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Ulster Bank Money Market Deposit

  • 08-10-2012 8:28am
    #1
    handlemaster
    Registered Users, Registered Users 2 Posts: 6,003 ✭✭✭


    Just wondering if the Ulster Bank Money Market Deposit account is covered under the state guarantee as a normal deposit account ?


Comments

  • #2
    roro2
    Registered Users, Registered Users 2 Posts: 412 ✭✭roro2


    Ulster Bank is not part of the ELG guarantee scheme (which will be phased out soon anyway), so only deposits up to €100k will be covered by the standard deposit guarantee scheme which does cover Ulster Bank.


  • #3
    handlemaster
    Registered Users, Registered Users 2 Posts: 6,003 ✭✭✭handlemaster


    ELG ?


  • #4
    roro2
    Registered Users, Registered Users 2 Posts: 412 ✭✭roro2


    Where all deposits with Irish banks are guaranteed by the government regardless of size - currently in place for AIB, BOI & PTSB.


  • #5
    testicle
    Closed Accounts Posts: 5,429 ✭✭✭testicle


    handlemaster wrote: »
    Just wondering if the Ulster Bank Money Market Deposit account is covered under the state guarantee as a normal deposit account ?

    Ulster Bank, as part of RBS Group is covered by the British Government, and thus not the unlimited Irish state guarantee.


  • #6
    handlemaster
    Registered Users, Registered Users 2 Posts: 6,003 ✭✭✭handlemaster


    are you sure Ulster bank is under UK guarantee ? I think its under Irish.


    http://www.nca.ie/index.jsp?p=139&n=214&a=27


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  • #7
    roro2
    Registered Users, Registered Users 2 Posts: 412 ✭✭roro2


    handlemaster wrote: »
    are you sure Ulster bank is under UK guarantee ? I think its under Irish.


    http://www.nca.ie/index.jsp?p=139&n=214&a=27

    Ulster Bank's Irish deposits are covered under the Irish Deposit Guarantee Scheme for sums up to €100k, and not any UK guarantee. UB is not part of the unlimited (ELG) guarantee in Ireland. All the details are between a few pages on that nca website.


  • #8
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    testicle wrote: »
    Ulster Bank, as part of RBS Group is covered by the British Government, and thus not the unlimited Irish state guarantee.

    Nope, however an angle on this is they are part of a larger organisation so the likelyhood of UB being allowed to fail is reduce.....


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