Very worrying stop press news re Anglo Irish

masonic

melbury wrote: »

Of course it yet remains to be seen whether or not they'll let me withdraw the money.

...and whether or not they'll deduct a penalty if they do let you withdraw it.

melbury

masonic wrote: »

...and whether or not they'll deduct a penalty if they do let you withdraw it.

That's very true, but they have let other people withdraw the money penalty free, so surely they should treat everybody the same?

masonic

melbury wrote: »

That's very true, but they have let other people withdraw the money penalty free, so surely they should treat everybody the same?

According to what people have posted here, they haven't so far.

Andrew64

Interested_Taxpayer wrote: »

They offered me 4.3% to keep it with them for a further year!!

I think we should regard that as the risk premium!

gozomark

so you think there is a 1 in 25 chance that depositors will lose their money in Anglo Irish over the next 12 months ?

personally I'd put it at 1 in a 1000

debbie_cliff

Before withdrawing my money from Anglo Irish I checked with the UK FSCS and they informed me that the UK government would not get involved at all if Ireland defaulted and that the UK govt insisted that Anglo Irish and other Irish Banks contact all investors to let them know they will not be protected by FSCS. Investors beware NO UK BAILOUT

GeorgeHowell

debbie_cliff wrote: »

Before withdrawing my money from Anglo Irish I checked with the UK FSCS and they informed me that the UK government would not get involved at all if Ireland defaulted and that the UK govt insisted that Anglo Irish and other Irish Banks contact all investors to let them know they will not be protected by FSCS. Investors beware NO UK BAILOUT

In other words to invest with them is MADNESS !

gozomark

not if you think the chance of Ireland going bankrupt is very, very small

there is a chance the world will end tomorrow - better commit suicide now just in case

GeorgeHowell

Is there anyone who can show evidence of having predicted Iceland going bankrupt before everything blew up in their face ? Ireland is bigger it's true but not that much bigger in the scheme of things. It was over-optimism, such as anticipating house prices going on rising for ever, that in large part caused the credit crunch. If savers in Irish banks, or anywhere else abroad, get turned over without any bail-out this time -- and they've been warned enough -- then they'll get no sympathy from me, nor I would hope from the vast majority of the UK population.

JP45

debbie_cliff wrote: »

Before withdrawing my money from Anglo Irish I checked with the UK FSCS and they informed me that the UK government would not get involved at all if Ireland defaulted and that the UK govt insisted that Anglo Irish and other Irish Banks contact all investors to let them know they will not be protected by FSCS. Investors beware NO UK BAILOUT

I'm not at all surprised at the response you got from the UK FSCS. I wouldn't expect them to say anything else. But the fact remains that the government has already stepped in to bail out savers when they were not required to do so under terms of the FSCS. And had you asked the FSCS a few months ago whether they or the UK government would be willing to bail out UK savers beyond the cover provided by the FSCS scheme they would have said the same thing back then ie NO.

So I would maintain that there is still a possibility that the UK government would compensate UK savers in the unlikely event that i. The Irish government goes bankrupt and fails to honour its guarantee to UK savers, and ii. The EU/ECB fails to step in to bail out the Irish state. But you are never going to get the UK government to say so explicitly for perfectly obvious reasons.