Should I take my savings out of Permanent TSB?

hamadaaa94

I have a small bit saved up in a savings account with them and its all I have.
Should I move the money elsewhere after it failed the tress test?
Any opinions much appreciated.

ScouseMouse

Absolutely not!

They failed the stress testing which is when they look to see what would happen if "this happened" or "that happened"

I would not be one bit worried about this.

HeidiHeidi

As far as I'm aware savings up to 100K per institution are guaranteed by the government, backed further by the ECB.

So no need to move your savings if they're below that amount.

JTMan

HeidiHeidi wrote: »

As far as I'm aware savings up to 100K per institution are guaranteed by the government, backed further by the ECB.

The first 100,000 EUR per person per bank is backed by the Irish Deposit Guarantee Scheme.

The Irish Deposit Guarantee Scheme is not guaranteed by the government. It is not backed by the ECB.

It is operated by the CBI.

That said, it is difficult to conceive, depositors under 100k getting burnt.

No reason for PTSB deposit holders to be concerned.

HeidiHeidi

JTMan wrote: »

The first 100,000 EUR per person per bank is backed by the Irish Deposit Guarantee Scheme.

The Irish Deposit Guarantee Scheme is not guaranteed by the government. It is not backed by the ECB.

It is operated by the CBI.

That said, it is difficult to conceive, depositors under 100k getting burnt.

No reason for PTSB deposit holders to be concerned.

Should've just left it at "first 100K is guaranteed"!

Apologies, there was no intent to mislead.

greenman09

The failed stress test is if the extreme happened. Radio says they have 80% of the shortfall sorted with the recent sales of some of the loan book. Nothing to be worried about.

little sis...

Ok i didnt know that. I thought it was a major issue in the short term for the bank.

Thanks guys, much appreciated!