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Question about bank guarantee.

  • 23-12-2010 12:41pm
    #1
    take everything
    Registered Users, Registered Users 2 Posts: 9,810 ✭✭✭


    Does the guarantee cover new money being put on deposit.
    I've been playing musical chairs with my money in the past while between 3 different accounts.
    What i want to know is: I've taken money out of AIB- if i decide to re-deposit it to AIB in future is this money covered under the guarantee.
    Thanks.


Comments

  • #2
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    Yes it does as long as the guarantee applies. Probably even safer now that AIB has been nationalised.


  • #3
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    I really cant see why people feel safe with the Deposit Protection Scheme. In the end of the day if the Government have to call on it how much would it cost? Certainly more than the money being put forward by the EU/IMF bail out, so just how are they going to get the funds to pay people!

    I do agree, the more state owned the safer that bank becomes.

    Best thing to do is just make sure your getting the most return for the funds you have.


  • #4
    JTMan
    Registered Users, Registered Users 2 Posts: 5,558 ✭✭✭JTMan


    Pablo Sanchez wrote: »
    Yes it does as long as the guarantee applies. Probably even safer now that AIB has been nationalised.

    It is not safer due to nationalisation. AIB are now tied to the state and are completely dependent on the state for survival.


  • #5
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    Fungus wrote: »
    It is not safer due to nationalisation. AIB are now tied to the state and are completely dependent on the state for survival.

    ....and therefore safer. Its now a soverign state owned bank and the deposit is as safe as any government bond.

    Having state backing used to mean something but it really boils down to how safe is Ireland as an investment? Going by international consensus the answer to that is, not very.


  • #6
    JTMan
    Registered Users, Registered Users 2 Posts: 5,558 ✭✭✭JTMan


    Pablo Sanchez wrote: »
    ....and therefore safer. Its now a soverign state owned bank and the deposit is as safe as any government bond.

    Having state backing used to mean something but it really boils down to how safe is Ireland as an investment? Going by international consensus the answer to that is, not very.

    According to the credit default swap market, there is a 35% chance of an Irish default inside the next 5 years.

    AIB = Anglo = INBS = EBS = the state = subject to the same risks that are inherent in the solvent of the Irish state.


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