Irish government guarantee bank deposits

MKUX3

am i right in thinking that you cannot close a anglo irish fixed rate early i.e. before maturity.
??

MKUX3

am i right in thinking the Anglo Irish Uk fixed rates are covered but it is the IOM ones that are awaiting answers??

Gwhiz

MKUX3 wrote: »

am i right in thinking that you cannot close a anglo irish fixed rate early i.e. before maturity.
??

You can close it with penalties.

gozomark

this is for UK Anglo Irish - not sure if same for IOM

http://www.angloirishbank.co.uk/Personal_Savings/FAQ/FAQ_for_Fixed_Rate_Bond/#10

10. Can I make withdrawals after opening my Bond?
Withdrawals are not permitted from 3, 6 and 9 month Bonds. If you need to withdraw some or all of your savings from your 1 to 5 year Bond, for example in the event of an emergency, an early withdrawal penalty will be charged. This is based on the period of time remaining between the date of the required withdrawal and the maturity date of the Bond, and is calculated as follows:
Period remaining to maturityLess than 1 yearLess than 2 yearLess than 3 yearLess than 4 yearLess than 5 yearInterest deduction for early withdrawal60 days interest90 days interest120 days interest150 days interest180 days interest
If the interest accrued in your Bond is not sufficient to cover this charge, the balance of the withdrawal penalty deduction will be taken from your lump sum.

rob999_2

Many thanks to witewabbitt for the very helpful update.

MKUX3 asks:


am i right in thinking the Anglo Irish Uk fixed rates are covered but it is the IOM ones that are awaiting answers??


Well if what is mentioned by the reply of IOM in witewabbitts correspondence:
All the subsidiaries of the main Irish banks will find out if they are covered or not on Friday

rob999_2

And therefore despite reading some newspaper articles claiming the UK is covered by the guarantee seems it is not confirmed yet.
Of course the UK is in the EU, the Isle of Man not, so not sure if that is significant.

By the way seems to me that even if the Anglo Irish in the Isle of Man is not so covered, Anglo Irish in Dublin is and guarantee as a parent the deposits in the Isle of Man.
I cannot believe the head office would allow the Isle of Man to have a problem.
But I ask again: who knows?

MKUX3

thanks for your help, i have one anglo irish to mature in dec and one in april and one in may ftd.

gozomark

rob999 wrote: »

And therefore despite reading some newspaper articles claiming the UK is covered by the guarantee seems it is not confirmed yet.

isn't the UK part of AI a branch not a subsidiary, and thats why the UK is covered

gozomark

AI IOM have just confirmed by email that the situation is as we guessed, ie

Anglo Irish IOM will be covered under the guarantee, but only those amounts in excess of the Isle of Man’s Depositors’ Compensation Scheme figure of £50,000 per depositor

it will be on their website soon

craines

that's really good to hear at last -- looking forward to reading the detail on their site.
thanks so much for posting the update!!