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What to do with my money ?? HELP

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  • 07-09-2010 6:50pm
    #1
    clint123
    Registered Users Posts: 138 ✭✭


    Hi, I have a few thousand euro ( less than the 100k gaurentee ) in one of the top Irish Banks, with all the issues lately with the banks in all, Im a little worried about my savings,
    I know the government say they gaurntee funds up to 100k, but what really happens, if the bank went under,, where do I go to get my money ? how long does it take etc ? would I be better to go now get my money out and hide it at home or something ?
    PM me if you prefer, thanks folks


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    #2
    GerardKeating
    Registered Users Posts: 7,652 ✭✭✭GerardKeating


    clint123 wrote: »
    Hi, I have a few thousand euro ( less than the 100k gaurentee ) in one of the top Irish Banks, with all the issues lately with the banks in all, Im a little worried about my savings,
    I know the government say they gaurntee funds up to 100k, but what really happens, if the bank went under,, where do I go to get my money ? how long does it take etc ? would I be better to go now get my money out and hide it at home or something ?
    PM me if you prefer, thanks folks

    Any if the bank in the other country fails, you might find you are not covered by any guarantee.


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    #3
    carrolls
    Registered Users Posts: 1,011 ✭✭✭carrolls


    When the guarantee runs out at the end of the year, will our money be safe if the Irish bank goes under(Which is a distinct possibility under the current circumstances)?


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    #4
    Ogham
    Registered Users Posts: 1,844 ✭✭✭Ogham


    carrolls wrote: »
    When the guarantee runs out at the end of the year, will our money be safe if the Irish bank goes under(Which is a distinct possibility under the current circumstances)?

    The 100k guarantee has no end date.
    If you have over 100k - best option is to split it across two or more :eek: banks. See here for more detail
    UK banks guarantee 50k GBP - so you could try Northern Rock or Nationwide UK Ireland


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    #5
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    clint123 wrote: »
    but what really happens, if the bank went under,,
    They won't.


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    #6
    Chipboard
    Closed Accounts Posts: 428 ✭✭Chipboard


    Make sure your deposits are spread over atleast three banks. All the banks have been hiding huge loan losses and any of the them could go bust if it wasn't for govt support. If it happens I reckon you will get reimbursed but it could take time so best to split up your funds.

    Being in the black at present I am actually more worried about the country going bust and exiting the Euro and what this would mean for my deposits. I know some people will say this couldn't happen but I believe that it is quite possible. I'm keen to spend most of my deposits on bricks and mortar but can't find a seller who will sell for a reasonable price. They all want 2007 prices!


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    #7
    broker2008
    Registered Users Posts: 750 ✭✭✭broker2008


    Chipboard wrote: »
    I'm keen to spend most of my deposits on bricks and mortar but can't find a seller who will sell for a reasonable price. They all want 2007 prices!

    Not the case looking at todays Irish Times and 2 auctioneer windows in Galway today.


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    #8
    littlesthobo
    Registered Users Posts: 380 ✭✭littlesthobo


    clint123 wrote: »
    Hi, I have a few thousand euro ( less than the 100k gaurentee ) in one of the top Irish Banks, with all the issues lately with the banks in all, Im a little worried about my savings,
    I know the government say they gaurntee funds up to 100k, but what really happens, if the bank went under,, where do I go to get my money ? how long does it take etc ? would I be better to go now get my money out and hide it at home or something ?
    PM me if you prefer, thanks folks

    No expert or anything but Ive thought about this aswell. Nib or rabo would be obvious choices here in Ireland as they are guaranteed by the danish and dutch respectively or you could try one of the UK banks based in Ireland. Although if you are thinking outside the country this article might be helpfull. There a list at the bottom of the article.

    http://www.guardian.co.uk/business/2010/sep/12/worlds-safest-banks


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    #9
    Chipboard
    Closed Accounts Posts: 428 ✭✭Chipboard


    broker2008 wrote: »
    Not the case looking at todays Irish Times and 2 auctioneer windows in Galway today.

