Rabobank

L.T.P.

Hi all,

Have some savings in Rabo and was wondering if I should withdraw them due to the current situation? I know they are supposed to be one of the safer banks but I don't trust any of them at this stage!

Larrson

No, They are the safest bank that you can bank with, virtually no risk whatsoever

Mr. Loverman

The problem is you cannot withdraw your money to a foreign bank account. So, in the unlikely event that bank accounts are going to be frozen due to a run on the banks, you have little chance of being able to get your money out of the country before the freeze kicks in.

Pablo Sanchez

Rabobank is a foreign bank, if your gonna take your money out of there, where exactly do you intend to put it to keep it safer?

Mr. Loverman

Pablo Sanchez wrote: »

Rabobank is a foreign bank, if your gonna take your money out of there, where exactly do you intend to put it to keep it safer?

It is a foreign bank operating in Ireland. This means if in the unlikely scenario Ireland left the euro, your money would be converted to punts.

The risk factor isn't Rabo; the risk is that your money is in Ireland.

I fully appreciate the whole eurozone is a bit shaky at the moment, but if you want to move your money somewhere safer it should be to a bank outside the eurozone, for example, a bank in China.

richie123

Mr. Loverman wrote: »

It is a foreign bank operating in Ireland. This means if in the unlikely scenario Ireland left the euro, your money would be converted to punts.

The risk factor isn't Rabo; the risk is that your money is in Ireland.

I fully appreciate the whole eurozone is a bit shaky at the moment, but if you want to move your money somewhere safer it should be to a bank outside the eurozone, for example, a bank in China.

I see what your saying but how does someone actually do that??(put money into a foreign bank outside euro)thats where it gets hazy not simple now.

brnlghln

All banks let you do International transfers.
Most even let you do it online these days (Ulsterbank and National Irish for sure).

Of course you'll need a foreign bank account to transfer to, and those are more difficult to setup from Ireland, but not impossible.

If it's only a few thousand then simply keep it "under the mattress" in Euro notes. If we did pull out of the Euro (very, very unlikely IMHO) then the notes could simply be exchanged (for a tidy profit) for punts after the then presumed collapse in value of the new currency.

richie123

brnlghln wrote: »

All banks let you do International transfers.
Most even let you do it online these days (Ulsterbank and National Irish for sure).

Of course you'll need a foreign bank account to transfer to, and those are more difficult to setup from Ireland, but not impossible.

If it's only a few thousand then simply keep it "under the mattress" in Euro notes. If we did pull out of the Euro (very, very unlikely IMHO) then the notes could simply be exchanged (for a tidy profit) for punts after the then presumed collapse in value of the new currency.

i see what you mean..probly the handiest thing to do im more concerned about a run on the baks here and losing every penny i have, also i see lately some boi top directors reducing the amount of money they hold in deposits with the bank there supposed to be running..never a good sign,..the little fish like myself always get hit the hardest.

Mr. Loverman

You can go to Germany (like I did) and open a bank account. Or you can quite easily open a Keytrade (Belgium, Luxembourg) account. If you are worried simply open a foreign bank account and transfer your money to it.

cliona8969

what i don't get is how is money in irish banks NOT SAFE?
it is 100% guaranteed up to €100,000 per person. so how is it not safe?? if the euro collapsed, the bank would have to pay everybody back THEIR money?
if a person has 5000euro in savings, they would get their 5000 back regardless- it is illegal for them not to! it is their money! no matter what happens with banks they must get every penny of their money back. how could anyone think otherwise?

digzy

Mr. Loverman wrote: »

You can go to Germany (like I did) and open a bank account. Or you can quite easily open a Keytrade (Belgium, Luxembourg) account. If you are worried simply open a foreign bank account and transfer your money to it.

you dont need to go to the 'fatherland' to open an a/c. deutsche bank have a branch in dublin. you get your verification done by the german embassy.
I really cant see the euro collapsing any time soon. if it did i'd like to have whatever money i own in germany's currency, whatever that is

Mr. Loverman

cliona8969 wrote: »

what i don't get is how is money in irish banks NOT SAFE?
it is 100% guaranteed up to €100,000 per person. so how is it not safe?? if the euro collapsed, the bank would have to pay everybody back THEIR money?
if a person has 5000euro in savings, they would get their 5000 back regardless- it is illegal for them not to! it is their money! no matter what happens with banks they must get every penny of their money back. how could anyone think otherwise?

What you are missing is that Ireland's new currency would be nearly worthless, so your savings would lose a lot of their value.

Simple example:

You have 1000 euros in savings.
Ireland leaves the euro.
Your 1000 euro is converted to the new Irish currency.
The Irish currency devalues (guaranteed to happen) so your 1000 is now only worth 100 euros.

richie123

cliona8969 wrote: »

what i don't get is how is money in irish banks NOT SAFE?
it is 100% guaranteed up to €100,000 per person. so how is it not safe?? if the euro collapsed, the bank would have to pay everybody back THEIR money?
if a person has 5000euro in savings, they would get their 5000 back regardless- it is illegal for them not to! it is their money! no matter what happens with banks they must get every penny of their money back. how could anyone think otherwise?

The guarantee is completly worthless as its backed by a completly bankrupt state..in other words if it was called in (the guarantee)we simply wouldnt have the money to pay it..we're hardly able borrow to run the the country not to mind paying off deposits.

cliona8969

Mr. Loverman wrote: »

What you are missing is that Ireland's new currency would be nearly worthless, so your savings would lose a lot of their value.

