Irish government guarantee bank deposits

miaviv

Just been on Anglo Irish International website (based in IOM) and their Fixed Rate account has the following text ;

Account Features

• 100% capital security
• Available over 12, 18 or 24 months
• Interest is calculated daily and paid annually on the anniversary of investment, and, where applicable at final maturity
• Access to 20% of your capital per annum without penalty
• All interest is paid gross*
• Available in GBP£, US$ & Euro €
• Minimum opening balance requirement 5,000 in £, US$ & Euro €
• Interest rate fixed for the term of your account
• All savings are fully guaranteed by our parent company

The first and last lines are interesting, but what exactly does it mean ? If it's all good news for the saver, I'm sending all my money over to this bank because their interest rates are fab too !

nachovx

But what if in the need of a claim, the Irish government does an Icelander and says that they're only protecting Irish deposits because Irish customers come first - and there's nothing left for the English. Maybe it'll be payback time for the Potato Famine.

julio69

:T Thanks occam for getting me into the right thread, with a wealth of info (just couldn't find it myself, even with using the search feature). Will keep an eye on it for any developments re: clarification of whether the irish 100% guarantee will cover deposits in AIB IOM. Fingers crossed.

occamsrazor

Julio - you're welcome... trying to navigate these threads is becoming a nightmare. I'm hoping the Irish Govt comes through on AIB IOM. It will make it an attractive place to put money for us non-UK-residents.

julio69

miaviv wrote: »

Just been on Anglo Irish International website (based in IOM) and their Fixed Rate account has the following text ;

Account Features

• 100% capital security
• Available over 12, 18 or 24 months
• Interest is calculated daily and paid annually on the anniversary of investment, and, where applicable at final maturity
• Access to 20% of your capital per annum without penalty
• All interest is paid gross*
• Available in GBP£, US$ & Euro €
• Minimum opening balance requirement 5,000 in £, US$ & Euro €
• Interest rate fixed for the term of your account
• All savings are fully guaranteed by our parent company

The first and last lines are interesting, but what exactly does it mean ? If it's all good news for the saver, I'm sending all my money over to this bank because their interest rates are fab too !

100% capital security is only referring to the nature of the account eg. it is not an account that you are allowing your money to be gambled with in stocks and shares with a known risk of losing it.

The last feature 'all savings are fully guaranteed...' is great, but concerns are if the parent company go down, will the Irish Gov then jump in and save us too.... let's hope so.

julio69

I've just read here http://www.irishtimes.com/newspaper/breaking/2008/0930/breaking7.html?via=mr that the irish government have said the guarantee DOES extend to the subsidiaries! Looking good...

occamsrazor

julio69 wrote: »

I've just read here http://www.irishtimes.com/newspaper/breaking/2008/0930/breaking7.html?via=mr that the irish government have said the guarantee DOES extend to the subsidiaries! Looking good...

That article is dated Sept. 30. There was confusion at the time the guarantee was announced as to whether it covered subsidiaries - I wouldn't rely on this article alone. To be sure we want to see confirmation on the AIB IOM website and/or Irish Finance regulator site:

http://www.angloirishbank.co.im/
http://www.finance.gov.ie/ViewDoc.asp?fn=/home.asp

julio69

True. Will sit tight and wait for full on confirmation.

Stavros_3

Austria announces 100% saving deposit guarantee

gozomark

I spoke to Anglo Irish IOM just now, and they expect an announcement very soon