Should you move deposits from Irish Banks?

drunkmonkey

Just listening to a debate on newstalk yesterday, basically saying Irish banks are junk and are backed up by a junk government bond. Basically if you've deposits you should look at moving around.
So where would you move them to and should you also covert them to a different currency other than the euro?

mari2222

If you have savings earning low interest in banks, you should clear off any high-interest debt like credit cards/car loan........

Sorry cannot comment on other currencies - they seem to be in trouble almost everywhere.

The Guvnor

Hearsay but people have told me that Norwegian and Swiss banking system's are in much better shape as are their currencies.

I have debated this as well - move whatever small monies one has to say HSBC?

It is hard to know really.

TheCostumeShop.ie: Ronan

It's one way to look at it, the other is that if everyone moves their money out of Irish Banks and then the Government has to borrow Irish Money back from these foreign banks at high interest. We end up in a very very dark place if we give up on our own economy this easily and probably don't deserve to get out of the recession if we can't believe in our own abilities to do so.

As Mari said the smart thing to do is to clear off all your debt, pay off mortgages sooner and if you have left over money after all that there is great value in supporting / investing in businesses and quality Irish shares.