Bank Run Rumour Threads


Dear Pinsters,

The community around here are acutely aware of:

  1. The precarious nature of the overall international and domestic financial situation at present
  2. The known ability of the herd mentality to cause a snowball effect on the basis of unsubstantiated rumours or conjecture
  3. The potential for ruinous consequences for people, companies and innocent family pets alike were that to happen

It has been decided by the 'pin team that any thread that discusses a situation wherein customers seek to or intend to remove their funds from an institution or from a branch of an institution, allegedly, will simply be deleted and removed from the 'pin forthwith .

We trust that the user base of the 'pin understands that in these uncertain times, it is untoward of the 'pin to become a facilitator or conduit for rumours that could ultimately prove to be baseless, especially given the possible impact on the national psyche, on private individuals and on businesses and of course on the aforementioned small cute furry domestic animals.

However, if you’ve got a rock solid link from a reputable national online news site you may report that but only if you provide a link to the source as part of your post.

We would also appreciate it were such a linked story not over embellished by supposition or comment .

Failure to observe this posting guideline may result in an immediate ban and which ban may or may not be lifted after further investigation by the 'pin team.


Admin / Moderating Team


In light of the current global systemic banking crisis here are some of the answers to frequently asked questions on safety and guarantees of savings deposits in Ireland.

How much is protected?

:arrow_right: Sept 17, 2008 The deposit protection scheme in most Irish banks and building societies only covers 90% of the deposit to a limit of €22,222 (€20,000) per depositor.
National Irish Bank (Danske) cover DKK 300,000 (approx. €40,540*) per depositor.
With Rabodirect the depositor is guaranteed to be repaid 100% of the first €20,000 of his balance, with 90% of the depositor’s next €20,000 also being guaranteed.
For Investec Bank read their terms of business.

:arrow_right: Sept 21, 2008 In response to the developing situation the government has agreed to up the deposit protection scheme limit to €100,000.

:arrow_right: Sept 30, 2008 A guide to the Government’s decision to guarantee deposits in six Irish-owned banks and building societies.

For more information contact your bank.

What about Northern Rock?

On Tuesday 9 October 2007, Northern Rock agreed guarantee arrangements with the Bank of England and HM Treasury. These arrangements remain in place at the current time.

  • The guarantee arrangements protect all savers, regardless of the amount deposited and apply to all existing accounts, all re-opened accounts and all new accounts.
  • They also cover all new deposits, all further interest payments and movement of funds between accounts and all term deposits, including Fixed Rate Bonds, for the duration of their term.
  • The guarantee arrangements will remain in place during the period of temporary public ownership and, as previously confirmed by the UK Government, such arrangements would not be withdrawn without at least three months notice in any event.

Do Credit Unions have deposit protection?

:arrow_right: Sept 17, 2008 No. Contact your local credit union for details.

If your credit union is a member of a trade body, the Irish League of Credit Unions (ILCU), continues to supervise its member credit unions. It runs a controversial stabilisation fund to provide discretionary support to troubled credit unions. It might, at its discretion, compensate savers up to €12,700 but this is NOT a guarantee of any kind.

The Credit Union Savings Protection Bill 2008 is currently in the Seanad.

:arrow_right: Sept 21, 2008 €100,000 savings guarantee also extends to credit unions

Are my savings protected in An Post?

:arrow_right: Sept 17, 2008 Confusingly the Post Office offers 3 separate savings methods in One Location.

  • An Post ( also known as An Post Savings and Investment)
  • Postbank
  • Prize Bonds

An Post Savings and Investment
Yes, savings are state guaranteed with An Post, however, interest rates are low, partially to reflect that guarantee.

Prize Bonds
Prize Bonds are capital guaranteed by the state but any return on that capital is a lottery.

The Prize Bond system is administered by Fexco and is explained Here.

Do not confuse An Post savings with POSTBANK even though both are sold and managed through the same post offices.

:arrow_right: Sept 17, 2008 Postbank is a 50:50 joint venture between An Post, whom you know, and Fortis, which ranks among the top 15 financial institutions in Europe and are present in over 50 countries worldwide.
Postbank is regulated by the Financial Regulator and is a member of the Deposit Protection Scheme maintained by the Central Bank of Ireland. Details of the protection scheme are here.

:arrow_right: Oct 03, 2008 Dutch government takes over Fortis units

Contact An Post for more information.

see also:

:arrow_right: Sept 19, 2008 How to protect your savings

:arrow_right: Sept 23, 2008 Banks report deposit surge as protection limit is raised


The above post is for information only.

It does not constitute financial or other professional advice in any way.

It is a best effort summarisation of the current situation and is subject to change at any time.