    I don't agree. Galway is one of the most overpriced cities in the country. I spoke to a number of people in Galway at the beginning of the slump who thought that it wouldn't affect Galway as much as the rest of the country - they said Galway was different.

    You might think the stock you're seeing is cheap by comparison to three years ago, but its still overpriced, otherwise it would be sold. Any auctioneer or Banker will tell you that correctly priced units are selling like hotcakes.

    http://www.sbpost.ie/property/is-it-the-right-time-for-your-first-time-52228.html

    "The most problematic issue in the new homes sector was that ‘‘a lot of stock is mispriced’’, Gaine said.

    Technically, the stock is on the market ‘‘as empty units available for sale’’, but it is not at a price that any buyer would consider. It doesn’t correlate with the rest of the market. ‘‘There’s lot of stock that is potentially available for sale, but it’s not really - because the price hasn’t been reduced."


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    #10
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    Chipboard, properties are not selling for the simple reason that many cannot get the credit, and other wastelands that are owned by banks and they are happily sitting on them (at taxpayers expense) waiting for the pickup-no matter how long that pickup takes-if you approach them they won't sell.

    Everyone was saying how there would be firesales of property, I have yet to see any evidence of this.


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    #11
    digme
    Closed Accounts Posts: 4,584 ✭✭✭digme


    clint123 wrote: »
    Hi, I have a few thousand euro ( less than the 100k gaurentee ) in one of the top Irish Banks, with all the issues lately with the banks in all, Im a little worried about my savings,
    I know the government say they gaurntee funds up to 100k, but what really happens, if the bank went under,, where do I go to get my money ? how long does it take etc ? would I be better to go now get my money out and hide it at home or something ?
    PM me if you prefer, thanks folks
    safeguard your purchasing power by investing it in gold and silver as that 100k wont be worth ****e in a few years


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    #12
    Chipboard
    Closed Accounts Posts: 428 ✭✭Chipboard


    kaiser sauze wrote: »
    Chipboard, properties are not selling for the simple reason that many cannot get the credit, and other wastelands that are owned by banks and they are happily sitting on them (at taxpayers expense) waiting for the pickup-no matter how long that pickup takes-if you approach them they won't sell.

    Everyone was saying how there would be firesales of property, I have yet to see any evidence of this.

    It goes to show you how bad an idea the whole NAMA thing is. The concept itself ignores the time value of money. Sure, they will get the €70bn back eventually but what will it be worth.

    If the NAMA idea wasn't bad enough, the way that the process is delaying the Banks getting to grips with their bad loans is criminal. The NAMA's banks have done nothing with all their €5 - 20m exposures as they were supposed to be transferred to NAMA but now it turns out that NAMA is only going to take exposures from €20m upwards. If they told them that two years ago they could have started dealing with them.


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    #13
    Chipboard
    Closed Accounts Posts: 428 ✭✭Chipboard


    digme wrote: »
    safeguard your purchasing power by investing it in gold and silver as that 100k wont be worth ****e in a few years

    I'm interested in why you think that.

    If I'm earning 3.5% on my deposits and inflation is running at substantially less than 3.5%, then my deposits are growing in value every day.

    Are you saying that we are going to exit the EURO?


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    #14
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    Chipboard wrote: »
    It goes to show you how bad an idea the whole NAMA thing is. The concept itself ignores the time value of money. Sure, they will get the €70bn back eventually but what will it be worth.

    If the NAMA idea wasn't bad enough, the way that the process is delaying the Banks getting to grips with their bad loans is criminal. The NAMA's banks have done nothing with all their €5 - 20m exposures as they were supposed to be transferred to NAMA but now it turns out that NAMA is only going to take exposures from €20m upwards. If they told them that two years ago they could have started dealing with them.

    NAMA is nothing short of a criminal, anti-constitutional, enterprise.


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