Anglo Irish Bank stuck in peat bog?

Savvysaver

I have been waiting over 6 weeks to open a Fixed Rate Bond. Repeated phone calls redirect me between departments in London and Leicestershire and nobody can tell me what.s going on. I suspect the trick is to pass the parcel long enough to miss the deadline for the 7.05% I was promised on application. Meanwhile, because they hold my cheque, the money sits in a current account and I loose interest and other offers pass me by.

The problem with buying a market leading product is that the institutiion never seems geared up to cope. Please come back all those people sacked from financial instutions.

:j

Gwhiz

I've had no issues opening mine. Has your cheque been cashed yet? If so then at least you have proof of the opening date so should not be an issue.

Berty

I've had no problems either.
It has however taken near 2 weeks to set mine up due to lots of investors taking the bonds and even though they confirmed its set up the cheque is still to be cleared.
All I can really add is always try to send applications by registered post for proof of delivery just in case it has been lost in the system.

masonic

I was quite surprised that although it took them nearly two weeks to send me an application form, my cheque was debited 2 days after I posted it. Perhaps you should assume the cheque is lost in the post, cancel it and send another (or not)?

rexel

i have opened one no problem applied on 7/11/08 got 7.05% all going well

edwinac_2

Things are looking pretty sick for Anglo Irish. Its share price has plummeted 95% over the past year. Today it is a penny stock. Tomorrow it may be no more.

The market is expecting an urgent announcement on the bank's future from finance minister, Brian Lenihan.

Lenihan is predicted to announce a nationalisation of some sort. If that goes ahead, it will be interesting to see what it could mean for the bank's savers.

There is little chance that the beleaguered Irish taxpayer could ever foot the depositors compensation bill if the Anglo-Irish folded. Last time I studied the figures (and that was before the Irish government aggravated the situation by offering its worthless 100% guarantee), the Irish banks had liabilities three times greater than the country's GDP.

There is also talk of the Anglo-Irish being frog-marched into a merger with either the Allied Irish or the Bank of Ireland. However, both of those banks are also at Death's Door, so that might just be the wishful thinking of hapless shareholders.

Another rumour claims that the Carlyle Group, a shadowy group of vulture capitalists, is pushing for Anglo-Irish to be placed in administration, so that the group can asset-strip the carcass of the bank.

Ireland's financial sector is in worse shape today than at any time since 1938 when De Valera, a puppet of the Crown, fudged the findings of a Banking Commission report into the crisis at the Dublin banks, to please his slimemold friends in the City of London.

History will doubtless conclude that Lenihan, like deV before him, was just another wh0re of the Square Mile.

castle96

got my £50k out last week after writing a letter staing I had an "emergency", they were entitled to charge me "60 days loss of interest for early withdrawal" (1 yr fixed bond 6.75%), but they did not. (Error ? or just a nice gesture due to my 'emergency' - I don't know, but it saved me £400).
I was getting very nervous re Anglo Irish - happier now that my money is back in UK/Coventry B Socy. Just can't help thinking something like Iceland will happen....

RP72

I just managed to get my money out of the BOI/Post Office Growth Bond - they made so many mistakes they waived the early breakage charge and paid me the 7.05% interest for the 3 months I had it with them.

Feel safer now it's back in England.

cepheus

Does this not mean we would be covered by the UK scheme as well as Ireland's?

Anglo Irish Bank Corporation plc ... We are also members of the both the Irish Deposit Protection Scheme and the UK Financial Services Compensation Scheme.

http://www.angloirishbank.co.uk/Personal_Savings/

mickW_2

A few weeks ago I started a new thread about how the Anglo Irish took 3 weeks and over a dozen phone calls to send us a closure cheque for £30k when it was only a 7 day notice account. They kept saying someone will get back to you then eventually they admitted 'due to an error' they had never sent the cheque. Well we guessed this was a systematic way of delaying customers their right to their cash. We were so relieved when the cheque cleared. So on this web site we warned everyone to be careful bearing in mind the crash of their share price. Looks like they might go the way of Icesave. Trouble is the UK probably does not have assets to seize to pay off the UK investors so I reckon its a bit dicey whether the UK investors will all lose their hard earned dosh. A few clever so and sos came on here saying 'Oh of course the monies safe the Irish Government say so' . Do we believe them? We believed the Icelandic government and look what happened there. The only reason we got bailed out there was the fact we could freeze all their UK assets worth a billion or 2.

edwinac wrote: »

Things are looking pretty sick for Anglo Irish. Its share price has plummeted 95% over the past year. Today it is a penny stock. Tomorrow it may be no more.

