Now that INBS management have made a faux pas and mentioned the words “2 years”, can anyone tell me what good options are there for opening share accounts with INBS (that will qualify for a demut) ?

Time to jump on the carpet bagger bandwagon again?
This possibility of having to wait 2 years for a sale could be a juicy carrot to suck in depositors.
I know their 21 day notice account qualified as a share account and was paying 5% interest.

Absolutely, but only if the account pays good interest.

Whether it’s 2 years away is anyones guess but don’t think for an instant that it was some sort of faux pas or slip of the tongue. A flood of carpetbaggers depositing 20K each would make the books look extra juicy to any prospective buyer. That was my initial impression and I took at as a guarantee that they’ll be sold within 6 months.

So in the event that INBS were to demutualise, I wonder how much the average depositor would pick up? Not very much I’d imagine.

Twas put at 10-15k but that figure is plummeting everyday in tandem with the property market, although Fingleton sounded very defiant at the AGM and vowed not to sell below what he thought the society was worth.

Nothing new about that to pinsters :wink:

Twas wha?


Don’t think so somehow.

INBS won’t be demutualising until the family silver has been sold off and the directors have first had their fill – it’s the same with every other building society in Ireland. They’re living off the assets built up from years gone by.

I think 20k is the minimum deposit for a “With shares” account…
the 21 day notice one give 5% or similar, although that’s probably only for the first 6 months.

you need 100k+ to get 5% AER

20k will ‘only’ earn 4.6% AER. No mention of a rate guarantee with issue 2 (issue 1 has an ECB ‘tracker’ guarantee).

ouch, it was only 40k to get 5% on issue 1. That was ECB tracking, but it only tracked at 1$ over ECB for first 6 months, then moved to .75%, then .5% I think.

Still, worth a punt on the 20k option.

was thinking the same, you can get 5% (slightly more on restricted balances with the likes of first active or halifax) elsewhere but for the sake of 0.4% before tax it might be worth a shot. I have an anglo regular saver maturing at the end of the summer, might have found a suitable home!

only costs €64 net a year to have 20k at 4.6% rather than 5%. seeing as an demutualistaion payment would dwarf the €128 ‘lost’ over the course of 2 years I’m in :smiley:

Any chance of a link? If none is available, is the full quote “demutualisation within 2 years” or “share accounts older than 2 years will qualify”?

I find it hard to see who would want or who would pay for INBS at this point in time. I know that doesn’t mean they aren’t out there. On a bit of a side note, who (what firms, what individuals, what sovereign wealth funds) are going to do well out of all the asset disposals that large banks are undertaking at the moment?

It’s the legislation that specifies 2 years. Most people thought a sale would be wrapped up sooner than was discussed at the AGM


Also, they seem to be suggesting that a sale is off the cards for 2 years, so if you get in now, you will be beyond the 2 year minimum membership by the time they sell!

Come to think of it, I wonder did they say this to get carpet baggers deposits on board? Goos way of attracting deposits while not changing the offering.