Or is it just our savings account dosh that’s guaranteed?
Personal savings accounts have Mr Lenihan’s signature to them up to €100k.
Fock, I’d assumed it was all deposit in any form (so long as liquid cash)
From ifsra
"The Deposit Protection Scheme covers:
current accounts;
demand deposit accounts;
term deposit accounts;
share accounts and deposit accounts with building societies; and
share accounts and deposit accounts with credit unions "
Please read the above link.
Duly appeased - cheers lads
Phew!
What about notice deposits, regular savers and other such variations on the normal savings account - are they considered to be demand deposit accounts or is this an anomaly?
Yes, they are deposit accounts. Some may be considered demand deposit accounts and some term deposits.
What isn’t covered is bonds, I believe, they are investments so are still covered by the old investor insurance scheme. I phoned up the investor compensation scheme (investorcompensation.ie/index.php) today and spoke to a nice gentleman who must be tired of giving the same answer out.
Depends how you define guaranteed
Is it likely that the government won’t be able to afford a pay out? - especially if the banks fall like dominoes?
Won’t any Government protection scheme involve some sort of application form and some sort of delay before you get your money? If a bank goes under presumably you will not be able to access your cash for, I’m guessing here, a few weeks? How do you pay for stuff in the meantime? Do we need to be putting aside some cash?
I’d rather take the Simon Community soup than have hundreds or thousands floating around in my house!
Yes, you do have to think about the practical aspects of bank failure, wages are generally paid directly into a bank account.
So if your bank fails you will have to either setup a new account in another bank or get paid via alternative method.
You also may have direct debits setup to pay monthly bills, payment for these services is going to be disrupted.
You still have to pay your rent (or mortgage).
You still have to do your weekly shopping, put petrol in the car etc.