (£80,000). There is still no consistencey despite the Euro meeting this morning stating there there must be consistency across Europe on the deposit levels

US $250,000
Netherlands 100,00 Euro
Ireland 100%
UK £50,000

Feel free to update

sunshine-days

Perhaps there is "some" slight consistency?

http://www.irishtimes.com/newspaper/breaking/2008/0920/breaking18.html

The Irish government increased the bank guarantee of savers' deposits from 20,000 Euros to 100,000 Euros on Sep. 20th, 2008.

So that makes:

Ireland, 100,000 Euros
&
Netherlands, 100,000 Euros

The 100% guarantee of the Irish government was actually presented as only a "temporary" measure dating from Sep 29th, 2008 until Sep 28th, 2010.