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Ulster Bank

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  • 24-11-2010 2:34pm
    #1
    acoc100
    Users Awaiting Email Confirmation Posts: 74 ✭✭


    Hi guys,
    I'm a bit clueless about banking so bare with me.

    I was wondering what the situation with Ulster bank.
    Is it a UK bank?
    And if you have an account with a branch in the republic.
    Does it fall under UK jurisdiction or does the Irish banking guarantee apply to it scheme in case of a banking meltdown.

    Thanks a lot,
    Andy


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    #2
    Ogham
    Registered Users Posts: 1,844 ✭✭✭Ogham


    It's parent company is Royal BAnk of Scotland - but it is covered inder the Irish Bank guarantee. Full List Here


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    #3
    jayteecork
    Site Banned Posts: 5,676 ✭✭✭jayteecork


    I'm wondering about this too.

    Say the thing went to **** and the Irish Government couldn't pay the guarantee, would you money be safe in Ulster?

    I'm seriously thinking about transfering from my savings from AIB to Ulster and I could do that online.


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    #4
    Cavehill Red
    Registered Users Posts: 6,109 ✭✭✭Cavehill Red


    I've no interest in starting a bank run. Corporate and large-scale depositors have already done that.

    But primarily in relation to two banks only. I'll leave it up to you to do your due diligence and work out which ones.

    Therefore, if one had money in a bank which, after performing due diligence, one felt concerned about, then it might be prudent to think about moving the money elsewhere, especially anything in excess of 100,000 euro, which is the extent of the depositor guarantee.

    If banks fail, and they may well, one must also think what other banks might be exposed to those banks by way of loans or bonds. British banks and foreign-owned banks in Ireland are both quite exposed to Irish banks.

    I would see Ulster Bank as significantly more secure than some others in the market. I would consider Rabo, owned from Holland, to be more secure again. Security then rises if one considers a euro account in say German or Swiss banks.

    One might even consider a carry trade, opening a CHF account or an $AU account. One might even go the whole hog and put it all in precious metals.

    Do your own research and put your money where you think is best for you to have it.


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    #5
    Ogham
    Registered Users Posts: 1,844 ✭✭✭Ogham


    jayteecork wrote: »
    I'm wondering about this too.

    Say the thing went to **** and the Irish Government couldn't pay the guarantee, would you money be safe in Ulster?

    I'm seriously thinking about transfering from my savings from AIB to Ulster and I could do that online.

    As I said before - Ulster Bank is only covered by the Irish guarantee - not the UK one. It appears to be in less trouble than BOI AIB - but it is still under the same guarantee . Look at the link I provided earlier for a list of which banks operating in Ireland are covered by which guarantee.


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