Very worrying stop press news re Anglo Irish

Arthurian

People were uneasy, then some kind people - e.g., eeja and Fraudbuster - on MSE let us know about Sean Quinn
http://forums.moneysavingexpert.com/showthread.html?t=1365207&page=2


http://forums.moneysavingexpert.com/showthread.html?t=1267457


which for me was enough to tip the scales when I was deciding whether or not to put my savings there. That and a little extra research about the size of Anglo Irish, etc. Thanks, MSE-ers.

withnell

eeja wrote: »

What is most worrying (even for Gozomark) is that were the EU to rule against Ireland its current cast iron ( note I did not say gilt edged ! ) guarantee on deposits might also fall away. If this happened it is quite possible that the bank would go belly up and depositors would lose their savings.

In the event of the Ireland guarantee being removed, deposits with AIB(UK) will be covered by the UK FSCS up to 50k

k8r4u

(Note: "AIB(UK)" is Allied Irish Bank - an entirely different company to Anglo-Irish Bank).

kostigovs

evenasus wrote: »

Me too.
They only have themselves to blame if they lose their money.

And what about those of us who were existing savers?

eeja

The Dublin government on Thursday night nationalised Anglo Irish Bank, the Irish Republic’s third largest lender, which has seen the collapse of its share price accelerate in recent days amid fresh reports of large-scale deposit withdrawals.
The move, announced by Brian Lenihan, finance minister, ends attempts to keep the bank in private ownership. It was prompted by fears that the bank could be declared insolvent, which would trigger a state’s guarantee and leave the government responsible for settling close to €100bn of liabilities, including €50bn of customer deposits and €20bn of wholesale deposits.

evenasus

kostigovs wrote: »

And what about those of us who were existing savers?

soulsaver wrote: »

I was gonna point this out the first time it was said but thought it picky, but as its 'breeding'...: FSCS is a compensation scheme, not regulator - FSA is the regulator.
I know its probably not what was meant but for the avoidance of doubt, Anglo Irish IoM is NOT regulated by the FSA, nor covered by the UK FSCS.

Was Anglo Irish ever covered by the UK FSCS?

[Deleted User]

I've seen reference to the 100% guarantee from Martin and in the media, but there's no mention of it on the Anglo Irish website or the Irish regulators site that they link to. All they refer to is 100k euro.

LesU

soulsaver wrote: »

I follow the news with Anglo and have seen no recent reports '..a big run of depositors extracting....' Got a link? Or are you talking of September last prior to the guarantee?

http://news.sky.com/skynews/Home/Business/Anglo-Irish-Bank-Shares-Suspended-On-London-And-Irish-Stock-Exchanges/Article/200901315204639?lpos=Business_First_Home_Article_Teaser_Region_9&lid=ARTICLE_15204639_Anglo_Irish_Bank_Shares_Suspended_On_London_And_Irish_Stock_Exchanges

Although I saw it reported on the 12:00 News on Channel 4.

captainkevos

evenasus wrote: »

Was Anglo Irish ever covered by the UK FSCS?

I took out a 1 year FTD with them last February and this is the wording on the back page of their company brochure :

"The Bank is regulated by the Irish Financial Services Regulatory Authority as a European Authorised Institution. Within the UK, the Bank is also regulated by the Financial Services Authority (FSA) in respect of its UK business and is a member of the Financial Services Compensation Scheme and the Finanical Ombudsman Service in the UK.

Anglo Irish Bank is authorised by the FSA to receive deposits in the UK. Anglo Irish Bank Corporation plc is a member FSCS in the UK. Payments under the scheme are limited to a maximum of £35,000 of an Account Holder's total deposits with Anglo Irish Bank Corporation plc."

africanman

try not to worry it will be ok