Lib Dems warn over Irish banks' safety

malik999

glads69 wrote: »

Please can someone explain to me in monosyllables what is the basis for this warning? Money in Irish bank accounts is guaranteed up to 100,000 euros (app £89,000) per depositor compared to the UK's guarantee of up to £50,000 per depositor. What is the evidence that the Irish guarantee is shakier that the UK's guarantee? Why is the Irish position being equated to the Icelandic position a few months back?

Because the irish government simply couldn't afford it. Thats what makes people nervous. hth

glads69

Thanks malik999 - :rolleyes:. Does that mean the UK government (ie. the UK tax payer) can afford it? The Irish economy was far more buoyant than the UK economy for at least the last decade so this all puzzles me.

malik999

glads69 wrote: »

Thanks malik999 - :rolleyes:. Does that mean the UK government (ie. the UK tax payer) can afford it?

Not a case of can afford it but yes the UK Economy and Banking system is larger and more diversified than Irelands.

glads69 wrote: »

The Irish economy was far more buoyant than the UK economy for at least the last decade so this all puzzles me.

Doesn't matter how buoyant the Irish economy has been over the the last decade Irish banks have a problem. If i had £4 million i would be tempted to move it as well but as i only have 30k I am not concerned.

broadhaven

I am disappointed that moneysavingsexpert even prints a rubbish story like this.British savings are even less secure than Irish.

lynzpower

glads69 wrote: »

Thanks malik999 - :rolleyes:. Does that mean the UK government (ie. the UK tax payer) can afford it? The Irish economy was far more buoyant than the UK economy for at least the last decade so this all puzzles me.

Yes, because they were in an even bigger bubble than we were.

irish Economy: Celtic Tiger RIP- The dramatic events in Dublin, early on Tuesday, September 30th, when the Irish Government agreed to issue a State guarantee, with a value in the range of €400 - €500 billion, underwriting the Irish banking system, tolled the death knell of the Celtic Tiger and definitively brought down the curtain on the remarkable 15-year period of economic growth in Ireland. While some advances will endure as the fairytale ends, the debunking of the myths that have become ingrained during the period and the exposure of the reality of foundations built on quicksand, leaves the economy without a credible road map and an overwhelming dependence on American economic fortunes.

http://www.finfacts.ie/irishfinancenews/article_1014898.shtml

lynzpower

http://www.finfacts.ie/irishfinancenews/article_1016077.shtml another interesting tidbit

Berkshire Hathaway, the holding company led by legendary US investor Warren Buffett, reported its worst year ever in 2008, with its net falling to $4.99 billion from $13.21 billion in 2007. Book value per share declined 9.6%, a performance far better than the S&P 500 stock index but only the second red ink year since Buffett took over in 1965. Buffett invested $244 million in 2 Irish banks and lost 89%.

http://www.finfacts.ie/irishfinancenews/article_1016077.shtml

Gwhiz

lynzpower wrote: »

http://www.finfacts.ie/irishfinancenews/article_1016077.shtml another interesting tidbit


http://www.finfacts.ie/irishfinancenews/article_1016077.shtml

That's an old story too!

feesh

How could this affect our mortgage, which is with the Bank of Ireland? We are on the SVR and have about 22 years left of payments.

DHB_2

This Irish bank problem is a real worry. We have a substantial amount invested with the post office and have been told there will be a big penalty if we withdraw our money before the end of the period. What to do - lose money now, or risk losing even more if thing go belly-up?

luvpump

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/5140507/Ireland-is-ECBs-sacrifical-lamb-to-satisfy-German-inflation-demands.html

Ireland is Finished ..