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An Post savings products

hammer

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Joined
Jul 6, 2009
Messages
58,180
Can anyone enlighted me and let me know where all the money that An Post takes in deposits resides ?


Also Prize Bonds - where does all this money reside ?

Is it bailing out Irish Banks balance sheets. Is it in ANGLO ? Has it been used to buy Anglo bonds :)
 


Black Rock

Member
Joined
Feb 14, 2011
Messages
12
NTMA State Savings and An Post

An Post and the Prize Bond Company are selling agents for the NTMA State Savings products and they provide a counter service to collect money on behalf of the NTMA – savings never reside at the Prize Bond Company or with An Post but instead are transferred immediately to the Government under the management of the NTMA. For this reason the published annual accounts of the post office (An Post) do not provide any statistics on any savings products because none form any part of the financial statements of An Post. All NTMA State Savings products including Prize Bonds are accounted for only in the annual accounts of the National Treasury Management Agency (NTMA) and are identified as being part of the national debt or sovereign debt of Ireland.

Because State Savings money is placed with the Government, the repayment of principal, interest (and cash prizes in respect of Prize Bonds) is a direct unconditional obligation the Irish Government and there is no expiry date or limit to the amount of money that is protected.

The NTMA Brochure 1 on their webite explains all of this and NTMA Brochure 2 list of the variety of savings products that are covered.
 

hammer

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Joined
Jul 6, 2009
Messages
58,180
An Post and the Prize Bond Company are selling agents for the NTMA State Savings products and they provide a counter service to collect money on behalf of the NTMA – savings never reside at the Prize Bond Company or with An Post but instead are transferred immediately to the Government under the management of the NTMA. For this reason the published annual accounts of the post office (An Post) do not provide any statistics on any savings products because none form any part of the financial statements of An Post. All NTMA State Savings products including Prize Bonds are accounted for only in the annual accounts of the National Treasury Management Agency (NTMA) and are identified as being part of the national debt or sovereign debt of Ireland.

Because State Savings money is placed with the Government, the repayment of principal, interest (and cash prizes in respect of Prize Bonds) is a direct unconditional obligation the Irish Government and there is no expiry date or limit to the amount of money that is protected.

The NTMA Brochure 1 on their webite explains all of this and NTMA Brochure 2 list of the variety of savings products that are covered.
Excellent. Thank you.

Its safe so :)
 

RiRa5

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Jun 1, 2010
Messages
151
Time to move my an post savings so.

Sent from my X10i using Tapatalk
 

KATHY

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Joined
Mar 22, 2007
Messages
777
Time to move my an post savings so.

Sent from my X10i using Tapatalk
Not really a good idea as is it would seem its one of the few places where your money is actually safe and there are no hidden bank charges.

NTMA
'The repayment of State Savings money is a direct, unconditional obligation of the Government, there is no upper limit on the amount of money that is protected and there is no expiry or end date for this protection'.
 

scallioneater

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Nov 6, 2010
Messages
413
Excellent. Thank you.

Its safe so :)
Safe, maybe, safe as long as Ireland does not default. Think I would go to a paid finical advisor or two if it's a large amount of money. I would not invest my saving on advice from a web forum.
 

bob3367

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Jan 11, 2007
Messages
7,984
Safe, maybe, safe as long as Ireland does not default. Think I would go to a paid finical advisor or two if it's a large amount of money. I would not invest my saving on advice from a web forum.
Them why are you contributing to a thread on a public forum?

Where do you invest your "wealth" btw.... and can you advise us mere mortals of a good "finical advisor or two"?
 

Mushroom

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Joined
Nov 27, 2009
Messages
15,474
3 Year Savings Bonds - 13th Issue

You might have missed it.

From December 16, 2012 3 year rate has fallen from 10% TO 7%

Now why was that done !!!!
If you had read the Business Section of your Sunday Times last Sunday (instead of watching that dreadful Munster match and/or the boring West Brom game), you'd have seen this was done by the NTMA at the behest of the banks who are losing cash deposits to the An Post/State options - and will probably lose more when DIRT goes up in Jan.
 

ffc

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Nov 6, 2007
Messages
5,156
If you had read the Business Section of your Sunday Times last Sunday (instead of watching that dreadful Munster match and/or the boring West Brom game), you'd have seen this was done by the NTMA at the behest of the banks who are losing cash deposits to the An Post/State options - and will probably lose more when DIRT goes up in Jan.
Anyone who invests in State options is a mug, find the highest interest rate in the market, pile into it and be assured that even if the financial institution you pick turns out to be run by Del Boy and Rodney, the good old Irish taxpayer will pick up the bill.
 

cricket

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Joined
Nov 7, 2009
Messages
13,786
Who's calling the shots here , or need I ask ?
 
B

birthday

3 Year Savings Bonds - 13th Issue

You might have missed it.

From December 16, 2012 3 year rate has fallen from 10% TO 7%

Now why was that done !!!!
To pay for AIB pension fund?

An Post workers have vastly inferior salaries and pension entitlements than IBOA and yet do similar work.

We must all contribute in whatever way we can to fund the grotesque pension entitlements of AIB management and staff.

A little here, a little there-whether it be cutting repsite care or lowering interest rates on state savings products-ever littlebit helps!
 

Class Act

Active member
Joined
Dec 18, 2010
Messages
104
Anyone who invests in State options is a mug, find the highest interest rate in the market, pile into it and be assured that even if the financial institution you pick turns out to be run by Del Boy and Rodney, the good old Irish taxpayer will pick up the bill.
Up until last weeks rate cut, these state back products were giving the highest interest rate
 

TODevastated

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Joined
Oct 9, 2009
Messages
1,332
Them why are you contributing to a thread on a public forum?

Where do you invest your "wealth" btw.... and can you advise us mere mortals of a good "finical advisor or two"?
you may pick up better advice than from some of the clowns selling their services as financial advisors
 

Davidoff

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Oct 4, 2010
Messages
1,480
Not really a good idea as is it would seem its one of the few places where your money is actually safe and there are no hidden bank charges.

NTMA
'The repayment of State Savings money is a direct, unconditional obligation of the Government, there is no upper limit on the amount of money that is protected and there is no expiry or end date for this protection'.
Wow, savings. Someone remind me what they look like.
 

Davidoff

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Joined
Oct 4, 2010
Messages
1,480
There was a good edition of Primetime a fortnight ago warning people not to keep all their savings in gold.

So if anyone has a stockpile of bullion in the house, Miriam's advice was to diversify.

I sold half my Kruggerands the next day.

As for the post office, it seems like a safe enough option.
 

hammer

Well-known member
Joined
Jul 6, 2009
Messages
58,180
7% net over 3 years isn`t great :(

But I can see AIB/BOI offering rates of circa 2% gross less 33% DIRT.

Pay down debt and then pay down more debt.
 


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