Skeddan Posted October 28, 2008 Share Posted October 28, 2008 The Irish government has confirmed four banks and two building societies will be protected by its bank guarantee scheme safeguarding offshore savers in the Isle of Man. http://www.citywire.co.uk/adviser/-/news/a....aspx?ID=318868 Link to comment Share on other sites More sharing options...
bluemonday Posted October 28, 2008 Share Posted October 28, 2008 The consequences could prove interesting, particularly for competitors. Link to comment Share on other sites More sharing options...
Mutley Posted October 28, 2008 Share Posted October 28, 2008 http://www.independent.ie/business/irish/t...me-1511206.html Link to comment Share on other sites More sharing options...
oldmanxfella Posted October 28, 2008 Share Posted October 28, 2008 http://www.independent.ie/business/irish/t...me-1511206.html Thanks for that its the best report I've read. It seems that the Irish Government (or maybe the banks themselves) have latched on to the significance of how empty their coffers will be if non domestic depositors lose faith in Irish offshore banks. Its a shame Gordon Brown does not follow their lead and hand back the £600m he snatched from the IOM to stop the exodus from those with British parents. To get around EU law this guarantee is actually a performance bond which the banks are paying into so they are effectively paying over the odds to keep in business or bring in new business. But fair play the Irish can show us all a thing or two in the end when it comes to smoke and mirrors and pure brass neck. I'd feel a little more confident if Irish banks dropped their rates though as there would seem little point in advertising rates over 7% when the guarantee is selling your book anyway. High rates when there is a guarantee in force make me ask questions like "why?" Link to comment Share on other sites More sharing options...
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