Offshore Banking - AIB- Safe ??

njstone9

Anglo Irish told me the same - guaranteed until December 2010. But guaranteed by whom? The Isle of Man government. Do I trust them necessarily to pay up? No, not really. After them, apparently it would be the Irish government (according to what I was told on the phone). Do I think they would guarantee offshore accounts? No, not really.

So I moved 99% of my money out to my HSBC account. Weirdly, when I logged into Anglo Irish the next day, I found they had moved ALL my money out, AND paid me interest on it which wasn't due for months.

Maybe when the bank is looking more steady I'll put the money back in, but for the time being, I don't think it's worth it for a few extra quid in interest.

bendipa

The_Ghost wrote: »

Reading Investors concerns regarding Anglo Irish and the safety of their savings makes me wonder why no one is able to give a definitive answer to their question " are my savings safe" This is especially disturbing since prior to the Irish Scheme superceeding the UK FSCS in late 2008 everyone thought they would be covered, but then the goal posts were moved! Now we have the EU involved seeking to "wind down" the bank

But it is pretty clear cut AIB is a member of the ELG. And all AIB's fixed term depositors with banks that are members of the ELG have their savings guaranteed 100% by the Irish government until the end of this year. Even when that guarantee stops, up to €100,000 is guaranteed by the Irish government's deposit guarantee scheme.

Please read this!

MacBiggles

The IOM deposit insurance covers the first £50,000, while Dublin pays out the rest -- or that's what the Irish ministry of finance says. However, the stakes are so high for the EU that Brussels could not contemplate the failure of any Irish bank, least of all the one owned by the government!

davedrave

I heard somewhere that Less than 2% of Britains have a balance over £50k.

soulsaver

bendipa wrote: »

But it is pretty clear cut AIB is a member of the ELG. And all AIB's fixed term depositors with banks that are members of the ELG have their savings guaranteed 100% by the Irish government until the end of this year. Even when that guarantee stops, up to €100,000 is guaranteed by the Irish government's deposit guarantee scheme.

Please read this!

For info: ELG is extended to June 2011 (in your link now)

expatasia

Lansdowne wrote: »

Please note, AIB is not Anglo Irish Bank it is Allied Irish Bank. This thread is about Anglo despite the title, if you have money with Allied Irish it is a completely different entity.

Ironically they are now very much connected. Does Anglo still exist or are they just Allied Irish Banks now for good?

meatandtwoveg

http://www.telegraph.co.uk/finance/personalfinance/offshorefinance/8435432/Expat-rates-how-EU-legislation-could-affect-your-offshore-account.html

However, the big change will be for anyone who opted to have retention (or withholding) tax deducted from their savings. When the EU member states brought in the ESD in 2005, the Channel Islands and Isle of Man (plus European countries not in the EU including Switzerland, Andorra and Liechtenstein) agreed to support the EU by bringing in a retention tax on savings income earned on accounts based in their banks, as long as the account holder lived in the EU.
Savers who didn’t volunteer to have their savings interest details passed to their local tax authorities were subject to this tax instead. From July 1, this option goes and all EU savers with Channel Islands or Manx bank accounts will have details of their interest passed to their local tax authorities.
As well as the amount of interest earned, the information passed on will include customers’ names, addresses and if they have one, their tax identification number (TIN) - if not, the date and place of birth will be supplied.