Our savings/house deposit are in Anglo!!

Yes, mad you may think but with the bank guarantee I thought it’d be ok :unamused: . With all these murmurings of late, do you think it’s dangerous to leave it there until the beginning of September? I put it in a year savings account and I vaguely recall the loss of 10% of money if you take it out early. It’s over 100k. Is it safe? Oh crap…

I’m not sure what murmurings you’re referring to. I would think your money is about as safe there as it is anywhere.

No more dangerous than anywhere else. Probably in Europe, never mind Ireland.

In September, when I presume your fixed rate is up?, split it across several banks so that each amount is below the guarantee limit plus interest.

There are two reasons for doing this:

  1. The guarantee limit
  2. Accessibility - there is still no resolution mechanism for banks in Ireland so it might take a while to get your money back.

I wouldn’t worry about it, to be honest. Not only is there little you can do, but Anglo is going to be ‘resolved’ one way or another. It is likely to be wound down, at this point I think. But that is fine for you. The winding down of ACC into Ulster Bank was pretty much hitchless, I expect Anglo will be the same and will be no more than a rebranding exercise from your viewpoint.

Course, as I’m a total amateur and this is not financial advice, it could all come tumbling down and we could all be wiped out apart from those with tins of beans as they become the new currency…

When your deposit matures, take 5% of the total and buy some Gold kruggerands and Brit sovs (1/4 oz), regardless of price. Wait a while, buy another 5% tranche. Keep them in close personal possession or in place like this www.metrosafe.co.uk

PS: Rabo is safer than any Irish bank.

Jaysus why does every thread about deposits have someone suggesting gold speculation in them?

I also wonder whenever I see the usual kruggerand postings how many people giving that advice on this forum actually have kruggerands or any sort of gold stashed away.

I get an image of 16 year olds posting on motoring forums giving their opinion on how a BMW handles.

:slight_smile: I bought my first set of Krugs in 2004 for about US$500/oz all in… LOL!!

Go on, tell them you were 15 ay the time! :laughing:

This thread is not about gold.

Get back on topic!

Well I have put a lot of my own money in rabo myself…BUT I think it IS STILL an “Irish” bank, could in theory have its assets grabbed by the Govt and replaced with govt bonds if the balloon truly goes up?

IE, the “rabodirect.ie” bank is legally “Irish”, as opposed to the Rabobank you walk into in Holland?

You’ll need your bunker stacked with baked beans and shotgun shells to prepare for this outcome. It doesn’t mean it won’t happen it’s just that your savings will quickly go quite far down your priority list if it does.

I believe Rabodirect.ie is subject to Irish law as it’s Irish law that allows them to operate in this country under the supervision of the Dutch regulator, i.e. if things go Argentinean then your Rabodirect.ie euro deposit will be confiscated and returned to you denominated in “Nuevo Punts”.

Read The Road

But what precisely gives the Irish Government this right? I mean, its the equivalent of saying they can tell Rabobank that a portion of their deposits are now denominated in seashells instead of euro.

I take it for the State to have this power, it would have to be based on something fairly solid. What precisely gives them this right over Rabobank Irish deposits? I mean, unless I’m gravely mistaken, those Irish deposits are protected by the Dutch, and not the Irish, deposit guarantee fund. So where does the Irish State get its draconian powers over that money?

Ha ha was just thinking the exact same thing. Did you notice they left that bit out of the film?

Not sure what you mean by murmurings either.
I have 100k there too, as do my sister and parents, I’m not worried about it.

Why does discussion of gold as an alt savings vehicle bring out the apocalyptic references? Previous poster says prepare tins of baked beans and shotguns for “this outcome”. What outcome? If we went back a mere 4 years in time, say to 2006, and I said what was going to happen by 2010 would you have believed me? No, I would have been a ‘beans and shotgun’ nutter, right? But who’s the nutter? In 2006, people were queuing up overnight to put 0% down on unbuilt houses in Adamstown. I was buying gold. Who’s the “End-is-Nigh” head case? I even started a thread on AAM about gold. All I’m suggesting to the OP is put some of their savings in hard currency. But only a first tranche initially as I expect a massive correction in gold this year.

Er what has happened by 2010 has been the entire focus of this forum since its inception. I find it amazing the number of people who are suddenly claiming some sort special prophetic ability in relation to posts they made long after the prediction in question was widely discussed.

Gold is not an alternative savings mechanism it’s speculation. Any statement in the form of “Put 5% of your money into [X] no matter the price, wait a while and buy 5% more” deserves as much derision as can possibly be mustered on these here internets. You love gold, we get it but try to avoid roping in everyone you sniff a bit of cash on.

“sniff a bit of cash on”? “Roping people in”?

Anyhow, my advice to OP is to educate oneself, read the history of credit inflations and deflations, the role of gold, and make ones own mind up.

Get back on topic. There are plenty of gold threads (two at least, and as they are 24 carrot, that should mean nobody has to inflate into here…).