Concerns mount for Irish Banks

Former_MSE_Guy

This thread is to discuss the following news story:

Concerns mount for Irish Banks

Happychappy

MSE_Guy wrote: »

This thread is to discuss the following news story:

Concerns mount for Irish Banks

Always nice to see how a great british institution sells it's punters up the river by firstly being covered by the FSA and then flogging it off to possibly no protection unless the price of shamrocks rise ?

Anyone managed to withdraw their funds, or di you also get the same response of negativity that I did.

ahai1

Correct me if I am mistaken but ain't the people who work for those agencies the kind of halfwits who have had no idea about the product they were giving AAA ratings to. It is about time we stopped listening to them and start using our judgement.

dymps

I've a mortgage with the Bank of Ireland. Do I need to be concerned?

RayWolfe

Can if you like, but I think you should be more concerned if you had savings there.

bobcurtis

I have £20,000, (my life's savings) in Post Office / Bank of Ireland which I can not get out until Feb 2010. Does anyone know if it is possible to get it out earlier?(Like now!!)

Baldur

bobcurtis wrote: »

I have £20,000, (my life's savings) in Post Office / Bank of Ireland which I can not get out until Feb 2010. Does anyone know if it is possible to get it out earlier?(Like now!!)

See http://www.postoffice.co.uk/portal/po/content1?catId=19300235&mediaId=19900189#11300213

Can I withdraw my money early? Before opening a Growth Bond, you should be sure that you will be able to leave your deposit untouched for the whole 1, 3 or 5 year term. However, if you do need to withdraw all of your money before the Bond matures, then a Bond Breakage Fee will be applied. This will be calculated and advised to you at the time your request is made and will be deducted from your capital, meaning you could get back less than you invested. Partial withdrawals are not allowed. If you require more information about breakage fees then please contact our Customer Services on 0845 602 34091 and they will be able to provide you with full Terms & Conditions

jockanroll

What about Investec Ireland who claim to be a branch of Investe PLC in London who are covered by the FSCS. Is this possible? Is this safe?

kostigovs

bobcurtis wrote: »

I have £20,000, (my life's savings) in Post Office / Bank of Ireland which I can not get out until Feb 2010. Does anyone know if it is possible to get it out earlier?(Like now!!)

A few months ago when I closed my bond early the Post Office was not applying the Bond Breakage Fee so no deductions were made when I surrendered the bond

bryanb

bobcurtis wrote: »

I have £20,000, (my life's savings) in Post Office / Bank of Ireland which I can not get out until Feb 2010. Does anyone know if it is possible to get it out earlier?(Like now!!)

The situation is similar to the Iceland failure. The UK government paid out in full, and continues to honour the Icesave interest rates on fixed term savings. ie I am still receiving 6.7% on cash I invested in Icesave 3yr fixed. Of course it is a worrying development but how could UK government fail to do for investors in Ireland the same as for Iceland?

apt

Didn't Darling make the point that the Icesave action was done to reassure savers and could not be relied upon in the future? In the case of Ireland there would probably be some form of European rescue action, but I would not be sure of continuing to achieve a high interest rate.