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my state savings secure if Ireland goes belly up?

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  • 09-11-2010 7:51am
    #1
    Shinto
    Registered Users Posts: 267 ✭✭


    If the country were to go insolvent (as many reporters say it will) and the IMF were to come in...would my An Post Saving Certs still be secure?

    Or should i pull out and send my money elsewhere?


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    #2
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    It cannot be stated for sure in the current climate.

    Remember the old adage: "there is no such thing as a 100% secure investment".

    Sorry.


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


    As per my reply in the other thread yesterday...
    dotsman wrote: »
    You're money is perfectly safe in the Irish banks.

    The whole issue of EU/IMF involvement is regarding the massive budget deficit (the cost of funding the public sector and social welfare bill etc vs tax receipts) and nothing to do with bank deposits.

    We are a part of the Euro. Should we revert back to the punt, then yes - transfer your money to a euro account, but until that day happens, the banks are perfectly safe.

    Perhaps we need a sticky on this.


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    #4
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    Shinto wrote: »
    If the country were to go insolvent (as many reporters say it will) and the IMF were to come in...would my An Post Saving Certs still be secure?

    Or should i pull out and send my money elsewhere?

    State Savings are used to fund the national debt. The bond market imply a 70% chance of an Irish default. If Ireland defaults then all holders of Irish debt will need to take a haircut.


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    #5
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    dotsman wrote: »
    As per my reply in the other thread yesterday...


    Perhaps we need a sticky on this.

    I guess you have never heard the mantra that "there is no such as a sure thing"?


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