Anglo Irish Guarantee

Berty

According to the paperwork I have they are covered by both the Irish protection scheme and the FSCS scheme.
I would think if the Irish government failed to keep to its word the FSCS would cover the £50000 limit.

soulsaver

This was posted on another thread:
http://forums.moneysavingexpert.com/showpost.html?p=15873315&postcount=5

soulsaver

opinions4u wrote: »

But if you invest your savings with an Irish organisation (e.g. the providers of accounts via the Post Office) who are registered under the FSCS, you will be covered in the UK!

Another dangerously confident but, sorry to say, inaccurate answer; ....covered in the UK by the Irish compensation scheme would be more accurate:

If a European community bank operating in the UK has a parent country compensation scheme that exceeds the UK's, then any claim is deemed to be passported to the parental country's compensation scheme and is thus apparently nowt to do with the FSCS. A la ING & AKBank not covered UK FSCS, but Dutch CS for eu100K.
So when the Irish Govt gave its 100% guarantee until 2010 for their big 6, it removed Anglo Irish, Allied Irish, Bank of I etc from the scope of our FSCS - so you are not apparently guaranteed in the Post Office by the UK FSCS.
The question being asked IMHO is in the event of any of the Irish majors tipping over, if the Irish economy couldn't support its Govt undertaking , would UK FSCS step in?

soulsaver

evenasus wrote: »

I would hope not!

Anyone putting money in Ireland, after the Icesave fiasco, certainly should not be rescued by the British tax payer if things went wrong.

See above for how deposits in AI are currently guaranteed - however for clarity:
Anglo Irish Bank UK is a UK bank and WAS covered by the FSCS (which is not paid for by the tax payer; it's funded by a levy on the Financial Services Industry, up to the FSCS limits).
I don't know why Darling put his hand in the Taxpayers pocket for sums above the limit, but that's a separate discussion.

Berty

Good reply Soulsaver.
The way the passport protection scheme works is pointed out under 'is your money safe' and as Soul states being that the Irish government held up their hands to protect all your first port of call is with them and not the FSCS.

mickW_2

Answer is DONT PUT YOUR DOSH IN FOREIGN BANKS FULL STOP

eeja

mickW wrote: »

Answer is DONT PUT YOUR DOSH IN FOREIGN BANKS FULL STOP

Sorry...in my humble opinion that is totally wrong. It is 'little englander' talk When Brittania ruled the waves 100 years ago that certainly applied but now the UK has almost no gold or reserves worth mentioning to offer as security for a bail out . Your money is far safer in Dublin than in Belfast as Dublin has the backing of the ECB with its massive pooled reserves of gold and foreign currency whereas England is practically broke ! Please don't crucify me for revealing these things like has happened to George Osbourne
but as they say..the truth hurts

soulsaver

mickW wrote: »

Answer is DONT PUT YOUR DOSH IN FOREIGN BANKS FULL STOP

Go on then you have the floor. Let us hear the key points of your well researched arguments why not, and your advice on where to put our money.

grnglide

mickW wrote: »

Answer is DONT PUT YOUR DOSH IN FOREIGN BANKS FULL STOP

Be aware of the risks of putting money in banks that are not full members of FSCS is more appropriate.

ING, of course, is not in FSCS but would normally be regarded as "safe"

soulsaver

cos69 wrote: »

The UK government choose not to bail out those with accounts in Jersey, IoM etc which have much closer links tot he UK than Ireland.

I am afraid it looks like Ireland would have to take the begging bowl to the ECB and I suspect not much luck there

Have to disagree- the IoM /Channel Isles banks were/are not regulated by UK FSA, have their own government, weren't/ aren't working on UK soil and are not even in the European Community.
Bank of Ireland, Allied Irish, Anglo Irish etc. subsidiaries ARE authorised and regulated by the UK FSA and are operating on UK soil under laws dictated by the uk Govt.