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Deposits greater than 100k ....safe in 2015?

  • 08-04-2015 8:56am
    #1
    craic90
    Registered Users, Registered Users 2 Posts: 44 ✭


    Hi,

    Just wanted to get a sense of how safe a deposit of > 100k would be in 2015.

    Any thoughts?

    It seems ludicrous if you have to open multiple accounts...
    Tagged:


Comments

  • #2
    andrew
    Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 3,372 Mod ✭✭✭✭andrew


    The portion over €100k is as safe as your bank is. So, it depends who your bank is. You can eliminate the risk entirely, as far as I know, by diversifying your deposits, and opening up another account is fairly easy, so I don't see why you wouldn't do that.


  • #3
    Delta2113
    Registered Users, Registered Users 2 Posts: 2,797 ✭✭✭Delta2113


    If your money is with State Savings available through An Post you don't have to worry going over the €100,000.

    The repayment of all State Savings money is a direct, unconditional obligation of the Government of Ireland.

    There is no upper limit on the amount protected.
    There is no expiry or end date for this protection.


  • #4
    JTMan
    Registered Users, Registered Users 2 Posts: 5,557 ✭✭✭JTMan


    The risk with State Savings products is a different kind of risk to the risk with deposits over 100k. Both are low risk. Neither is risk free.

    Deposits over 100k are very unlikely to be burnt right now in Ireland. The risk primarily an instructional or bank level risk but with a near implicit defacto secondary stop-gap of the sovereign.

    State Savings are very unlikely to be burnt either right now. The risk is purely a sovereign risk. Right now Irish bond yields are very low or negative and CDS have low prices. The obligation on the state to repay State Savings holders is equal to all other holders of Irish sovereign debt. If there is another debt crisis in the future then the risk to State Savings holders increases.


  • #5
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,852 Mod ✭✭✭✭Henry Ford III


    Delta2113 wrote: »
    If your money is with State Savings available through An Post you don't have to worry going over the €100,000.

    The repayment of all State Savings money is a direct, unconditional obligation of the Government of Ireland.

    There is no upper limit on the amount protected.
    There is no expiry or end date for this protection.

    Wasn't too long ago the country itself was bankrupt.


  • #6
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,597 Mod ✭✭✭✭Jim2007


    Henry Ford III wrote: »
    Wasn't too long ago the country itself was bankrupt.

    On the contrary, Ireland had a liquidity problem but never an insolvency problem. There is a very big difference, as the Greeks will tell you.


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