Very worrying stop press news re Anglo Irish

Gwhiz

melbury wrote: »

OMG, as if I wasn't stressed enough about it yesterday, this is just awful:eek:

Why won't they let me have my money back? Yes I did sign up to a fixed term, but on the T&C's ruling at the time in 2007, it is them that have moved the goalposts and changed everything.

I have no doubts that as part of the EU Ireland will not be allowed to go the way of Iceland... from the article "One possible solution would see Germany buy billions of euros of Irish government debt through a fund set up by the European Central Bank. "

EalingSaver

"I have no doubts that as part of the EU Ireland will not be allowed to go the way of Iceland... from the article "One possible solution would see Germany buy billions of euros of Irish government debt through a fund set up by the European Central Bank. "

My head agrees with you. However, if you have gone through IceSave and KE hell - as I and others have done - then the rapdily rising CDS rates on Ireland's sovereign debt is beginning to get a tad worrying. I have a 1 yr fix which matures in a weeks time, as well as a 9 month fix I took out about 3 months ago. Now regretting the latter a touch.

On the other hand, surely surely the ECB and european governments could not allow an euro zone country to go bust or allow the depositers in a state owned bank in said country to lose their money.

But these are strange times.

Still I suppose I could always put my money in that rock solid institution known as HBOS (sorry, Lloyds Banking Group).

melbury

RecoveringAlcoholic wrote: »

Why put your money in a country with very large question marks about the probity of the entire financial system?

Risk v Reward.

Because at that time back in 2007 there weren't any question marks over Ireland, at least not any that I was aware of. Also, as previously stated, the big thing for me was that they came under the umbrella of the UK compensation scheme.

melbury

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?




Since I asked this question yesterday I think only two people have said that they actually have money invested in Anglo Irish Bank. I though lots of people on here did, especially those that keep saying everything will be OK

gozomark

I do, and I'm no more worried about it than the money I have in UK banks - ie a little bit worried

castle96

Melbury

WHY are you still waiting since Nov ??
I am sure that many others did the same as me
In writing - letter with dire invented 'emergency' (T&C do allow this). Money was in my account in a matter of days

This seems to be what you want, isn't it ?

Luckily I got mine into Coventry, at 6.25%, ok you/now... 3.5% ?, but at least you would not be worrying about it

soulsaver

castle96 wrote: »

Melbury

WHY are you still waiting since Nov ??
I am sure that many others did the same as me
In writing - letter with dire invented 'emergency' (T&C do allow this). Money was in my account in a matter of days

This seems to be what you want, isn't it ?

Luckily I got mine into Coventry, at 6.25%, ok you/now... 3.5% ?, but at least you would not be worrying about it

The withdrawal in an emergency was stated 'at their discretion'.
If lots have tried it on, statistically they'll know that the increased demand is fabricated and in defence of the business as a whole will exercise that discretion eventually - and that could be now.
And I agree - my funds and others still in there will be at risk if every Tom, Harry and Richard in effect create a run.

melbury

castle96 wrote: »

Melbury

WHY are you still waiting since Nov ??
I am sure that many others did the same as me
In writing - letter with dire invented 'emergency' (T&C do allow this). Money was in my account in a matter of days

This seems to be what you want, isn't it ?

Luckily I got mine into Coventry, at 6.25%, ok you/now... 3.5% ?, but at least you would not be worrying about it

I did write requesting to withdraw my funds last weekend, but haven't received a reply. I didn't invent a dire 'emergency' because I assumed that as so many people were already doing this, they would know it was bogus. Instead I was totally honest and said that it was because of the change in terms and conditions with regard to the UK compensation scheme.

Thought that honesty was the best policy, but apparently not. I assume if I wrote again inventing some dire emergency, they would just say no.

EalingSaver

melbury wrote: »

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?

Since I asked this question yesterday I think only two people have said that they actually have money invested in Anglo Irish Bank. I though lots of people on here did, especially those that keep saying everything will be OK

I do. Easy Access, and 2 fixed terms. One matures in a weeks time, the other won't mature till June/July time. As illogical as it is - and I'm not superstitious or believe in this type of thing - but eerily reminiscent of the time I had a fixed term mature at IceSave about 4 days before Iceland went into meltdown. Oh and my father has too.

But Ireland is not quite Iceland: its part of the eurozone. And the rest of the EU goverments are desperate to see Ireland ratify the Lisbon treaty after it was rejected in the last referendum. And apart from those two very major political factors, the fact that it is in the Eurozone does mean it won't get caught in the additional bind of an unstoppable run on its currency. Given that Anglo Irish is already nationalised, the sequence of events required here would be:

a) Ireland teeters on bankruptcy
b) Eurozone banks don't step in
c) IMF is unable to step in

Or they do but Irish government for some reason refuse to honour deposits. AS Anglo Irish is already nationalised, surely this wouldn't be a case of not honouring its compensation scheme when a bank went bust, but rather it would be a simple case of theft by the sovereign government.

Ah well, anything is possible in these times. Anyone know where I can find a large matteress?

masonic

melbury wrote: »

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?

Since I asked this question yesterday I think only two people have said that they actually have money invested in Anglo Irish Bank. I though lots of people on here did, especially those that keep saying everything will be OK

I have money in Anglo and while I was slightly concerned back in December, I'm less worried now. I'll be leaving it in there until November.