Anglo Irish Bank

swayze

I'm saving money with this bank account but due to the current financial climate i'm slightly concerned about the safety of my money.

First of all as a resident of the UK is my money safe?
Secondly how worried should I be about this bank going the same way as Kaupthing? I know gossip is the worst thing for these banks but any insight at all about the possibilty of it going bust.

Thanks

GeorgeHowell

Anything can go bust. Ireland is quite a small economy and it's not impossible that their compensation scheme could struggle. Personally I would not touch it with a barge pole.

rexel

i dont think there is any problem wiith that account

masonic

Well, one way to measure the riskiness of banks is by comparing their credit default swaps - the higher the value, the bigger the risk. The most recent figure I could find for Anglo Irish was 272.7. That is relatively high when compared with the big UK banks, but for comparison Kaupthing's was up at around 2000 around the time it went under.

You may find the following fool article of interest: http://www.fool.co.uk/news/your-money/savings/2008/10/23/find-out-how-safe-your-bank-is.aspx

swayze

I suppose what I am asking is that with a UK bank you are covered for your first £50,000 if it goes under. Do get the same sort of protection with AIB?

masonic

swayze wrote: »

I suppose what I am asking is that with a UK bank you are covered for your first £50,000 if it goes under. Do get the same sort of protection with AIB?

AIB are covered under the Irish deposit protection scheme up to 100,000 euros, but in fact the Irish government have recently agreed to cover 100% of the amount deposited for several Irish banks, including AIB.

jammin_2

GeorgeHowell wrote: »

Personally I would not touch it with a barge pole.

Who's got a barge poll? :rotfl:

Just_landed

jammin wrote: »

Who's got a barge poll? :rotfl:

I have & did to the tune of £2750