Irish government guarantee bank deposits

gozomark

Stavros wrote: »

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

http://uk.reuters.com/article/governmentFilingsNews/idUKL169904120081001

says

"France is set to announce a government guarantee to banks this week along similar lines to the pledge made by Ireland's government to Irish institutions, the Irish Times said on Wednesday.
A spokesman for French President Nicolas Sarkozy declined to comment on the report."

gozomark

http://uk.reuters.com/article/newsOne/idUKTRE49000Z20081001

Britain mulls matching Irish bank guarantee

it is from the Daily Mail though...

Stavros_3

This story must force Brown to equal the deposit guarantee otherwise savers with large amounts of deposits will empty their accounts and flee to the Irish ones for that safety net. He would be bloody stupid not to. Its would be a run on banks (plural)

gozomark

the more other EU countries do it, the easier it is for the UK to follow - one concern if it was only Ireland and the UK was that is could put £ under a lot of pressure - if Ireland wasn't in the Euro, its currency could well have suffered in the last two days

also the more other EU countries do it, the harder it is for the UK not to follow due to competitive pressure

in other words, the more other EU countries follow Ireland, the more likely it is the UK will follow

shellbell63

Guy on radio is saying 50k UK guarantee covers 98% of people, so no need to raise threshold.
I'm getting really fed up with no-one mentioning or asking about safety of business funds. For me the BIG attraction of Irelands announcement is that it covers everyone - businesses as well. I really can't understand why no interviewers etc are bringing up this issue. As it stands in UK, businesses have no protection at all.
Surely all limited businesses with money in bank are gonna switch, if something isn't done for them here in UK.

stamford

shellbell63 wrote: »

Guy on radio is saying 50k UK guarantee covers 98% of people, so no need to raise threshold.
I'm getting really fed up with no-one mentioning or asking about safety of business funds. For me the BIG attraction of Irelands announcement is that it covers everyone - businesses as well. I really can't understand why no interviewers etc are bringing up this issue. As it stands in UK, businesses have no protection at all.
Surely all limited businesses with money in bank are gonna switch, if something isn't done for them here in UK.

Have you thought about a Northern Crock Business Reserve Account ?

petergibbinson

The 98 pct of people (actually I think it is 96 pct) is very deceptive..as wealth is assymetrically skewed to the topside. that 4 pct of people I suspect hold more than 50 pct of the total deposits in terms of actual money..puts a different light on it..

edwinac_2

Well spotted! That's a ghastly bit of ramping from Reuters..

Note how the City's propaganda organ doesn't identify "the stockbroker" who encourages us to move our money to the Emerald Isle. It can't identify him because he probably doesn't exist..

Reuters has an appalling record of dishonesty, and of publishing stories to create stampedes for the benefit of the financier oligarchy.

Look at Reuters' financial coverage on 9/11, its reports of the Georgia provocation (masses of fake photos with the same actors playing "dead people" in multiple different settings), the Israeli assault on Lebanon (more photoshopped fauxtography), the "Reutersgate" scare story about the Nationwide and how it is bankrupt, Reuters' lies about a non-existent buy-out plan of Lehmans by KDB, etcetera ad infinitum..

The list of dodgy Reuters' stories is seemingly endless, and stretches back 150 years.

If you believe the "conspiracy theorists", Reuters in London prematurely reported Lincoln's assassination, more than 24 hours before it happened!

So.. is Reuters telling us the truth here?

On past form I would say "N! hea".

gozomark wrote: »

from reuters

The Irish government's pledge on Tuesday to guarantee the country's banking system triggered a flood of cash from UK businesses to Irish banks, a senior Irish stockbroker said.
"My information is that two Irish banks saw very significant inflows from the UK corporate sector," the stockbroker, who asked not to be named, told Reuters.
"My guess is it continued through the day, and if it happened at two banks there's no reason why it shouldn't have happened at all of them."
The stockbroker did not put a figure on the inflows.
Allied Irish Banks and Bank of Ireland, the country's two biggest banks by market share, declined to comment when contacted by Reuters on Tuesday.

shellbell63

stamford wrote: »

Have you thought about a Northern Crock Business Reserve Account ?

No I hadn't seen this one. Thanks
Though rate on Anglo Irish Bank Uk rate is better. Just waiting on confirmation re it being UK arm & guarantees.

gozomark

http://newsvote.bbc.co.uk/2/hi/business/7646217.stm

EU talking over Ireland bank move

European Union (EU) Competition Commissioner, Neelie Kroes, has spoken to the Irish government over Dublin's move to guarantee all bank deposits.

Without giving any details, Ms Kroes has confirmed that she is in "close contact" with Irish authorities.

Concerns have been raised that Dublin's move may give Irish banks an unfair advantage over foreign competitors.

Separately, the EU has cleared the UK government's nationalisation of British bank Bradford & Bingley.

continues.....