Are you going to remove your money from the Post Office/Bank of Ireland?

CelticStar

Just wanted to see what other people are thinking of doing.

My mother-in-law has over £50,000 in the BOI, split into three separate accounts - one in her own name and two in her children's name. She put her money in the Post Office because of the guarantee that her savings were completely covered, but it seems that the situation has now changed and she is very concerned as her money is in fixed rate bonds.

gozomark

it was never completely safe - before it was a risk the UK defaults, now its a risk the Irish default. Either case is extremely unlikely - many on the forum believe Ireland is riskier due to its smaller size, and higher relative exposure to the financial sector - personally I think with Ireland in the Euro the risk is about the same UK v Ireland. My vote is "Maybe, I'm keeping an eye on the situation." - I wouldn't vote No on any bank at the moment

Gwhiz

Nope - leaving mine in there!

mroller

the gov has guarranteed NR, Icesave, BB savers.
I hav no dount he will do the same for the post office if need be.

soulsaver

I believe we have official statements now saying the UK economy is the worst, but neither the UK or Ireland will default. Both have fall back options were it to become grave, and we're not near that yet.
Ireland will get ECB support and IMF support after that. UK with its own currency to 'create' a solution admittedly at the expense sterling and/or IMF support.
Plus whilst the FSCS wont cover a collapse of Irish banks taking deposits in Britain, the UK gov't almost certainly would, if the ECB didn't.
I'll happily leave mine there. But if someone came up with a clever, risk-free 3rd option I may be tempted....

ultra10

mroller wrote: »

the gov has guarranteed NR, Icesave, BB savers.
I hav no dount he will do the same for the post office if need be.

With the way the U.k Economy is tanking I would not be quite so sure, if the Irish default ... I guess it depends how much you have in there, not worth taking the chance IMO... & I speak as former kaupthing & Icesave customer .

zaksmum

I'm taking mine out

nzseries1

I voted no, because I don't have any money with them.

jack_spratt_2

Under the Nice treaty and which was incorporated in the EU treaty huge rescue packages can be put in place without the need of a majority vote and I guess that is what would happen if it was needed
I think we should all take a reality check and rather than make unsubstantiated statements look at the facts
To compare Ireland with the Iceland situation is ridiculous and all this talk of removing funds is unhelpful.
Who is to say the Irish banking system is in a worse shape than our own

bjorn_again

Is'nt this the sort of thing that brought Northern Rock down? From what I've read NR was viable and could have weathered the storm if the panic merchants had'nt started forming queues. The media then found the queue newsworthy and the rest is history. I often wonder how many of those who "queued" to bring down the Rock took their money back to it after the government intervened.
I would like to think that people with money have sufficient sense not to be led like sheep by the opinions of others of whom they have no knowledge whatsoever. Recent past experiences, however, tell me that this is wishfull thinking.

CelticStar

Thanks for everyone's comments. I am going to see my MIL tonight and you have reassured me (as much as one can be reassured) that my instinct to leave the money where it is is fairly sensible. Ultimately, there are risks whatever you do and with the UK in the state it's in as well, I don't know how much safer a UK bank would be TBH.