Are deposits safe if IMF arrives

wpd

Is there a danger the IMF could take a percentage of peoples deposits if they are called in
Think i remember hearing they did this in Argentina when they arrived there?

ei.sdraob

Whats with this whole people thinking IMF are some sort of a boogey man

Yes they also want the first born son from every family :P

Scarab80

wpd wrote: »

Is there a danger the IMF could take a percentage of peoples deposits if they are called in
Think i remember hearing they did this in Argentina when they arrived there?

No.

The Argentinian government (not the IMF) placed a restriction on the amount of money people could withdraw from their bank accounts to prevent capital flight from the country.

bladespin

Government bonds might be in question but the bank deposits would be off limits, unless the bank failed, they wouldn't step in to save it like we did.

ei.sdraob

Scarab80 wrote: »

No.

The Argentinian government (not the IMF) placed a restriction on the amount of money people could withdraw from their bank accounts to prevent capital flight from the country.

The Greeks did the same and clamped down on cash transactions above 1000 euro...

Iago

I wouldn't be worrying about whether or not the deposit was safe, what it was worth is where the real problem is.

Scarab80

ei.sdraob wrote: »

The Greeks did the same and clamped down on cash transactions above 1000 euro...

Yeah but to try and reduce the size of the black economy rather than to prevent capital flight. Access to your funds in any other way than cash was not restricted.

ei.sdraob

Scarab80 wrote: »

Yeah but to try and reduce the size of the black economy rather than to prevent capital flight. Access to your funds in any other way than cash was not restricted.

Yeh that too

Didnt something like 30 billion leave the country in a short timeframe during their slide?

RichardAnd

The IMF themselves can't touch private property and to be honest, they probably wouldn't want to as it wouldn't be in the nature of what they represent.

It's possibly that private saving could be dipped into by a cash strapped government, and this has happened before, but I dont' see it happening here. That being said, if you are worried, there's nothing to stop you moving your money into a safe bank (yes, there is such thing) or transferring it into gold or otherwise. On the latter, I would warn you that gold is in a bubble right now so perhaps the age old trick of sewing your savings into your mattress might apply .

irishh_bob

Iago wrote: »

I wouldn't be worrying about whether or not the deposit was safe, what it was worth is where the real problem is.

indeed and if we are kicked out of the euro , savings worth 10 k are overnight worth 5 k thanks for the punt nua

irishh_bob

RichardAnd wrote: »

The IMF themselves can't touch private property and to be honest, they probably wouldn't want to as it wouldn't be in the nature of what they represent.

It's possibly that private saving could be dipped into by a cash strapped government, and this has happened before, but I dont' see it happening here. That being said, if you are worried, there's nothing to stop you moving your money into a safe bank (yes, there is such thing) or transferring it into gold or otherwise. On the latter, I would warn you that gold is in a bubble right now so perhaps the age old trick of sewing your savings into your mattress might apply .

moving money overseas is not at all simple , ive tried opening an account in several british banks and was refused point blank as im not a british citizen

zod

(very) hypothetically

Ireland forced to move back to the punt and then devalues. Bank of Ireland, AIB, Anglo deposits auto converted to punt


What banks in Ireland would they be forced to leave deposits in Euro ? Ulster bank, rabodirect ??

ashleey

IMF will impose capital controls immediately to protect the banks from capital flight but will not sequester your savings. The bigger picture is that if a bank failed, how long would they take to pay you back your up to 100k protected deposit? They could reasonably say you get it back in 3 years, or in govt. bonds maybe? See also the article in today's Irish Times discussing the Irish protection scheme which is funded by 0.2% of deposits, whereas Europe say it should be 1.5% and US is 1.25%

irishh_bob

zod wrote: »

(very) hypothetically

Ireland forced to move back to the punt and then devalues. Bank of Ireland, AIB, Anglo deposits auto converted to punt


What banks in Ireland would they be forced to leave deposits in Euro ? Ulster bank, rabodirect ??

none of those , rabbo and ulster bank account in the republic of ireland are tottally seperete from any policy protection provided by parent banks in the uk ( in the case of ulster bank ) or the netherlands in the case of rabbo

sarumite

irishh_bob wrote: »

moving money overseas is not at all simple , ive tried opening an account in several british banks and was refused point blank as im not a british citizen

I lived in england for a number of years....they never cared that I was Irish. As long as I had an address as well as a utility bill at that address in England I was able to get a bank account. Currently I live in Sweden and the same thing over here.

zod

irishh_bob wrote: »

none of those , rabbo and ulster bank account in the republic of ireland are tottally seperete from any policy protection provided by parent banks in the uk ( in the case of ulster bank ) or the netherlands in the case of rabbo

What is the easiest way to protect from a punt conversion ?

