Whats Happening To The Irish Economy (Advice Needed)

RockinRolla

So now that we have less than 60 days worth of money in the country and our borrowing interest rates have crept to 8% (meaning we cant get a loan), can someone explain to me what actually happens if Ireland calls it quits and files for bankruptcy...

I have some money kept away in Permanent TSB along with my mother who has over 100k in investment bonds at the same establishment...if Ireland goes under - will we lose this money for several years until everything has recovered...

Is there any advice (serious replies only please) you can give me as to what I should do - I am not in the country at the moment and wont be returning until January. Should I get all my money out of the banks and hide it in the garden now that the English Cricket Board are coming in...

deelite

I have a few pound in the credit union (savings) and there's no current loan - would I lose this money?

Scofflaw

There isn't even technically an opportunity for Ireland to default until November 2011 when the next tranche of government debt falls due (about 4.5 bn). The government might take a bailout before then, but if it does I can't see how that's likely to cause any harm to anybody's bank balance.

cordially,
Scofflaw

ei.sdraob

Scofflaw wrote: »

There isn't even technically an opportunity for Ireland to default until November 2011 when the next tranche of government debt falls due (about 4.5 bn). The government might take a bailout before then, but if it does I can't see how that's likely to cause any harm to anybody's bank balance.

cordially,
Scofflaw

Thats if the banks wont come knocking around for more money.

Scofflaw

ei.sdraob wrote: »

Thats if the banks wont come knocking around for more money.

They're covered by the ECB facility for much the same time period, though.

cordially,
Scofflaw

Chuchoter

deelite wrote: »

I have a few pound in the credit union (savings) and there's no current loan - would I lose this money?

Also wondering this, I have about 6 months worth of work put away in a student ATM account. What could happen to that money if something bad happened?

deelite

Can somebody answer either yes or no - I don't understand any "technical speak" - are the few pounds we have in credit union, bank or student atm account safe if any thing bad happens.

Voltex

tbh..i just cant see there being a default...the EU and IMF wont allow that happen, for it could seen as a Lehmans moment for the single currency.

and if the truth be known I really think the frenzy may have peaked. We just have to get the budget passed, call an election ( which I think if the Cowen, Kenny, Lenihan et al...came to an agreement to ensure it passed in exchange for an early election) we will be going into 2011 with a fighting chance.

have to say...im a patriot...I will gladly give over an extra 100-200 per month in extra Tax and live with spending cuts..so long as I got a commitment that the c*nts that got us into this mess are brought to justice!!

At least when its all over and our children are becoming young adults, theyd be maturing into a better World of fairness and fiscal fortitude!

Count Dooku

deelite wrote: »

Can somebody answer either yes or no - I don't understand any "technical speak" - are the few pounds we have in credit union, bank or student atm account safe if any thing bad happens.

money absolutely safe, the worse what can happen is that savings will be converted to punts after Ireland will be pushed out from Euro together with Portugal
Minister says Portugal could be pushed out of euro | Reuters

Chuchoter

Count Dooku wrote: »

money absolutely safe, the worse what can happen is that savings will be converted to punts after Ireland will be pushed out from Euro together with Portugal
Minister says Portugal could be pushed out of euro | Reuters

And why would that happen? If we took it out as euro, would it stay as euro

Scofflaw

deelite wrote: »

Can somebody answer either yes or no - I don't understand any "technical speak" - are the few pounds we have in credit union, bank or student atm account safe if any thing bad happens.

Anything under €100k should be entirely safe.

cordially,
Scofflaw

iMax

Just out of interest, would it be worth spreading what you have over a couple of banks rather than one ?

If for example (for simplicity) someone had €3k (not a lot I know but this is a hypothetical) with AIB. Should they maybe put €1k over to Ulsterbank & another €1k in cash (kept safely of course) ?

yermanoffthetv

iMax wrote: »

Just out of interest, would it be worth spreading what you have over a couple of banks rather than one ?

If for example (for simplicity) someone had €3k (not a lot I know but this is a hypothetical) with AIB. Should they maybe put €1k over to Ulsterbank & another €1k in cash (kept safely of course) ?

If one irish bank went down theyd all go down so it would make no difference, the banks are still under the government guarentee, who are in turn are backed by the ECB so your money is safe. If you are seriously worried put it in Rabo bank, still has a AAA rating IIRC.

Voltex

yermanoffthetv wrote: »

If one irish bank went down theyd all go down so it would make no difference, the banks are still under the government guarentee, who are in turn are backed by the ECB so your money is safe. If you are seriously worried put it in Rabo bank, still has a AAA rating IIRC.

Look we're not gonna go..we're the small fish in a big pond...we'll be sorted.
Only thing is that on the Goverment going forward it will be incumbent upon the future Goverment to manage the mess the unions have got us into in regards to PS/CS pay.
BTW...Jack O Connor is a total liabillity to the Union movement....Ive never in my life heard such rubbish comming from the head of ICTU.