Ailied Irish Bank

sacentre

So what do folks think about the safety or otherwise of Anglo-Irish Bank (now Allied Irish Bank) in the IOM these days?

I keep my deposit below the IOM Depositor Protection level of 50,000 which used to be the standard advice although I've heard that even this is not all that much protection and is largely just psychological as the IOM fund would probably not be able to compensate all depositors in the vent of a crash or whatever. Does anyone have a views/opinions about this bank these days?

Thanks

Trevor

Ifts

Saw this article in the Telegraph last month, might interest you -
Expat rates: Irish banks may be in trouble, but your savings should be safe :
http://www.telegraph.co.uk/finance/personalfinance/offshorefinance/8639638/Expat-rates-Irish-banks-may-be-in-trouble-but-your-savings-should-be-safe.html

Also this link gives you ratings for Allied Irish Bank against other banks:
How safe is your bank?
http://www.moneysupermarket.com/c/news/how-safe-is-your-bank/0003043/

qpop

http://www.moneysavingexpert.com/savings/safe-savings#foreign

Fully protected by £85,000 FSCS - same situation as any "british" bank.

Sceptic001

sacentre wrote: »

So what do folks think about the safety or otherwise of Anglo-Irish Bank (now Allied Irish Bank) in the IOM these days?

Do you mean Anglo Irish Bank (now called Irish Bank Resolution Corporation Limited) which is not covered by UK FSCS? Or Allied Irish Bank, which is covered by FSCS?

sacentre

Sorry for the misspelling. It's Allied Irish Bank. My account was originally with Anglo-Irish.

Trevor

Sceptic001 wrote: »

Do you mean Anglo Irish Bank (now called Irish Bank Resolution Corporation Limited) which is not covered by UK FSCS? Or Allied Irish Bank, which is covered by FSCS?

Dustykitten

Ifts wrote: »

Saw this article in the Telegraph last month, might interest you -
Expat rates: Irish banks may be in trouble, but your savings should be safe :
http://www.telegraph.co.uk/finance/personalfinance/offshorefinance/8639638/Expat-rates-Irish-banks-may-be-in-trouble-but-your-savings-should-be-safe.html

Also this link gives you ratings for Allied Irish Bank against other banks:
How safe is your bank?
http://www.moneysupermarket.com/c/news/how-safe-is-your-bank/0003043/

Thanks for the links. The telegraph article states that there is full protection until 31.12.11

Does anybody have any news as to whether this is likely to be extended?

gozomark

unlimited 100% has been extended for another year

gozomark

qpop wrote: »

http://www.moneysavingexpert.com/savings/safe-savings#foreign

Fully protected by £85,000 FSCS - same situation as any "british" bank.

no its not - IOM banks aren't covered by FSCS

atush

IOM banks are covered for accts to 50K single, 100K joint. I only know this as I had money in one. It was 15K singel, 30K joint but was raised.

All depositors to this level were repaid when the Kaupthing went down a few years ago. The local bank was actual solvent until Mr Brown and the UK treasury froze the accts deposited there in the UK- claiming they belonged to the insolvent icelandic parent. And the receivers have reclaimed up to 82% of capital owed to the bank for depositors who had deposits above those levels (ie 50K/100K).

So, if like me you had deposits in an IOM bank, you would be safe up to the limit (I myself had 33K in, and got 100% back as I always make sure I am below any limits of protection). AFAIK, this is 'safer' than say Guernsey deposits? Not sure about Jersey ones- haven't had money there since the 90's so havn't investigated it.