Very worrying stop press news re Anglo Irish

melbury

soulsaver wrote: »

Yep they keep finding stuff...
http://uk.reuters.com/article/businessNews/idUKTRE51B66320090212?pageNumber=3&virtualBrandChannel=0

but some bright notes from above:
...Analysts also noted that Ireland's general government debt to GDP ratio of 41 percent at the end of 2008 was well below the European average of 60 percent.

BTW the way Spain is going they'll have more unemployed than Ireland has got population....

Well that sounds good then about the GDP ratio - doesn't it?? Or does it just mean the rest of Europe will go broke before Ireland does?

JamesJames101

none of the countries are going bust!

Did you hear yet about withdrawing your savings - I would have thought that they would be falling over themselves backwards to get out of any 7% obligations ...

redouma

Re the above both myself and husband had spread over 3 accounts £80k with Anglo one giving 7.05% the other 2 giving 5.75%. Very good rates I am sure you will agree however we have just closed these accounts and pulled out money out, thus foregoing these rates and also enduring the penalty of loss of 60 days interest. I know several people here have argued the toss re lossing interest plus penalty charges but we envisaged potential problems in closing these accounts and thus invented emergency scenarios as their T & Cs state one withdrawal for emergency only.

Today the overall risk factor has shown Ireland to be leading in the higher risk category. We may have shot ourselves in the foot re loss of a good interest rate but feel we would rather have our money here in England where, although there are indeed risks here, we have better control.

Regarding the Irish Life & Permanent Insurance deposit of 7 billion euro into Anglo Irish last September this was reported in the Irish Times several days ago, this was also a deciding factor in us closing our accounts. May I suggest that if you have any savings tied up with a Republic of Ireland Bank that you daily check out the Irish Times Business Section because our papers seem totally lacking in any information relating to Ireland's problems.

melbury

JamesJames101 wrote: »

none of the countries are going bust!

Did you hear yet about withdrawing your savings - I would have thought that they would be falling over themselves backwards to get out of any 7% obligations ...

No I haven't heard a word from them yet. I thought it was better to be completely honest rather than making up some weak excuse. They must realize that all of the excuses being given are a lot of bull*** surely?

redouma

Agree totally that excuses are total bull but what are they going to do other than contest your excuse and perhaps refuse withdrawal.

melbury

redouma wrote: »

Agree totally that excuses are total bull but what are they going to do other than contest your excuse and perhaps refuse withdrawal.

True, perhaps I should have used an excuse, but I have read about people who were given their funds back due to the T&C's changing. Did you have to pay the penalty of 60 days loss of interest? Also, how long before you heard from them? I posted letter last Sunday:eek:

castle96

I withdrew before Xmas
letter of 'excuse'
NO penalty/60 days was imposed

redouma

Hi Melbury

It took approximately a week on closing my own account I sent a recorded delivery letter which they then said they had not received I then sent a further letter as they will not take any instructions via the telephone as your signature and receiving bank details must be in writing. My husband's closure was exactly one week, followed by a letter stating that they had looked at his account and on this occasion were permitting closure. I might add that my husband refrained from making up any excuse and merely asked to close his account.

I suppose given that some depositors have challenged the change of conditions regarding the FSA no longer guaranteeing deposits and this being totally in the hands of the Irish Government. We perhaps should have made no excuse but I am much more relieved we now have our money back in England albeit minus a couple of pounds interest as opposed to waiting another 10 months and worrying throughout that time in case we lost the lot.

I would say that if anyone has a stronger constitution and nerve and dont mind the grave uncertainty of Anglo Irish/Irish Government and now the disclosed relevations of Irish Life & Permanent I admire you unfortunately my nerves wouldnt allow us as pensioners that luxury.

melbury

redouma wrote: »

Hi Melbury

It took approximately a week on closing my own account I sent a recorded delivery letter which they then said they had not received I then sent a further letter as they will not take any instructions via the telephone as your signature and receiving bank details must be in writing. My husband's closure was exactly one week, followed by a letter stating that they had looked at his account and on this occasion were permitting closure. I might add that my husband refrained from making up any excuse and merely asked to close his account.

I suppose given that some depositors have challenged the change of conditions regarding the FSA no longer guaranteeing deposits and this being totally in the hands of the Irish Government. We perhaps should have made no excuse but I am much more relieved we now have our money back in England albeit minus a couple of pounds interest as opposed to waiting another 10 months and worrying throughout that time in case we lost the lot.

I would say that if anyone has a stronger constitution and nerve and dont mind the grave uncertainty of Anglo Irish/Irish Government and now the disclosed relevations of Irish Life & Permanent I admire you unfortunately my nerves wouldnt allow us as pensioners that luxury.

Thanks for your reply. I did think that I would OK waiting until the bond matures, but in the end knew I couldn't through to November - I am a coward:o Of course they might not let me have the money back.

redouma

Hi Melbury

I am sure you will be ok, if they do refuse you could always go back with an excuse and suffer the loss of the 60 interest penalty.

I think things will get far worse with Anglo Irish and its cohorts as Denis Casey CEO of Irish Life has just resigned over that 7 billion euro deposit.

If no mail arrives by Monday am why dont you give them a ring to confirm receipt. By the way the transfer of money from them to us was done by express transfer so have you checked your receiving account just in case they have already transferred your funds.

Regards