Very worrying stop press news re Anglo Irish

GeorgeHowell

gozomark wrote: »

they will be very soon, have no choice

They will not do so before a general election because they will be desperate to secure every possible vote from their client state. If they were re-elected though, heaven forbid, they certainly would have to. Much more likely is that the Conservatives will have to do so as part of the mammoth task of trying to sort out the shambles that they have inherited. Labour (by this time probably having reverted to 'Old Labour') will then have the audacity to carp about it and point fingers at the 'Nasty party' opposite.

Reaper

tonytsdiver wrote: »

After the Iceland fiasco I could not believe how many depositors flocked over to Anglo Irish on a promise of a 100% guarantee. That country could never honour that promise. You watch it will all hit the fan again shortly.

Fame at last tonytsdiver. The Observer quoted your post today.

gozomark

interesting comment in that article

A spokesman for the Post Office said: "Anybody who has got one of our growth bonds can take their money out without penalty if they want."

GeorgeHowell

JamesJames101 wrote: »

George - you seem to have got caught up in the Iceland situation and are very bearish on the subject - 1) did you actually lose any money from the Icelandic position and 2) isn't Iceland now being leant money so that it can pay its commitments anyway?

Well, no actually I did put some money into Icesave and Kaupthing. But after the FSA and the press started issuing warnings that the compensation may not be all it was cracked up to be because of the 'passport' loophole I took all that money out of Iceland (and other foreign banks) last March.

Regarding Iceland being leaned on, probably so. But does this necessarily mean that they will in fact be willing and able to meet their overseas commitments any time soon ? Any government will look after its own first, have no doubt about that.

Yes I am bearish, but for me that's just normal caution in the present situation. Nothing is guaranteed absolutely because in theory the whole world economy could collapse. But for all intents and purposes an account holding up to £50,000 with a UK based organisation is as near as dammit. After what we have seen with Iceland and with the bank crashes it surprises me that people are still saying "No, couldn't happen." to pretty much any scenario (or perhaps it depresses me more than surprises). As we keep reading: it's the return of our money more than the return on our money that we should be concerned about. I can understand people locked into bonds trying to look on the bright side, but those apparently arguing that to place or voluntarily leave funds in the likes of Eire, for the sake of a pittance of extra interest, rather beggars belief.

jack_spratt_2

gozomark wrote: »

interesting comment in that article

A spokesman for the Post Office said: "Anybody who has got one of our growth bonds can take their money out without penalty if they want."

Yes the Post Office (Bank of Ireland) are charging no breakage fee and paying interest up to the date of withdrawal

melbury

PLEASE, will Ireland keep going until November? There are so many conflicting posts - many positive, many negative. I just cannot afford for us to lose our life savings and it doesn't look as though Anglo Irish are even going to bother to respond to my request to withdraw, which I think is pretty ignorant.

soulsaver

melbury wrote: »

PLEASE, will Ireland keep going until November? There are so many conflicting posts - many positive, many negative. I just cannot afford for us to lose our life savings and it doesn't look as though Anglo Irish are even going to bother to respond to my request to withdraw, which I think is pretty ignorant.

Can't someone insure against a default by their bank? Be useful for people who'll worry unduly to be able to buy insurance for the peace of mind?

Midnight_Cowboy_2

I agree. I actually found myself looking for deposit insurance last week. If ever there was a financial product waiting to be introduced... trouble is, who would you take a policy out with - one of our banks? I doubt it!

joemardo1

I have to say that I was blissfully ignorant of the onset of the crisis when it started at Anglo Irish. When I put my money with them always in a fixed rate yearly bond I even checked with the UK financial authority to make sure they were registered and it seems they were top of the list.

I then regularly checked with the Anglo Irish website and it was a rosy picture all the way.

The Irish broadsheet papers Independent and Times paint a deeply worrying picture of the Irish economy and what has happened at Anglo Irish. much worse than I expected (10 billion euro has been taken out of financial institutions over the last week alone) and I am so relieved that my bond has only 20 days to run before maturity, and that is even 20 days too many.

Palm_Centro

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?