The market is expecting an urgent announcement on the bank's future from finance minister, Brian Lenihan.

Lenihan is predicted to announce a nationalisation of some sort. If that goes ahead, it will be interesting to see what it could mean for the bank's savers.

There is little chance that the beleaguered Irish taxpayer could ever foot the depositors compensation bill if the Anglo-Irish folded. Last time I studied the figures (and that was before the Irish government aggravated the situation by offering its worthless 100% guarantee), the Irish banks had liabilities three times greater than the country's GDP.

There is also talk of the Anglo-Irish being frog-marched into a merger with either the Allied Irish or the Bank of Ireland. However, both of those banks are also at Death's Door, so that might just be the wishful thinking of hapless shareholders.

Another rumour claims that the Carlyle Group, a shadowy group of vulture capitalists, is pushing for Anglo-Irish to be placed in administration, so that the group can asset-strip the carcass of the bank.

Ireland's financial sector is in worse shape today than at any time since 1938 when De Valera, a puppet of the Crown, fudged the findings of a Banking Commission report into the crisis at the Dublin banks, to please his slimemold friends in the City of London.

History will doubtless conclude that Lenihan, like deV before him, was just another wh0re of the Square Mile.

edwinac_2

From the FT..

Ireland’s big banks poised to consolidate

By John Murray Brown

Published: November 21 2008 21:23 | Last updated: November 21 2008 21:23

Ireland’s three largest banks are coming under mounting government pressure to merge with their smaller rivals as Brian Lenihan, the Irish finance minister, seeks to strengthen the sector.

Bank of Ireland confirmed on Friday it had received unsolicited approaches from a number of parties “willing to make an investment in the group”.

Speculation in Ireland over the approaches focused on an Irish consortium called Maulabracka, led by Nick Corcoran and Nigel McDermott, of Cardinal Asset Management. JC Flowers and Carlyle, the private equity groups, also have been linked as parties interested in taking an equity stake in the bank.

With Ireland, the first eurozone economy officially in recession, all Irish banks need fresh capital. They are bracing themselves for a sharp rise in bad debts as loans to housebuilders and developers turn sour.

But any move by one of the banks to seek to bolster its balance sheet by taking private equity investment is likely to be politically controversial. Instead officials may seek to merge the country’s six financial institutions into three.

Richard Bruton, opposition finance spokesman for the conservative Fine Gael party, said venture capitalists were “circling around Ireland to see if they can make a quick buck out of our difficulties”. Jack O’Connor, president of SIPTU, Ireland’s largest trade union, said the banks “must not be left to the mercy of asset strippers and hedge funds”.

There was speculation in Ireland that over the weekend officials would put in place the necessary legislation to merge the country’s six institutions. Under the legislation providing for the guarantee of the banks’ liabilities announced in response to the credit crisis at the end of September, the minister has powers to force banks to merge. NCB stockbrokers said on Friday some form of consolidation of the sector was “now inevitable”.

But a senior finance official insisted the shape of any consolidation had not yet been decided. The chairmen and chief executives of the six banks, who met Mr Lenihan on Thursday in what were described as “structured meetings”, have been asked to “reflect on a number of matters”.

Irish Life & Permanent, Ireland’s main bancassurer, said it had held talks with the EBS building society “about how the two institutions might work together in the current market environment”.

Much speculation centres on a possible forced merger of Bank of Ireland and Irish Life & Permanent. One broker said this would raise competition concerns.