Very worrying stop press news re Anglo Irish

Midnight_Cowboy_2

bendipa wrote: »

Once again (for the umpteenth time)...The Irish Deposit Protection Scheme is no longer relevant to ANG as they have now been nationalised. Its deposits are backed wholly by the Irish government without a time limit. The scheme only applies to privately run banks, and means the Irish government is guaranteeing such deposits for 2 years from the 26th September 2008.

Thank you for your input. The point of the post was that "backed wholly by the Irish government" is not a guarantee of repayment, because they do not have any money to honour this backing. Depending on which reports you believe, they have "guaranteed" between €400 and €600bn of funds, on a GDP of a tenth of that. Go figure.

Gwhiz

I've come to the conclusion that this thread is now too full of miserable, glass half empty worriers to warrant any benefit :rolleyes:

melbury

Gwhiz wrote: »

I've come to the conclusion that this thread is now too full of miserable, glass half empty worriers to warrant any benefit :rolleyes:

I also meant to thank you Gwhiz and Bendipa for both being so positive. I have almost stopped worrying about it now and have managed to calm down.

It is so true that panicking causes all the problems. I haven't heard about there still being runs on Irish banks in the past week or so, has this stopped now?

Midnight_Cowboy_2

Gwhiz wrote: »

I've come to the conclusion that this thread is now too full of miserable, glass half empty worriers to warrant any benefit :rolleyes:

The clue is in the title of the thread I think! Maybe we can start a 'Everything is GREAT in Ireland' thread and see if it takes off.

gozomark

the guinness is, even if the glass is half empty

Midnight_Cowboy_2

Anglo Irish returned my bond money today, no complaints, which is pretty good service seeing as I only wrote to them on Tuesday. I've just paid a visit to my local branch of the Cheshire Building Society where I was greeted with a warm smile by a beautiful girl, and given loads of hot coffee. I signed up to a bond paying 3.75%, which is pretty healthy considering the base rate is now just 0.5%. Ok, I've lost some potential interest but nothing that wasn't mine yet anyway. I will sleep well tonight knowing that my savings are safe in a well funded building society. For anyone who's having sleepless nights... I recommend it.

melbury

Midnight_Cowboy wrote: »

Anglo Irish returned my bond money today, no complaints, which is pretty good service seeing as I only wrote to them on Tuesday. I've just paid a visit to my local branch of the Cheshire Building Society where I was greeted with a warm smile by a beautiful girl, and given loads of hot coffee. I signed up to a bond paying 3.75%, which is pretty healthy considering the base rate is now just 0.5%. Ok, I've lost some potential interest but nothing that wasn't mine yet anyway. I will sleep well tonight knowing that my savings are safe in a well funded building society. For anyone who's having sleepless nights... I recommend it.

Didn't they even query the fact that you had written previously requesting your money back because of the T&C's?

Midnight_Cowboy_2

melbury wrote: »

Didn't they even query the fact that you had written previously requesting your money back because of the T&C's?

Hello melbury (your name always makes me think of Lord Melbury from Fawlty Towers!), sorry I should have been clearer, I meant that I drafted a very good letter about the T&Cs which normally I would have gone with. But in light of other people's experiences using this approach, I relented and took the 'emergency' route.

bloaty

Had a lot on recently and only found out about this debate from in-laws today.

Been reading through all of the posts and still haven't decided on what to do with our 12 mth Growth Bond yet but the extract below taken from the PO website tonight is reassuring.

What happens if I want to withdraw my savings?

Our fixed rate savings customers continue to benefit from some of the best rates available on the market. Our instant savings customers can continue to manage their accounts in the normal way and are able to make deposits and withdrawals at any time. Our fixed rate customers are also able to close their accounts without penalty where the rate on their Growth Bond is higher than the current market rate

jack_spratt_2

I think you may be getting confused with the Post Office growth bond( Bank of Ireland) and Anglo Irish bond