Count Dooku

sarumite wrote: »

I lived in england for a number of years....they never cared that I was Irish. As long as I had an address as well as a utility bill at that address in England I was able to get a bank account.

Still, you cannot do it for free

sarumite

Count Dooku wrote: »

Still, you cannot do it for free

Like I said, if you live in the country, it doesn't matter where you are from. It was the exact same process as setting up my bank account in Ireland.

snowstreams

zod wrote: »

What is the easiest way to protect from a punt conversion ?

Surely Rabo would be a safe easy way?

RichardAnd

irishh_bob wrote: »

moving money overseas is not at all simple , ive tried opening an account in several british banks and was refused point blank as im not a british citizen

It's not easy no, but it IS possible.

cassette50

snowstreams wrote: »

Surely Rabo would be a safe easy way?

you could buy $ or £ with your savings but then you run a further risk with fluctuating currency rates.

Lex_Diamonds

Probably best to get out of cash full stop.

Also, Rabo are beholden to all the same rules as AIB/BOI etc, should the govt. move on savers.

HSBC have the following account for people who want to have their money abroad: http://www.offshore.hsbc.com/1/2/international/home

Disadvantage being, monthly charges if your cash falls below a certain level and effective 0% interest rates so your money is losing value every day due to the inflation that is slowly squeezing all our sacks at the moment (this is the same everywhere though, which brings me back to the first line in my post).

irishh_bob

zod wrote: »

What is the easiest way to protect from a punt conversion ?

transfer it to a bank outside the state , thier is a bank in belguim called keytrade bank , its an online bank , alternativley you could go with HSBC , only trouble with them is the interest paid is almost zero but you can invest in all the majory currencys , i contacted them a month ago but have yet to get a reply

irishh_bob

RichardAnd wrote: »

It's not easy no, but it IS possible.

go on

irishh_bob

sarumite wrote: »

Like I said, if you live in the country, it doesn't matter where you are from. It was the exact same process as setting up my bank account in Ireland.

i need to clarify my earlier post , a non british citizen can open an account in the uk but they need to have an adress there , if your from ireland and live in mullingar , british banks ( in my experience ) wont allow you open an account and i include banks in northern ireland and i include ulster bank in northern ireland

Count Dooku

Count Dooku wrote: »

Still, you cannot do it for free

I got an account with RBS for free last year.I am a student though.

irishh_bob

snowstreams wrote: »

Surely Rabo would be a safe easy way?

having an account with rabbo in ireland is completley different than having an account with rabbo in the netherlands and rabbo wont allow you to fly over an open an account in amsterdam

yes , ive asked them

irishh_bob

Lex_Diamonds wrote: »

Probably best to get out of cash full stop.

Also, Rabo are beholden to all the same rules as AIB/BOI etc, should the govt. move on savers.

HSBC have the following account for people who want to have their money abroad: http://www.offshore.hsbc.com/1/2/international/home

Disadvantage being, monthly charges if your cash falls below a certain level and effective 0% interest rates so your money is losing value every day due to the inflation that is slowly squeezing all our sacks at the moment (this is the same everywhere though, which brings me back to the first line in my post).

were i to open an account with hsbc , id most likely buy swiss francs , its the most solid of currencys and while the euro is strong right now , when we go bust next year , the euro is bound to take a hit

Lex_Diamonds

Inflation is the main threat over the next while imo. Energy/food crisis coming down the line starting mid to later this decade I'd say. Everyone is in the same boat really!

Scarab80

zod wrote: »

What is the easiest way to protect from a punt conversion ?

Just don't hold assets in cash, that simple.

Amhran Nua

Scarab80 wrote: »

Just don't hold assets in cash, that simple.

As long as its physical cash you would be alright, its doubtful that the rest of the EU would hypothetically abandon monetary union.

Anyway its a complete and total waste of time and effort preparing for the euro to collapse, ain't going to happen no matter how much the UK and US try to talk it down. The euro is a juggernaut, and after weathering this storm will be all the stronger for it.

LevelSpirit

Use something like rabo funds and diversify your savings if you are worried about the euro collapsing or us leaving the Euro.
There are loads of ways to protect yourself from such an event.

I will say 4 things.
1 - There will be no IMF in Ireland.
2 - The Euro will not collapse.
3 - We will not be leaving the Euro.
4 - 4 years ago investing in banks was considered one of the safest investments.

irishh_bob

LevelSpirit wrote: »

Use something like rabo funds and diversify your savings if you are worried about the euro collapsing or us leaving the Euro.
There are loads of ways to protect yourself from such an event.

I will say 4 things.
1 - There will be no IMF in Ireland.
2 - The Euro will not collapse.
3 - We will not be leaving the Euro.
4 - 4 years ago investing in banks was considered one of the safest investments.

predictions worthy of our finance minister