Simple example:

You have 1000 euros in savings.
Ireland leaves the euro.
Your 1000 euro is converted to the new Irish currency.
The Irish currency devalues (guaranteed to happen) so your 1000 is now only worth 100 euros.

WOULD IT REALLY DEVALUE THATTTT MUCH??? so all i'd have is 200 euro for my 2000 euro i have saved long and hard for???

cliona8969

richie123 wrote: »

The guarantee is completly worthless as its backed by a completly bankrupt state..in other words if it was called in (the guarantee)we simply wouldnt have the money to pay it..we're hardly able borrow to run the the country not to mind paying off deposits.

But is it not guaranteed by the EU and world banK?

amen

a bank in China

I don't think I would be going to China either. I think there are big surprises in chinas banking sector.

richie123

cliona8969 wrote: »

WOULD IT REALLY DEVALUE THATTTT MUCH??? so all i'd have is 200 euro for my 2000 euro i have saved long and hard for???

mightnt be dat severe but it could well happen if i was a betting man id say 50% devalue at most.

richie123

cliona8969 wrote: »

But is it not guaranteed by the EU and world banK?

look it is but they have to look after greece portugal spain not mind italy etc the whole thing is one big sorry mess!

cliona8969

richie123 wrote: »

look it is but they have to look after greece portugal spain not mind italy etc the whole thing is one big sorry mess!

thanks richie you are very helpful! how do you know so much about this?
when will we know if this up to 50% devaluing will happen? like what is the date when we can all relax and know our euro wont collapse and devalue??
finally, is there any way they could take my 2000euro savings and refuse to give them to me even though they're guranteed by the bank. if everything went bankrupt, surely they would still have to owe me my 2000 euro or would it just vanish forever? if it is possible it could vanish id like to know now so i can buy something which i can later sell.. i'm currently saving is there any point richie? should i just be spending??

DAT64

richie123 wrote: »

look it is but they have to look after greece portugal spain not mind italy etc the whole thing is one big sorry mess!

http://www.centralbank.ie/paycurr/paysys/pages/guarantee.aspx

See above link, it looks like the banks pre fund the deposit protection scheme (up to E100k per person per institution in the scheme).

http://www.ntma.ie/ELGScheme/CreditInstitutionsELGScheme.php

ELG (Over E100k) seems to be protected by Gov (or EU).

Thats what i understand from reading about the Scheme anyway. I would feel confident leaving my savings in the irish banks while these schemes are in place.
Rumour is that some banks will offer deposits unprotected by the scheme at a higher interest rate soon enough! Risky!

cliona8969

DAT64 wrote: »

http://www.centralbank.ie/paycurr/paysys/pages/guarantee.aspx

See above link, it looks like the banks pre fund the deposit protection scheme (up to E100k per person per institution in the scheme).

http://www.ntma.ie/ELGScheme/CreditInstitutionsELGScheme.php

ELG (Over E100k) seems to be protected by Gov (or EU).

Thats what i understand from reading about the Scheme anyway. I would feel confident leaving my savings in the irish banks while these schemes are in place.
Rumour is that some banks will offer deposits unprotected by the scheme at a higher interest rate soon enough! Risky!

Great post thanks a mil!! So savings up to 100,000 euro are safe in the bank per person ye?

When you say that rumour about banks offering deposits unprotected with High interest... I would rather protected WITH interest. Will I be able to keep my savings protected or will my savings acc automatically become unprotected? I currently have my savings at 2% interest but wanna keep them protected under that scheme. How can I?

DAT64

cliona8969 wrote: »

Great post thanks a mil!! So savings up to 100,000 euro are safe in the bank per person ye?

When you say that rumour about banks offering deposits unprotected with High interest... I would rather protected WITH interest. Will I be able to keep my savings protected or will my savings acc automatically become unprotected? I currently have my savings at 2% interest but wanna keep them protected under that scheme. How can I?

O they will just be offering it as an additional product on their rate sheet, you will still always be protected by the deposit protection scheme up to E100k.
You can keep you savings safe! Yes E100k per person per institution in the scheme. See listed banks below:
http://www.nca.ie/index.jsp?p=139&n=214&a=27
Hope that makes you more confident about your savings!
Your rate seems quiet low you should shop around.

richie123

DAT64 wrote: »

http://www.centralbank.ie/paycurr/paysys/pages/guarantee.aspx

See above link, it looks like the banks pre fund the deposit protection scheme (up to E100k per person per institution in the scheme).

http://www.ntma.ie/ELGScheme/CreditInstitutionsELGScheme.php

ELG (Over E100k) seems to be protected by Gov (or EU).

Thats what i understand from reading about the Scheme anyway. I would feel confident leaving my savings in the irish banks while these schemes are in place.
Rumour is that some banks will offer deposits unprotected by the scheme at a higher interest rate soon enough! Risky!

what you have say and link to here is correct but... and its a big motherf==king but...:)...like i said if this garantee is called in in any country mind you not just ireland thats when the whole house of cards will come down due to contagion...theres only so many plasters you can put on a wound.

DAT64

richie123 wrote: »

what you have say and link to here is correct but... and its a big motherf==king but...:)...like i said if this garantee is called in in any country mind you not just ireland thats when the whole house of cards will come down due to contagion...theres only so many plasters you can put on a wound.

A bit but, I concur!!!
And i would imagine there are a few jokers in that house of cards!