Eur Wedge On De Edge


That letter from the German finance agency, are they verifying the transfer details to close the German account or is it just a routine check.

Anyone know? Might drop them an email anyways.


When economies or more rightly nation states joined the eurzone they where no longer diversified and became mechanically divided. The EURO in it’s form is constructed in a way that has created united divisions. The solution offered will be to unify (only show in town) those divisions by breaking them. That most likely has been the plan all along.

The Divisionistas are very clever but they are death.

Diversity is life. Vive la différence!


I not only spent me wedge by buying a little bolthold outright, but then i went and borrowed a few bob on top, unsecured !.

What cyprus has shown is saving is a mugs game, and it is likely to be stolen by the govt at anytime…having moved money from ireland to the uk through the madness of 2008 and back again…i couldn’t be bothered anymore…got a nice house on c.1 acre not far from dublin.

If it all goes tits up, i still own my house and am gradually making it self sufficient…and no matter how hard fg try, they can’t take that away from me…people should now be preparing their property for next winter, cos it’s going to be bad apparently.


How do you think Cypriot property will fair in the aftermath? There won’t be any security for those devalued to under €100k. Investing in Ireland is a serious risk. Link ( … t-show-you) to zero hedge indicates peripheral nations need to get a 45% yield on return to justify the risk of investing, point was made for cash but include property also

Point being the consequences of a second bailout on Ireland

This is the reality, … next-conta


Jays us - for the sake of my sanity - which European banks are solvent? As of 8th April 2013. Could the Cypriot effect be confined to individual banks in certain nations rather than a consequence of a larger bailout?


It looked like a routine check to me. Something to do with SEPA (Single Euro Payment Area) which came into force in 2013.
Don’t know exactly what that was, as we’ve been using IBANs and BICs for years now. I think it’s something to do with useing these for internal German transfers.

I’m not sure when they’ll ask their customers to take their money back. Maybe they’re in no rush as they’re currently getting a zero interest loan from us.


SEPA comes fully into force for all consumers from 1 February 2014. No more Irish domestic bank clearing from that date.


Well if zerohedge says so it must be all true :angry:


Pinsters speculate about a lot of stuff. Like Zerohedge FFS. Separating the wheat from the chaff is the trick. The chances of a reentry tax are next to nil.

This thread has being running for years and there hasn’t been a single cent lost by anyone who had their money on deposit in an Irish financial institution. On the other hand, there has been a huge opportunity cost associated with following the advice on this thread. Cost of setting up accounts overseas. Loss of income from lower interest rates overseas or in lower risk instruments. The banks here do have another hole to plug, but it will be done without dipping into deposits, let alone deposits under 100k. That is not to say that there hasn’t been some good advice on how to protect your cash here on this thread, but that implies a risk to your cash, and the judgement on how great that risk is/was is where there you need to treat a lot of this thread with caution.


You obviously don’t have a pension or haven’t bought a house…cash is next, Cypriots are not a different species! No reason for us to avoid their fate when bailout 2 comes


There’s a large gap in Ireland between what ‘should’ happen and what does.

The wariness has always been based on the inability of the state to back the banking system without bankrupting the state. Who knew that banks were more important! :frowning: So like Merve the Swerves view that panic’ing is sensible, the advice given on the banks has been sensible and wrong.

Will the current advice also be wrong? Well, yes, hopefully. If it isn’t, though, you can’t step back and change your choice.


Nicely put.


If I had a million euro for every time I was told something was inevitable since 2007, yet didn’t come to pass, I could recapitalise your average Irish bank. There is a hugely mistaken tendency here to expect a linear extrapolation from some current event to some ‘inevitable’ event in the future - like Voyager 2 moving inexorably through space . Cyprus is the latest starting point, but the past few years have been littered with them. This is a result of an inability to recognise the forces that are at play, and mainly how politics trumps economics. There are problems correctly identified here that need to be addressed, and tabs that need paying, but the predictions on how the will be paid have been way off the mark - and costly to date.


Doing the sensible, wrong thing is fine. As long as it is not going to cost you more than even a small haircut would save.

After all, you still buy house/life insurance despite the fact your house has never burned down killing you and everyone you know and taking with it your priceless collection of “Riskaverse Monthly - Almost Guaranteed to Be Out Every Month”…


If €150 is all it is costing you then fair enough. But on back of the envelope figures, someone with the proverbial €100k on deposit in Ireland would have managed to get approx €10k in interest (gross) over the past 3 three years (using a figure of 3.25% when interest rates ranged from 3%-3.5%). Abroad it was approx 1.5% below this in my experience (ref keytrade/commerzbank), generating almost €5k less. The cost of setting up these accounts would be in the order of a few hundred €, effectively halving your return in that time. Did spending €5k on what you correctly see as insurance over that period make good financial sense?

More to the point, does it make sense to cough up that for the next few years? I don’t see the risk justifying that sort of figure. IMO, we need to be conscious of being a little too clever. Paying 5% insurance to guard against the likelihood of a 9.9% levy on deposits being applied in the next three years? Effectively there would need to be a greater than one in two chance of that occurring to make that risk worthwhile. Does anyone really see the grounds for that?


tax on interest is higher in Ireland than other locations and this really cuts in to your calculations.
Moving to another E.U. bank account not only covers against theft by the Irish Government but also against currency devaluation if Ireland gets thrown out of the Euro or sleepwalks in to it by politicians who like the idea of ourselves alone.


If you’re resident in Ireland with a foreign bank account you still have to pay DIRT don’t you? If that is the case and you are resident in Ireland with a foreign bank account then you are losing on the Interest but insuring against bail-ins and devaluations.


I don’t know. I’m german resident and my interest rate is lower than back in Ireland but the taxation on interest earned is much lower too.


If I’d made 10% in an Irish bank over the past three years I’d be tempted to quit whilst I was ahead and move the money overseas.

I was reading yesterday that Irish pension funds have divested themselves of all Irish govt bonds because the regulator forbids them from investing in high risk assets.

It’s always quietest before the storm.


deleted, posted in error