Very worrying stop press news re Anglo Irish

kostigovs

"There wasn't a particular weakening in the last few days, it was not correct to suggest as was suggested here last night that there was a run on the institution, but the funding position was weak," Mr Lenihan said.

maypole

I heard on the news it has been nationalised
EDIT oops you already know that

baby_boomer

FT - What the nationalisation means for UK savers

"...........
Is my money safe?

Don't panic. The nationalisation of Anglo Irish Bank should not mean that anything will happen to your money. The Irish Government is now backing the bank and says that business should continue as usual. It has said that people’s accounts will not be affected by the change and that their cash will remain secure.

I’m worried, can I get my money if I want to?

Yes, you can. There has been no freezing of accounts so depositors and creditors can still transact as normal and anyone that wants to take their money out should not have a problem doing so.

What should I do, should I take my money out while I can?

There’s no need to take your money out. Kevin Mountford, head of banking at moneysupermarket.com, said: “Naturally any savers with Anglo Irish may be concerned about the saftey of their money but it’s worth noting that the government guarnatee means their deposits are fully protected.”
Also, because many of the accounts are fixed term bonds and accounts, if savers take their money out now they will not benefit from the high rates of interest and will face paying a high penality for withdrawing funds.

Now it has been nationalised will the bank continue to offer a competitive rate?

The rates have not moved this week but that could change as rates are reviewed. However, at the moment the rates sill remain very competitive, says David Black, principal banking consultant at Defaqto research centre. “It is sill offering some of the best interest rates including the one year fixe rate bond at 4.6 per cent, the two year fixed bond at 4.2 per cent and the three, four and five year bonds at 4 per cent. All need just a minimum of £500 deposit to open one.”

Is my money guaranteed?

The Irish government has promised to protect all savers’ money until 2010, and any UK accounts from Irish Banks such as Anglo-Irish, get this protection. One thing savers do need to remember, however, is that this protection comes from a smaller European country than the UK so you will need to ask yourself how sure you are the Irish government can back it up, before relying on it the same way as UK protection......"

joemardo1

baby_boomer wrote: »

FT - What the nationalisation means for UK savers

"...........


Is my money guaranteed?

The Irish government has promised to protect all savers’ money until 2010, and any UK accounts from Irish Banks such as Anglo-Irish, get this protection. One thing savers do need to remember, however, is that this protection comes from a smaller European country than the UK so you will need to ask yourself how sure you are the Irish government can back it up, before relying on it the same way as UK protection......"

Isn't it true though that any shortfall in the compensation (for uk investors) and even if the back would go bust would be made up from the uk compensation scheme?

Joe

baby_boomer

I can just feel the size of my tax bill rising as the size of the economy shrinks further .

When are we going to stop subsidising every crap foreign bank that poaches UK savings and teach savers some personal responsibility?

It's not as if there is anything left in the taxpayers' bottomless pit. And it's not as if UK banks aren't desperate for our savings.

As with IceSave, Anglo-Irish was coincidentally top of the best buy tables just before it stopped trading as a private company.

And it's not as if taxpayers haven't got banks of our own to save.

withnell

joemardo1 wrote: »

Isn't it true though that any shortfall in the compensation (for uk investors) and even if the back would go bust would be made up from the uk compensation scheme?

Although the uk government stepped in with Iceland, the FSCS scheme only applied to top up to 50k if the home country scheme doesn't cover that high. This means that as Ireland offers a greater level of protection, your claim is on the Irish government.

Blackdog

I feel the money is safer today than it was yesterday, I would rather have it in public hands than take the risk of the fat cats gambling it away. I do agree though that we are all going to be paying higher taxes for a long time.

melbury

I just can't believe all of this. I had all of my money invested with Northern Rock in a fixed rate bond when the trouble kicked off with them. When I got the money out I was so careful in researching where to put it next and checked and double checked that Anglo Irish Bank came within the UK compensation scheme, which it definitely did.

The bond I am invested in doesn't mature until November:eek: Just don't know what to do for the best, the whole thing is a minefield.

FraudBuster

than take the risk of the fat cats gambling it away.

The Fat Cats have already gambled it away.

My take is that this [strike]is[/strike] could be the Irish version of
Bank of Credit and Commerce International


http://en.wikipedia.org/wiki/Bank_of_Credit_and_Commerce_International

masonic

baby_boomer wrote: »

I can just feel the size of my tax bill rising as the size of the economy shrinks further .

When are we going to stop subsidising every crap foreign bank that poaches UK savings and teach savers some personal responsibility?

It's not as if there is anything left in the taxpayers' bottomless pit. And it's not as if UK banks aren't desperate for our savings.

As with IceSave, Anglo-Irish was coincidentally top of the best buy tables just before it stopped trading as a private company.

And it's not as if taxpayers haven't got banks of our own to save.

I'm not quite sure how you think the UK is subsidising Anglo-Irish. It isn't even covered by the FSCS.