We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Lib Dems warn over Irish banks' safety

Options
13»

Comments

  • Andrew64
    Andrew64 Posts: 425 Forumite
    Options
    I think that's why Norwich City Council pulled out its 4M! I'm told that many councils have done the same on Treasury advice.
  • ssaoiresa
    Options
    Are accounts with Allied Irish Bank covered by the UK financial guarantee scheme or the Irish scheme? I read somewhere that AIB was covered by the UK scheme because it was registered here (or is that just if you take out an account in a UK branch of AIB). I have savings in AIB Ireland and am not sure if or whom I'm covered with.:eek:
  • Andrew64
    Andrew64 Posts: 425 Forumite
    Options
    ssaoiresa wrote: »
    Are accounts with Allied Irish Bank covered by the UK financial guarantee scheme or the Irish scheme? I read somewhere that AIB was covered by the UK scheme because it was registered here (or is that just if you take out an account in a UK branch of AIB). I have savings in AIB Ireland and am not sure if or whom I'm covered with.:eek:

    I've just looked at the site of Allied Irish Bank (GB):

    http://www.aibgb.co.uk/servlet/ContentServer?pagename=Great_Britain/GHPGreatBritain

    It says at the bottom of the page:

    "Allied Irish Bank (GB) is a member of the Financial Services Compensation Scheme, established under the Financial Services and Markets Act 2000."

    Therefore if your money is in an AIB branch in Britain, you're covered by the FSCS. If your money is actually in Ireland - you're not covered by the FSCS.
  • wenyi
    wenyi Posts: 18 Forumite
    Options
    That Ireland and the Irish banks have problems is undeniable. But to suggest that the problem is different in kind to the British situation is mischievous. It may be on a marginally different scale, but that' the limit of it.

    Sounds like unwarranted British hubris to me!

    And I wonder will equal notice be taken of this story in the Guardian today:
    Building societies holding the accounts of millions of British savers were savagely downgraded to near junk-bond status by ratings agency Moody's today.
    (For some reason I am not allowed to post a link to the story. But it's easily found if you are interested.)

    Wenyi
  • soulsaver
    soulsaver Posts: 6,059 Forumite
    Name Dropper First Anniversary First Post
    Options
    Even if the media reporting around this turns out to more than sensationalism the collapse of the Irish economy to the extent of default would
    a) take longer than most of the PO fixes
    b) even if it didn't I can't see HMG not compensating PO depositors - then going after who it thought SHOULD pay (Eire, ECB, IMF)
    c) I believed the PO/BoI were allowing penalty free withdrawals. Has that stopped?

    What they should do is allow a market to trade the ftb's so depositors who wish can get their money back and someone who would like the 7%can buy 'em.
  • soulsaver
    soulsaver Posts: 6,059 Forumite
    Name Dropper First Anniversary First Post
    Options
    DHB wrote: »
    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?

    Were you told that by the PO? I believe thay have been refunding without penalty:
    If you invested through the PO when it was covered by the FSCS - (definately upto October 2008 and probably til November) you should argue strongly that they changed the terms under which your deposit was made, was unfair & questionably legal and you shoul be allowed to withdraw without penalty... as has definately been allowed for others.
    Be firm, don't take 'no' for an answer. Escalate it to supervisor and manager if the customer service clerk says 'no'.

    If you more recently deposited I'd still make the argument that you were unaware - the PO didn't make it clear enough - it changed from when you first looked etc but you want deposit back without pen; must be in their favour now with interest rates much lower etc etc.
    Still escalate it if they say no.

    Be positive and tenacious, you'll get your money without penalty AND with interest to date.
  • stphnstevey
    stphnstevey Posts: 3,225 Forumite
    First Post First Anniversary Combo Breaker
    Options
    Interesting thread
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 12 Election 2024: The MSE Leaders' Debate
  • 344.1K Banking & Borrowing
  • 250.4K Reduce Debt & Boost Income
  • 450.1K Spending & Discounts
  • 236.3K Work, Benefits & Business
  • 609.6K Mortgages, Homes & Bills
  • 173.5K Life & Family
  • 248.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards