Very worrying stop press news re Anglo Irish

soulsaver

http://news.bbc.co.uk/1/hi/business/7894797.stm

I have money invested in Anglo Irish due to mature later this year at a very high rate of interest. I know it is guaranteed by the Irish government but I keep reading that Ireland is bankrupt. What would you do? George, London
I would leave it with AIB for the time being but seriously consider reinvesting elsewhere once it matures later in the year. Shop around for a secure organisation offering a competitive rate at that time. It's a matter of your peace of mind as much as the investment return.

gozomark

answer starts badly, and doesn't improve

1. AIB is not Anglo Irish
2. seriously consider reinvesting elsewhere once it matures later in the year - that should apply every time a fixed account matures with anyone
3. Shop around for a secure organisation offering a competitive rate at that time - first part - define secure, and how do you know ? second part - no, really ??

soulsaver

gozomark wrote: »

answer starts badly, and doesn't improve

1. AIB is not Anglo Irish
2. seriously consider reinvesting elsewhere once it matures later in the year - that should apply every time a fixed account matures with anyone
3. Shop around for a secure organisation offering a competitive rate at that time - first part - define secure, and how do you know ? second part - no, really ??

I knew someone'd pick up on the AIB bit - it gets on my nerves too. But you have to give him a bit of slack - after all he is a BBC employed 'expert'...
I just thought hearing an expert say on BBC webby they'd leave deposits in Anglo would give some balance to those winding up the ones that have deposits 'only' guaranteed by the Irish Govt.

soulsaver

soulsaver wrote: »

http://news.bbc.co.uk/1/hi/business/7894797.stm

I have money invested in Anglo Irish due to mature later this year at a very high rate of interest. I know it is guaranteed by the Irish government but I keep reading that Ireland is bankrupt. What would you do? George, London
I would leave it with AIB for the time being but seriously consider reinvesting elsewhere once it matures later in the year. Shop around for a secure organisation offering a competitive rate at that time. It's a matter of your peace of mind as much as the investment return.

Not any George we know ... hoping for a more damning answer?

mgmiller

I bought two fixed rate bonds last year which I now wish to cash which will involve a 60 day loss of interest. Anglo Irish told me that I would have to write in and explain my reasons. They would then decide whether my reasons were acceptable ...!!
They quoted para.4.1 of their Terms and Conditions which states ]"...withdrawals are only allowed in the case of an emergency and if permitted by us..." However, the Terms do not stipulate this has to be in writing
I maintained that the condition was unreasonable and contrary to good banking practice, but the response was simply 'sorry, that's the way it is'. I hold that to put the reasons in writing was an invasion of privacy and was at best extremely arrogant and at worst maliciously obstructive . I have complained to the CEO of Anglo irish and also the Irish Financial Ombudsman, so far without replyIf anyone has managed to cash in their bonds prematurely, I would love to know how they managed it

castle96

I did exactly what they needed.
Letter of request stating emergency (ill parents needed money for housing)
I expected the 60 days loss of interest
Days later the money turned up WITH NO LOSS OF INTEREST
(this was last Nov)

redouma

hi mg miller

I would suggest reading back on many of the responses in this site as I think its the luck of the draw whether you get your money in totality or with a 60 day penalty (1 year bonds) more if tied in for longer. I made up excuses, wrote in suffered the penalty but I got my money. To stand on principle and risk having your money tied in is a bitlike cutting your nose off to spite your face. Yes, before you say what principle I agree and I agree that if their T & C's dont require a mandatory letter this T & C should be unenforceable but they have your money, you want it out so in this instance they would appear to have the upper hand.

gozomark

exactly - its at their discretion, so yes you maybe right, a verbal instruction maybe within your rights, but they are in their rights to say no, no matter how you instruct, so you might as well do as they ask

melbury

They still haven't replied to my letter dated 8th February - suppose it is because they are inundated.

GeorgeHowell

mgmiller wrote: »

I bought two fixed rate bonds last year which I now wish to cash which will involve a 60 day loss of interest. Anglo Irish told me that I would have to write in and explain my reasons. They would then decide whether my reasons were acceptable ...!!
They quoted para.4.1 of their Terms and Conditions which states ]"...withdrawals are only allowed in the case of an emergency and if permitted by us..." However, the Terms do not stipulate this has to be in writing
I maintained that the condition was unreasonable and contrary to good banking practice, but the response was simply 'sorry, that's the way it is'. I hold that to put the reasons in writing was an invasion of privacy and was at best extremely arrogant and at worst maliciously obstructive . I have complained to the CEO of Anglo irish and also the Irish Financial Ombudsman, so far without replyIf anyone has managed to cash in their bonds prematurely, I would love to know how they managed it

We had a bond with Anglo Irish bank which we wanted to cash in, despite the loss of interest. Cogniscant of the "only emergencies" condition, we wrote to them, giving the reason that an unexpected situation had arisen whereby the funds were now urgently required in order to support a family member in financial difficulties. They returned the funds less the interest penalty without question.