money/saving safe?

positivenote

hi all,
just a quick one. Wondering if my life savings are safe where they are in an AIB savings account? should I be at the stage now where I should consider withdrawing it and sticking it in a safe for a few months/years? prob just paronoid, but what is the turning point for the ATM's not despensing money or is that not going to happen?

Snakeblood

positivenote wrote: »

hi all,
just a quick one. Wondering if my life savings are safe where they are in an AIB savings account? should I be at the stage now where I should consider withdrawing it and sticking it in a safe for a few months/years? prob just paronoid, but what is the turning point for the ATM's not despensing money or is that not going to happen?

It's not likely to happen soon, the EU would probably totally step in before that point. I'd move a considerable amount of money somewhere else though, if I didn't have a penalty for doing so.

ei.sdraob

Snakeblood wrote: »

the EU would probably totally step in before that point

Have the events of last year here, in Greece and elsewhere taught you nothing? the EU is incapable of swift and decisive action which in itself causes more harm than good.

Snakeblood

ei.sdraob wrote: »

Have the events of last year here, in Greece and elsewhere taught you nothing? the EU is incapable of swift and decisive action which in itself causes more harm than good.

Yes, it did thanks.

Did any state run Greek bank collapse? No. Did anyone lose their savings: No.

Did the EU and IMF step in eventually: Yes.

The EU is not going to let a state collapse into bankruptcy while it can be avoided. They might let banks go, but AIB is is not a normal bank any more, it's an extension of the state.

ei.sdraob

Snakeblood wrote: »

Yes, it did thanks.

Did any state run Greek bank collapse? No. Did anyone lose their savings: No.

Did the EU and IMF step in eventually: Yes.

The EU is not going to let a state collapse into bankruptcy while it can be avoided. They might let banks go, but AIB is is not a normal bank any more, it's an extension of the state.

Both Greece and Ireland had (still have in case of Ireland) a slow bank run with dozens of billions leaving the country before the leaders of these countries even bothered to admit that IMF/EU are in town

Whats worse is that here in Ireland EU intervention has not stopped the outflow.

ei.sdraob

BTW our banks have collapsed by any measure and are living zombies.

People might not have lost their deposits but they have gained decades of increased taxation and decreased services to keep the zombie banks fed.

You might not realise it yet since the bill will trickle in over a prolonged period.

SteoL

Thread locked in 5 4 3 2 1.........:P

And if you want to know why see here

http://www.boards.ie/vbulletin/showpost.php?p=71456291&postcount=4

Snakeblood

ei.sdraob wrote: »

BTW our banks have collapsed by any measure and are living zombies.

People might not have lost their deposits but they have gained decades of increased taxation and decreased services to keep the zombie banks fed.

You might not realise it yet since the bill will trickle in over a prolonged period.

Yes, I realise all that. I was answering the question that was asked, which is 'Should I put my money in a safe for the next few months or years'. I'm not sure what you are saying has much to do with 'Will the banks suddenly run out of money at cashpoints.'

The EU will step in and has been stepping in consistently to give money to the banks. Is the country totally screwed? Yes, but for the moment that's a separate issue, reflected by me saying 'I would move money out of the banks long term if there was no penalty'.

Snakeblood

SteoL wrote: »

Thread locked in 5 4 3 2 1.........:P

And if you want to know why see here

http://www.boards.ie/vbulletin/showpost.php?p=71456291&postcount=4

It got moved here. Where are people supposed to discuss speculative issues?

SteoL

Snakeblood wrote: »

It got moved here. Where are people supposed to discuss speculative issues?

Fair point but I'm not a mod so can't say. I just know speculative issues go against this particular boards charter and am only relaying that message.

positivenote

so to go back to the original post? should I withdraw my life savings from AIB and put them somewhere like the credit union or under a matress

BuffyBot

Apart from both borderline breaching the no speculative thread rule *and* almost falling outside of the forum's remit, this topic has been thrashed to death on numerous occasions.

Simple answer is you don't need to do anything, unless you feel the need to do something.