Irish government guarantee bank deposits

rob999_2

gozomark wrote: »

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

Thank you gozomark, but as yet seen nothing on their web site or anywhere else, and thought the earliest we would hear is Friday.
Can we know more precisely about the email and by whom and what is said?

gozomark

rob999 wrote: »

Thank you gozomark, but as yet seen nothing on their web site or anywhere else, and thought the earliest we would hear is Friday.
Can we know more precisely about the email and by whom and what is said?

I sent them an email asking the question

"am I right in believing that 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 ?"

[EMAIL="savings@angloirishbank.co.im"]savings@angloirishbank.co.im[/EMAIL] (no name) answered
"Yes your are correct. Once clarification is received our website will be updated."

"it will be on their website soon" referred to an earlier email received - I took that to mean in the next few days, not hours

rob999_2

Thanks again gozomark.

Just seen this:



http://www.irishtimes.com/newspaper/finance/2008/1024/1224715113252.html


And amongst other things says:

"As of yesterday, the position is that the Government cannot say exactly which overseas branches and subsidiaries of Irish banks will be covered until the banks complete and submit their applications for inclusion in the scheme"

-Need to read the whole article to get the context and its looking optimistic, so the question is will we know today(24 October?) or need to wait longer.

craines

post 5pm Friday and still no update on anglo irish iom website -- at least none that i can see... anyone else find anything ?

rob999_2

Reuters are reporting that the 6 Irish banks have signed up and:

"Their subsidiaries are also covered: AIB Mortgage Bank, AIB Bank (CI) Ltd, AIB Group (UK), Allied Irish Banks North America Inc; Anglo Irish Bank Corporation (International); Bank of Ireland Mortgage Bank, ICS Building Society, Bank of Ireland (I.O.M.) Ltd; Irish Permanent (IOM) Ltd and Irish Nationwide (I.O.M.) Ltd"

Anglo Irish Bank Corporation (International) is the IOM one, and so the news we have been awaiting: deposits are guaranteed.


http://www.reuters.com/article/forexNews/idUSN2418186820081024

And the Irish Times for today 25th October:

"Anglo Irish Bank said in a statement that its branches in the UK, Jersey, Germany and Austria, and its international division based in the Isle of Man, also fell under the scheme."

http://www.irishtimes.com/newspaper/frontpage/2008/1025/1224838828964.html

MarkMalti

It's now official. Anglo-irish International PLC (Isle of Man subsidiary) IS covered by the scheme. See http://www.finance.gov.ie/viewdoc.asp?DocID=5514
To quote:
2. The credit institutions (and their subsidiaries) which have now joined the Scheme are as follows:-
(a) Allied Irish Banks, p.l.c. and its subsidiaries AIB Mortgage Bank, AIB Bank (CI) Limited, AIB Group (UK) p.l.c. and Allied Irish Banks North America Inc.;
(b) Anglo Irish Bank Corporation p.l.c. and its subsidiary Anglo Irish Bank Corporation (International) p.l.c.;
(c) The Governor and Company of the Bank of Ireland and its subsidiaries Bank of Ireland Mortgage Bank, ICS Building Society and Bank of Ireland (I.O.M.) Limited;
(d) EBS Building Society;
(e) Irish Life and Permanent p.l.c. and its subsidiary Irish Permanent (IOM) Limited;
(f) Irish Nationwide Building Society and its subsidiary Irish Nationwide (I.O.M.) Limited;

witewabbitt

Hell, I see someone has beaten me to it with the resaerch, but here is mine, and thankgoodness, it tallies with that already posted, Well done everyone, thankyou.
AT LAST, WE HAVE CLARIFICATION.

You may like to know also that the IOM Guarantee of £50,000 is only for ONE YEAR, after that it reduces to £20,000

The Anglo Irish IOM has put this statement on their website :-
http://www.angloirishbank.com/Media-Centre/Latest_News/Anglo_Executes_Guarantee_Acceptance_Deeds.html
Anglo Irish Bank Corporation plc (Anglo) announces that Anglo, its branches in the United Kingdom, Jersey, Germany and Austria and its subsidiary, Anglo Irish Bank Corporation (International) PLC, located in the Isle of Man, have today executed Guarantee Acceptance Deeds with a view to being specified by the Minister for Finance as covered institutions under the above Scheme and the Credit Institutions (Financial Support) Act 2008.
Details of the guarantee scheme are available on
http://www.finance.gov.ie/viewdoc.asp?fn=/documents/Publications/other/marketnoticeoct08.pdf
The relevant bit is this – (sorry about the fonts, it’s a pdf, they have a mind of their own, difficult to copy bits. Also note the link to Irish Finance has a dot missing !))

Once it has executed a guarantee acceptance deed and the Minister has made the requisite
order, the name of each covered institution will be published on the website of the
Department of Finance http://www.financegov.ie .

The correct link is this, and AT LAST, WE HAVE CLARIFICATION.

http://www.finance.gov.ie/viewdoc.asp?DocID=5514
1. The order is made under 6(1) of the Credit Institutions (Financial Support) Act 2008
2. The credit institutions (and their subsidiaries) which have now joined the Scheme are as follows:-
(a) Allied Irish Banks, p.l.c. and its subsidiaries AIB Mortgage Bank, AIB Bank (CI) Limited, AIB Group (UK) p.l.c. and Allied Irish Banks North America Inc.;
(b) Anglo Irish Bank Corporation p.l.c. and its subsidiary Anglo Irish Bank Corporation (International) p.l.c.; (my highlighting)
(c) The Governor and Company of the Bank of Ireland and its subsidiaries Bank of Ireland Mortgage Bank, ICS Building Society and Bank of Ireland (I.O.M.) Limited;
(d) EBS Building Society;
(e) Irish Life and Permanent p.l.c. and its subsidiary Irish Permanent (IOM) Limited;
(f) Irish Nationwide Building Society and its subsidiary Irish Nationwide (I.O.M.) Limited;
3. The banking subsidiaries in Ireland which have been invited by the Minister to participate in the Scheme and who are eligible for the guarantee are Ulster Bank, First Active, Halifax Bank of Scotland, IIB Bank and Postbank.

witewabbitt

Sorry, that was meant to start with Hello, not Hell, honest W W

craines

what a fantastic relief to finally read the details.
big thanks to all on this forum who persisted in trying to get updates from anglo and the irish gov etc. and generously provided the info here for the rest of us to follow... very much appreciated -- thanks guys!!

gozomark

bear in mind the first part is "only" guaranteed by IOM not by Irish Govt