Anglo Irish Bank

steady5

Anglo Irish fixed rates have all dropped as of today - from 7% on a 2 year fix to 4.6% (that's some drop...)

From the website:

Please note that you need to return your application immediately to be guaranteed to get our previous rates. If you requested your application BEFORE the rates changed on 7th November 2008 AND we RECEIVE your application on or before Monday 17th November 2008, we will honour the previous rates, if we receive AFTER this date, you will get the new rates quoted above.

m567

damn, too late!
what's next best fixed rate now?

cos69

steady5 wrote: »

Anglo Irish fixed rates have all dropped as of today - from 7% on a 2 year fix to 4.6% (that's some drop...)

From the website:

Please note that you need to return your application immediately to be guaranteed to get our previous rates. If you requested your application BEFORE the rates changed on 7th November 2008 AND we RECEIVE your application on or before Monday 17th November 2008, we will honour the previous rates, if we receive AFTER this date, you will get the new rates quoted above.

I applied Tuesday night but not had the paperwork in the post yet. So a lot is going to depend on how quickly the FSCS do the Icesave compensations - lets hope it starts Monday.

mickW_2

I have recently withdrawn all my cash from Anglo Irish and it took me 3 weeks to get it even though it was a 7 day account. They keopt saying someone would phone back but despite several calls over 6 days no one did. I was very worried and eventually I told them Id reported the missing cheque to the police. They then quickly rang to say theyd made an error and hadnt sent the cheque in the 1st place. ALSO THEY ARE GRADED F+ AS A RISK. Is that not a bigger risk than ICESAVE? Am so glad I got out with my cash.

paddytrash wrote: »

I would think the chances of Anglo failing are quite high. If I was giving odds on it I wouldnt give you 7/2

Having said that I've just taken out a couple of bonds with them

My rationale is that the Irish government will definitely save them.

If Allied Irish or Bank of Ireland failed in a big way, there is no way the Irish government could step in. They are just too big. The best the Irish government could do is provide short term liquidity to the banks, which so far they havent provided - just a massive poker bluff by saying they would guarantee everything, which so far has seemed to work.

Anglo are small fry.
If Anglo fails lets just hope they fail before one of the bigger ones.

Milarky

steady5 wrote: »

Please note that you need to return your application immediately to be guaranteed to get our previous rates. If you requested your application BEFORE the rates changed on 7th November 2008 AND we RECEIVE your application on or before Monday 17th November 2008, we will honour the previous rates, if we receive AFTER this date, you will get the new rates quoted above.

17th - that's a pretty decent interval in the current climate...

gozomark

mickW wrote: »

ALSO THEY ARE GRADED F+ AS A RISK. Is that not a bigger risk than ICESAVE?.

if you mean Fitch, then they use F1+,F1, F2 and F3 for short term debt - F1+ is the highest (the ranking AI has)

eeja

Think you should all know this before placing savings in Anglo Irish Bank

Ireland's richest man quits firm
[URL="javascript: window.print();"]Print this page[/URL]


Last Modified: 24 Oct 2008
Source: PA News


Ireland's richest man was forced into a humiliating resignation and his flagship business hit with record 3 million euro (£2.4 million) fines after admitting financial blunders.
Billionaire Sean Quinn held his hands up after the country's financial watchdog found Quinn Insurance paid loans worth 288 million euro (£232 million) to other firms in his multinational empire.
The money was paid to cover failing stock market deals after the successful Fermanagh businessman invested heavily in Anglo-Irish Bank months before it was hit hard by the credit crunch.
Mr Quinn said he was very disappointed with the investment decisions which over-exposed some of his firms to stock market falls. "I accept complete responsibility for this breach of regulation," he said.
The 60-year-old, who has built an international business empire in 10 countries and is worth around 4 billion euro (£3.2 billion), will not face criminal proceedings over the bad deals.
But Mr Quinn hit out at the Financial Regulator for imposing record fines - a 200,000 euro (£160,000) personal penalty and a 3.25 million euro (£2.6 million) bill for Quinn Insurance.
"While I accept that I made mistakes, I feel that the levels of fines do not reflect the fact that there was no risk to policyholders or the taxpayer but are a result of the pressures existing in the current environment," Mr Quinn said. "However we will pay the fines and move on."
The huge fine massively eclipses the previous record from March this year when Fexco Stockbroking was hit with an 80,000 euro (£64,600) bill. The maximum penalty is 5 million euro (£4 million).
The watchdog found that Quinn Insurance broke the rules when it arranged loans to other companies within the Quinn Group, including finance, glass, plastics, concrete, cement and leisure operations.

gunnaknow

It has a long term rating of A+, which is a relatively high rating and it has a short term rating of F1+, which is the highest rating possible. What would concern me the most would be it's support rating of only BB+. Which means that it's somewhere between these two descriptions below. Although might things have changed since then because it was rated as BB+ back on aug 13th?

2 denotes:
A bank for which there is a high probability of external support. The potential provider of support is highly rated in its own right and has a high propensity to provide support to the bank in question. This probability of support indicates a minimum Long-term rating floor of 'BBB-'.

3 denotes:
A bank for which there is a moderate probability of support because of uncertainties about the ability or propensity of the potential provider of support to do so. This probability of support indicates a minimum Long-term rating floor of 'BB-'.

http://www.fitchratings.com/corporate/ratings/issuer_content.cfm?issr_id=80359701&grp_typ_id=4&mm_id=&sector_flag=3&marketsector=1&detail=

http://www.fitchratings.com/corporate/fitchResources.cfm?detail=1&rd_file=spprt

gozomark

eeja wrote: »

Think you should all know this before placing savings in Anglo Irish Bank

Ireland's richest man quits firm
Print this page


Last Modified: 24 Oct 2008
Source: PA News


Ireland's richest man was forced into a humiliating resignation and his flagship business hit with record 3 million euro (£2.4 million) fines after admitting financial blunders.
Billionaire Sean Quinn held his hands up after the country's financial watchdog found Quinn Insurance paid loans worth 288 million euro (£232 million) to other firms in his multinational empire.
The money was paid to cover failing stock market deals after the successful Fermanagh businessman invested heavily in Anglo-Irish Bank months before it was hit hard by the credit crunch.
.

I don't see why this should concern savers with AI....

blackswan2

Close Brothers 7% if you can get the application to theeir office on Monday - near Liverpool Street.