Very worrying stop press news re Anglo Irish

CelticStar

Can anyone just confirm for me that Bank of Ireland (who run the Post Office accounts) is a completely separate institution from Anglo Irish. Thanks.

Gwhiz

CelticStar wrote: »

Can anyone just confirm for me that Bank of Ireland (who run the Post Office accounts) is a completely separate institution from Anglo Irish. Thanks.

Yes it most certainly is!

melbury

redouma wrote: »

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

Just checked but it's not there. I didn't think it would be, I am expecting them to contact me before anything like that happens. I will get in touch with them early next week.

redouma

Hi Melbury

I wouldnt wait as Anglo didnt contact us before the transfer of funds it was only when we phoned them they told us.

Again good luck.

soulsaver

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.

I think the risk in the Irish stuff is overblown - a lot of media hype. The loans were known about by the Irish govt but their (possible) mistake was not making it public. Just plain shabby & underhand but not illegal. Same with the personal loans for the CEO.
But as I said before - you think UK safe? 10billion loss at HBoS? 30% wiped off LLoyds share value today?
However I think you are right to do what you feel comfortable with, based on how YOU feel; if you now sleep easy its the right thing to do. Well done.
I'm still stayin' til maturity.. :cool: (:o )

Midnight_Cowboy_2

soulsaver wrote: »

I think the risk in the irish stuff is overblown - a lot of media hype. The loans were known about by the Irish govt but their (possible) mistake was not making it public. Just plain shabby & underhand but not illegal. Same with the personal loans for the CEO.
But as I said before - you think UK safe? 10billion loss at HBoS? 30% wiped off LLoyds share value today?
However I think you are right to do what you feel comfortable with, based on how YOU feel; if you now sleep easy its the right thing to do. Well done.
I'm still stayin' til maturity.. :cool: (:o )

£10 billion is a drop in the ocean for the UK. Our economy is far, far larger than Ireland's.

Andrew64

Midnight_Cowboy wrote: »

£10 billion is a drop in the ocean for the UK. Our economy is far, far larger than Ireland's.

I think that may be why there is serious concern about Ireland going bust, but not Britain:

Default fears as Ireland's debt costs continue to rise

http://www.independent.ie/business/irish/default-fears-as-irelands-debt-costs-continue-to-rise-1639898.html

"THE cost of servicing the national debt continues to rise with investors becoming increasingly concerned at the possibility Ireland will default on its soaring debt pile."

"Credit-default swaps on Irish government bonds jumped 95 basis points to a record 355 basis points or 3.55pc, the most of any euro area country. This rate compares to 265 basis points on products insuring against a default by the Greeks.
Part of the problem is the government bank guarantee scheme -- the debts held by Irish financial institutions are more than 11 times the size of the economy, according to BNP Paribas SA. "The biggest budgetary offenders are facing a difficult future," Mr Brzeski said."

Andrew64

According to this article, Anglo Irish is banning all withdrawals from fixed deposits:

http://www.dailymail.co.uk/money/article-1145437/Irish-bank-bans-bond-cash-ins-After-Dublin-bail-anxious-savers-told-money-early.html

"Scandal-hit Anglo Irish Bank, which has been taken over by the Dublin government, is refusing to allow some of its nervous depositors to withdraw their money. Half the bank's 240,000 customers are in the UK and a high proportion of them have fixed-interest bonds that run for one year or more. The bank is enforcing conditions in the small print to prevent fixed-rate savers from taking their cash before maturity. 'It's as if we're being held hostage,' says one anxious UK customer who tried to withdraw his money. Savers with other accounts can make withdrawals as usual. Anglo told him: 'Withdrawals are permitted only in the case of an emergency and at our discretion.' Fears over the safety of the bank was not an adequate reason, as it said: 'You have not provided a satisfactory emergency reason for us to action this transfer.' Though legitimate, this practice will only add to the anxieties of Anglo's depositors. The bank wrote to customers last month, warning them their savings were no longer covered by the UK depositor protection, the Financial Services Compensation Scheme."

JP45

Thanks for the link to the Daily Mail article.

I actually draw some small comfort from the final paragraphs of that same article:

Post Office chief executive Alan Cook refuses to talk to Financial Mail on the subject. In contrast, the Financial Services Authority last week called for a review of the lax system that allows foreign banks to operate in the UK without belonging to the FSCS.

Though Ireland was not mentioned specifically, the FSA said: 'Depositors in one country are vulnerable to the failure of banks in another if that country lacks the resources to ensure bank solvency or the resources and willingness to fund bank rescue. The current situation should be reviewed.

The fact that the FSA is calling for the current situation to be reviewed suggests to me that they believe it unfair that people who invest in a foreign bank opearting in the UK should be left in a more vulnerable position; all the more so in the case of a bank like Anglo Irish which was originally covered by the FSCS.

melbury

Andrew64 wrote: »

According to this article, Anglo Irish is banning all withdrawals from fixed deposits:

http://www.dailymail.co.uk/money/article-1145437/Irish-bank-bans-bond-cash-ins-After-Dublin-bail-anxious-savers-told-money-early.html

"Scandal-hit Anglo Irish Bank, which has been taken over by the Dublin government, is refusing to allow some of its nervous depositors to withdraw their money. Half the bank's 240,000 customers are in the UK and a high proportion of them have fixed-interest bonds that run for one year or more. The bank is enforcing conditions in the small print to prevent fixed-rate savers from taking their cash before maturity. 'It's as if we're being held hostage,' says one anxious UK customer who tried to withdraw his money. Savers with other accounts can make withdrawals as usual. Anglo told him: 'Withdrawals are permitted only in the case of an emergency and at our discretion.' Fears over the safety of the bank was not an adequate reason, as it said: 'You have not provided a satisfactory emergency reason for us to action this transfer.' Though legitimate, this practice will only add to the anxieties of Anglo's depositors. The bank wrote to customers last month, warning them their savings were no longer covered by the UK depositor protection, the Financial Services Compensation Scheme."

But they have let quite a few people withdraw from fixed rate bonds purely because of the change to their T&C's. I just don't understand how they can have one rule for some and not for others. Presumably this is why I haven't heard anything from them following my request to withdraw funds:mad: This whole thing is stressing me out.

Do all of you with savings locked up in Anlgo Irish Bank still feel confident that we will get our money back? Does anyone have to wait as long as I do to find out? - i.e. November?