Irish government guarantee bank deposits

occamsrazor

I am also very interested to have a clear statement as to the situation with Ango-Irish Bank in Isle of Man.

I called AIB IOM but did not really receive a clear answer. I also wrote to the Irish Financial Regulator - consumerinfo@financialregulator.ie - and received a quick reply (note that I was asking about the 100,000 euro compensation scheme which was the case earlier this week, the email was written before today's announcement):

" Anglo Irish Bank Corporation plc has an Irish license but Anglo Irish Bank Corporation (I.O.M.) P.L.C. is licensed by the Isle of Man Financial Supervision Commission. [FONT=&quot]It appears from your email that you will be a customer of Anglo Irish Bank Corporation (I.O.M.) P.L.C. and therefore eligible to claim under the Isle of Man scheme not the Irish one."

Now, they are probably correct in saying that as strictly IOM cutomers are probably not eligible to claim directly under the Irish scheme...

BUT... the AIB parent group fully-guarantees all deposits in AIB IOM, so my thinking is it would be unlikely given today's announcement that you would ever end up having to claim under the IOM scheme. If AIB parent group could not fulfil its guarantee to IOM customers due to the group as a whole being in trouble, the Irish Govt would have to bail the whole group out due to today's guarantee announcement, and therefore your savings would still be safe, effectively falling under the Irish Govt guarantee even if indirectly.

But I wish they would make all this absolutely clear one way or the other as currently it is not.

I also wrote an email to AIB Group but have not yet received a reply. I suggest others try to get a definitive answer from either AIB group headquarters, or the financial regulator, and if you do please post it here.

In this current climate, depending on whether my savings are only protected by the IOM scheme, or the Irish Govt's full deposits guarantee, completely affects how much money I am willing to give to them, and it should be in their own interest to have clarity.
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occamsrazor

Anglo-Irish Bank IOM website has now been updated with news of today's announcement:

http://www.angloirishbank.co.im/

"Anglo Irish Bank Corporation (I.O.M.) P.L.C. is a leading offshore bank based in the Isle of Man providing banking, corporate and professional intermediary services. We are a wholly owned Subsidiary Company of Anglo Irish Bank Corporation plc (“Parent”). Our Parent provides a full guarantee in respect of all sums deposited (including interest) by all depositors of Anglo Irish Bank Corporation (I.O.M.) plc. The Irish Government today announced (30th September 2008) that they have put in place with immediate effect a guarantee arrangement to safeguard all deposits (retail, commercial, institutional and interbank) covered bonds, senior debt and dated subordinated debt (lower tier II). The guarantee will cover all existing aforementioned facilities with Irish institutions including Anglo Irish Bank Corporation plc and all related deposit taking subsidiaries (including Anglo Irish Bank Corporation (I.O.M) plc). The guarantee is for a two year period until 28th September 2010"

Sounds good to me.... it would make them the most fully-guaranteed offshore bank (in addition to Northern Rock).

gozomark

excellent news !

shellbell63

occamsrazor wrote: »

Anglo-Irish Bank IOM website has now been updated with news of today's announcement:

http://www.angloirishbank.co.im/

"The guarantee will cover all existing aforementioned facilities with Irish institutions including Anglo Irish Bank Corporation plc and all related deposit taking subsidiaries (including Anglo Irish Bank Corporation (I.O.M) plc). The guarantee is for a two year period until 28th September 2010"

Does this mean new accounts arn't covered then? If they are..... my ears are well & truely pricked!

gozomark

the official govt statement says

The guarantee will cover all existing aforementioned facilities with these institutions and any new such facilities issued from midnight on 29 September 2008, and will expire at midnight on 28 September 2010.

assuming this also applies to IOM, then yes I'd interpret "facilities" to include deposits, so new accounts are covered - I'd suggest dropping them an email to confirm though
[EMAIL="savings@angloirishbank.co.im"]savings@angloirishbank.co.im [/EMAIL]

shellbell63

gozomark wrote: »

the official govt statement says

The guarantee will cover all existing aforementioned facilities with these institutions and any new such facilities issued from midnight on 29 September 2008, and will expire at midnight on 28 September 2010.

assuming this also applies to IOM, then yes I'd interpret "facilities" to include deposits, so new accounts are covered - I'd suggest dropping them an email to confirm though
[EMAIL="savings@angloirishbank.co.im"]savings@angloirishbank.co.im [/EMAIL]

Thanks Gozomark - defo sounds like its worth a look doesn't it.
Wonder if
A) Business accounts covered too
UK govt will be forced to follow suit to prevent us all moving funds to Ireland!

darkshepherd

Got this from AIB this afternoon: "the Irish Government has guaranteed all deposits including retail, business and institutional deposits for a period of 2 years, for AIB Group (UK) p.l.c"

shellbell63

darkshepherd wrote: »

Got this from AIB this afternoon: "the Irish Government has guaranteed all deposits including retail, business and institutional deposits for a period of 2 years, for AIB Group (UK) p.l.c"

Thanks - emailed them & awaiting response.

Still seems to me UK govt may have to follow suit though?

SilverScooby

darkshepherd wrote: »

Got this from AIB this afternoon: "the Irish Government has guaranteed all deposits including retail, business and institutional deposits for a period of 2 years, for AIB Group (UK) p.l.c"

Hi

Is that Anglo Irish Bank or Allied Irish Bank? I've just recommended the Post Office to someone (as it's covered because its accounts are from Bank of Ireland) but they live near an Allied Irish Bank branch so that may be an option

thrupence

AIB is Allied Irish Bank Group, the largest or second largest bank in Ireland.