Very worrying stop press news re Anglo Irish

Richard_Cocks

I don't have any money in anglo-irish, nor do I want to be accused of scaremongering, but is anyone else worrying that the reason they are now allowing this "backdoor" so they can turn around later to those who chose to leave their money and say "we gave you a chance to escape, so now we're defaulting don't blame us!".

This "escape route" that's opened up could be from uk govt pressure to give people a chance to escape so that if they do default the uk govt won't feel under any pressure to do for anglo-irish depositors what they did for Icesave depositors...

I am just naturally pessimistic I suppose.

jack_spratt_2

Richard_Cocks wrote: »

I don't have any money in anglo-irish, nor do I want to be accused of scaremongering, but is anyone else worrying that the reason they are now allowing this "backdoor" so they can turn around later to those who chose to leave their money and say "we gave you a chance to escape, so now we're defaulting don't blame us!".

This "escape route" that's opened up could be from uk govt pressure to give people a chance to escape so that if they do default the uk govt won't feel under any pressure to do for anglo-irish depositors what they did for Icesave depositors...

I am just naturally pessimistic I suppose.

Wow

I bet your glass is half empty not half full

melbury

Richard_Cocks wrote: »

I don't have any money in anglo-irish, nor do I want to be accused of scaremongering, but is anyone else worrying that the reason they are now allowing this "backdoor" so they can turn around later to those who chose to leave their money and say "we gave you a chance to escape, so now we're defaulting don't blame us!".

This "escape route" that's opened up could be from uk govt pressure to give people a chance to escape so that if they do default the uk govt won't feel under any pressure to do for anglo-irish depositors what they did for Icesave depositors...

I am just naturally pessimistic I suppose.

That is a very strange way of looking at the situation. I mean how many people would actually find this article for themselves? If it was the intention of Anglo Irish Bank to to offer an escape route, why not write direct to their invstors and offer it?

masonic

Richard_Cocks wrote: »

I don't have any money in anglo-irish, nor do I want to be accused of scaremongering, but is anyone else worrying that the reason they are now allowing this "backdoor" so they can turn around later to those who chose to leave their money and say "we gave you a chance to escape, so now we're defaulting don't blame us!".

This "escape route" that's opened up could be from uk govt pressure to give people a chance to escape so that if they do default the uk govt won't feel under any pressure to do for anglo-irish depositors what they did for Icesave depositors...

I am just naturally pessimistic I suppose.

It is far more likely that they have realised that it is not in their best interests to keep a load of angry, panic-stricken customers in fixed rate accounts that are now paying a lot more interest than they really need to. I'm sure even Anglo can borrow money more cheaply than the >7% it's paying out on some of these accounts. In that situation they'd be pretty silly not to let people break these fixed terms. Not only do they save face, they save money as well!

debbie_cliff

This was in the Times Online

"Amid fears over the health of the Irish economy, savers are clamouring for their cash. Sunday Times reader Chris Chaplin, 61, of Staunton, Gloucestershire, withdrew £70,000 from an Anglo Irish fixed-rate bond before the end of the term without penalty, after arguing the bank was in breach of the terms and conditions. These stated it was a member of the UK FSCS

When I took out the bond last year all the Anglo Irish literature trumpeted that it was regulated by the Financial Services Authority and covered by the FSCS — a major reason I made the deposit,” he said.

You can use this as the reason if you took your bond out prior to November 2008.

stevetodd

debbie_cliff wrote: »

This was in the Times Online

"Amid fears over the health of the Irish economy, savers are clamouring for their cash. Sunday Times reader Chris Chaplin, 61, of Staunton, Gloucestershire, withdrew £70,000 from an Anglo Irish fixed-rate bond before the end of the term without penalty, after arguing the bank was in breach of the terms and conditions. These stated it was a member of the UK FSCS

When I took out the bond last year all the Anglo Irish literature trumpeted that it was regulated by the Financial Services Authority and covered by the FSCS — a major reason I made the deposit,” he said.

You can use this as the reason if you took your bond out prior to November 2008.

My view is that if Ireland can go under so can the UK, so I will leave my cash earning 7% in Anglo's fixed bond rather than transfer it somewhere earning far less and probably no safer anyway

Andrew64

stevetodd wrote: »

My view is that if Ireland can go under so can the UK,

I agree with that. It all depends on whether you think that Ireland is more likely to go under than the UK.

masonic

debbie_cliff wrote: »

You can use this as the reason if you took your bond out prior to November 2008.

Actually, you can probably use it as the reason even after that, since it took Anglo some time to update its literature.

masonic

Andrew64 wrote: »

I agree with that. It all depends on whether you think that Ireland is more likely to go under than the UK.

I'd imagine we'd see a domino effect if Ireland went under and wasn't rescued.

bendipa

Richard_Cocks wrote: »

I don't have any money in anglo-irish, nor do I want to be accused of scaremongering, but is anyone else worrying that the reason they are now allowing this "backdoor" so they can turn around later to those who chose to leave their money and say "we gave you a chance to escape, so now we're defaulting don't blame us!".

This "escape route" that's opened up could be from uk govt pressure to give people a chance to escape so that if they do default the uk govt won't feel under any pressure to do for anglo-irish depositors what they did for Icesave depositors...

I am just naturally pessimistic I suppose.

Who's they? ANG is totally owned by the Irish government. Are you seriously suggesting that the Irish government intends to default on its debts, and say later on "don't blame us, we're not going to pay up and we don't care". Nobody would ever do business with any Irish bank again if that's what you meant.

Not very likely!