Irish government guarantee bank deposits

thrupence

Originally Posted by thrupence
When a bank is trading as AIB, as Allied Irish is, it's confusing to use AIB for Anglo Irish Bank.

For a start, one is very big and the other is tiny.


Anglo Irish assets €101bn (3/08)
Allied Irish assets €183bn (6/08)

not that different - both are small/medium sized banks



For a start, one is very big and the other is tiny...in terms of retail business

Stavros_3

LATEST

bristolleedsfan

Stavros wrote: »

LATEST

http://uk.news.yahoo.com/rtrs/20081001/tpl-uk-financial-britain-deposits-c31991c.html

thrupence

gozomark wrote: »

in todays UK Times

Switch your savings to the Irish - Savers looking for more security for their cash deposits are being advised to switch to Ireland


http://www.timesonline.co.uk/tol/money/savings/article4838306.ece

So now we don't just have to worry about a run on a bank, we have to worry about a run on a country.

Well done lads....

gozomark

this is the one in todays paper - the one above is from a few days ago when Ireland increased the protection to € 100,000

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4856987.ece

Savings flow to Irish accounts as Republic offers solid guarantee - Britons take advantage of ‘safest banks in Europe’


Savers on both sides of the Irish Sea started to empty accounts of UK banks and put the proceeds into Irish-owned banks in the wake of a controversial plan by the Republic of Ireland yesterday to guarantee all deposits.
Dublin was accused of making matters worse for non-Irish banks, with corporate treasurers and large savers pulling money out and putting it into the safer haven of Irish banks.
“If this is legal, then I’m a banana,” one disappointed senior British banker said, arguing that the Irish guarantee amounted to unfair state aid.

Stavros_3

This is the concern of the treasurey. The government is urging Ireland to ensure its rules do not infringe upon competition rules. Smacks of panic if you ask me hence the consideration to fall in line with Ireland ...GOOD!!.
If it does go ahead then brilliant, wasn't it Ireland btw who blocked the EU constitution, well done the Irish, have a guiness on Stav

Stavros_3

gozomark wrote: »

“If this is legal, then I’m a banana,” one disappointed senior British banker said, arguing that the Irish guarantee amounted to unfair state aid.

Here he is

gozomark

I can't see why this is unfair state aid unless any deposit guarantee higher than another EU country is considered unfair state aid - already Ireland offered € 100,000 v UK £35,000 (going up to £ 50,000).

All that's really happened is an implicit guarantee has become an explicit guarantee, and the banks are paying an insurance premium for the protection

Stavros_3

This is starting to snowball. The French have announced that they are following the Irish Lead and gauranteeing 100% of banking deposits. The President of the E.U is calling for more consistency with the rest of the EU member countries, this could be fantastic news if G.B falls in line

Stavros_3

The U.S are considering raising deposits to $250k