Are you moving your money?

falsers

Read another thread about this recently, people moving their money out of Ireland or into Irish branches of foreign banks to secure them incase Ireland goes bankrupt.
Is this a sensible option or more panic talk?

Takeshi_Kovacs

I too am wondering what to do with my savings at the moment as well. I am thinking of setting up a Keytrade account and transferring them there.
But i am trying to get a grasp on all scenarios and think ahead for the future.
I know its in fantasy island, but if the euro is severly weakened (even goes belly up), then what would the best asset to hold. Be it gold, Swiss francs, some other strong foreign currencies.
At the moment i am not too worried getting a good interest rate on my savings, just somewhere to put them for safe keeping, and see what unfolds over next few weeks months...

PARKHEAD67

Takeshi_Kovacs wrote: »

I too am wondering what to do with my savings at the moment as well. I am thinking of setting up a Keytrade account and transferring them there.
But i am trying to get a grasp on all scenarios and think ahead for the future.
I know its in fantasy island, but if the euro is severly weakened (even goes belly up), then what would the best asset to hold. Be it gold, Swiss francs, some other strong foreign currencies.
At the moment i am not too worried getting a good interest rate on my savings, just somewhere to put them for safe keeping, and see what unfolds over next few weeks months...

Under the matress like every other cute kerryboy

force majeure

Prize bonds, post office and the credit union. OOo yes and whats left well go in to my swizz bank account. :rolleyes::rolleyes::rolleyes:

dotsman

Complete BS panic I'm afraid. As per the many other threads here - your money is in Euro and is guaranteed. Now, should the Eurozone face collapse, that' another story. But there is absolutely nothing to fear at the moment.

falsers

dotsman wrote: »

Complete BS panic I'm afraid. As per the many other threads here - your money is in Euro and is guaranteed. Now, should the Eurozone face collapse, that' another story. But there is absolutely nothing to fear at the moment.

Can I get a guarantee on that just kidding

stevie.enright

OK dotsman I am green enough on this subject to be fair but am I correct in saying this is an Irish government guarntee scheme as oppossed a European guarntee scheme? If so I'm perplexed. This corrupt and incompetent government are now famous for renaging on promises or making committment they clearly cannot honour. They hardly have too brown halfpennies to rub together never mind guarnanteeing all Irish deposit. If it came to it, I dont think the pension reserve Fund would even go too far

dotsman

stevie.enright wrote: »

OK dotsman I am green enough on this subject to be fair but am I correct in saying this is an Irish government guarntee scheme as oppossed a European guarntee scheme? If so I'm perplexed. This corrupt and incompetent government are now famous for renaging on promises or making committment they clearly cannot honour. They hardly have too brown halfpennies to rub together never mind guarnanteeing all Irish deposit. If it came to it, I dont think the pension reserve Fund would even go too far

There are 2 Irish Guarantee schemes in place for the Irish banks. On top of that, a European guarantee up to €100,000 kicks in next July.

At the moment, there is a lot of sensationalist reporting regarding the bond yields. Yes they are ridiculously high, but the only rate that matters is the rate next spring/summer when the government have to go to the bond markets. In fact, if one is to look for a silver lining, it's that the banks can use the high yields to write off some of the debt without officially doing so (they can do this, and have been doing this, by buying back the bonds at their discounted value. The country is not about to collapse.

What is being discussed at the moment is funding for the Irish banks. The EU, since the very start, has been adamant that no European bank fails, let alone the large banks (hence Anglo, Irish Nationwide, EBS etc were covered as well). We will get all the funding we need. The EU have offered the Irish banks all the money they need. The only unknown is the cost/politics of it.

Your money is as safe in an Irish bank as it is in any other European bank (now, if you are holding millions in bonds, that might be another matter, but then, if your the type of person who has millions in bonds, you probably wouldn't be on boards asking for advice:D