Anglo Irish Bank

BruceyBonus

Just_landed wrote: »

So what is the point of being a member of the FSCS.:think: would it be to confuse its customers, sure is me.

The Irish scheme used to pay 100% of the first €2000, then 90% of the remaining €20,000. By "topping-up" to the FSCS, the FSCS would pay the difference between the UK and Irish scheme, i.e. the difference between £50,000 and €18,200.

melbury

OMG I have only just seen this thread! I have a fixed rate savings bond with Anglo Irish Bank which doesn't mature until November 2009 - will my savings be OK:eek: Before taking out the bond I was very careful in checking that Anglo Irish were covered by the compensation scheme and it definitely said it was.

masonic

melbury wrote: »

OMG I have only just seen this thread! I have a fixed rate savings bond with Anglo Irish Bank which doesn't mature until November 2009 - will my savings be OK:eek: Before taking out the bond I was very careful in checking that Anglo Irish were covered by the compensation scheme and it definitely said it was.

The Irish government recently put a €1.5 billion stake into Anglo Irish. I'd think that would send them down a path towards nationalisation if things got worse for the bank, rather than allowing it to fail. Even if the worst happened, there's no reason to think the Irish scheme would not be adequate to cover the compensation it would need to pay out.

soulsaver

melbury wrote: »

OMG I have only just seen this thread! I have a fixed rate savings bond with Anglo Irish Bank which doesn't mature until November 2009 - will my savings be OK:eek: Before taking out the bond I was very careful in checking that Anglo Irish were covered by the compensation scheme and it definitely said it was.

In th e unlikely event it is allowed to fail by the Irish Gov, it is definitely covered by a scheme; and £50k would seem to be the least you could be covered for. Well.... no prob then.

MarkFromCornwall

Steve_xx wrote: »

The Ise of Man ofshoots of Icesave and Kaupthing were not regulated by the FSCS, whereas Anglo Irish Bank is.

Not since 28/11/08 when they quietly withdrew from the UK FSCS deposit protection scheme.

masonic

MarkFromMullion wrote: »

Not since 28/11/08 when they quietly withdrew from the UK FSCS deposit protection scheme.

It part of the FSCS, but cover is under the passport scheme, which does not cover any money guaranteed by the home country (which is now everything). Was it not part of the same passport scheme prior to November 2008?

MarkFromCornwall

masonic wrote: »

It part of the FSCS, but cover is under the passport scheme, which does not cover any money guaranteed by the home country (which is now everything). Was it not part of the same passport scheme prior to November 2008?

I'm not sure, but this is from the Anglo Irish web site.

"the protection you receive from the Irish Scheme is greater than that available under the UK Financial Services Compensation Scheme (“UK Scheme”).
Under European law, banks which have a greater level of protection in their state of incorporation are not permitted to remain a member of the UK Scheme. Consequently, Anglo Irish Bank ceased to be a member of the UK Scheme on 28 November 2008."

I interpret that to mean that depositors are now protected only by the Irish Government, but I could be wrong.

gozomark

MarkFromMullion wrote: »

I interpret that to mean that depositors are now protected only by the Irish Government, but I could be wrong.

thats my understanding as well

masonic

MarkFromMullion wrote: »

I interpret that to mean that depositors are now protected only by the Irish Government, but I could be wrong.

That's correct. If the Irish compensation limit drops below £50k, then FSCS protection will once again apply for the sum between the Irish compensation limit and £50k.

Just_landed

MarkFromMullion wrote: »

I'm not sure, but this is from the Anglo Irish web site.

I interpret that to mean that depositors are now protected only by the Irish Government, but I could be wrong.

Copied from a letter I recieved today from Anglo Irish Bank :-

Under Eu law, banks which have a greater level of protection in their state of incorparation are not permitted to remain a member of the UK Scheme. Consequently, Anglo Irish Bank ceased to be a member of the UK scheme on 28 September 2008.

To me thats not good. _pale_