Effect of Impending Bailout on Bank Deposits

smallobear

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Oct 21, 2009
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Speaking recently to a couple of friends, one said that the IMF (or whoever bails out) could take control of bank deposits. The other confirmed this, despite my reservations.

I don't know much at all about this area. I'm wondering what could possibly happen to money in my current/deposit account, if anything at all? What are the potential effects of this impending bailout on private deposits and current accounts?
 


BodyPolathick

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Feb 25, 2010
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Speaking recently to a couple of friends, one said that the IMF (or whoever bails out) could take control of bank deposits. The other confirmed this, despite my reservations.

I don't know much at all about this area. I'm wondering what could possibly happen to money in my current/deposit account, if anything at all? What are the potential effects of this impending bailout on private deposits and current accounts?
Good question - I assume the guarantee would stand, might be time to get a safe or a large mattress. Getting a little worried here tonight myself
 

staunch_FF

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Sep 9, 2010
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Speaking recently to a couple of friends, one said that the IMF (or whoever bails out) could take control of bank deposits. The other confirmed this, despite my reservations.

I don't know much at all about this area. I'm wondering what could possibly happen to money in my current/deposit account, if anything at all? What are the potential effects of this impending bailout on private deposits and current accounts?
Stop engaging in panic mongering you fool. Nothing will happen to any of our bank deposits. The bank guarantee covers it all. You know what they say, loose lips sinks ships. O'Brollachain was right about the this site, full of drama merchants. I would advise you all to shut up and pull through this in the interest of the country.

We do not need any unnesscessary panicking that woudl lead to runs on banks.
 

Cato

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Don't think there would be any effect on deposits.
I concur. Has this been shown to have happened elsewhere? There are plenty of other things to be worried about without unnecessary panic.

That being said it is probably wise to keep a certain amount of cash within easy reach.
 

staunch_FF

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I concur. Has this been shown to have happened elsewhere? There are plenty of other things to be worried about without unnecessary panic.

That being said it is probably wise to keep a certain amount of cash within easy reach.
Stop panic mongering. Our money is safe.
 

SKELLY

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The only panic that is happening is going on in mount street.
To realise that your party is facing an implosion after all the years of lies and spin most be a sobering experience.

This thread goes to show how little confidence the people have in this current shower and also how out of touch this gov is with the citizens. people are scared and its understandable.
 

punchdrunk

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Speaking recently to a couple of friends, one said that the IMF (or whoever bails out) could take control of bank deposits. The other confirmed this, despite my reservations.

I don't know much at all about this area. I'm wondering what could possibly happen to money in my current/deposit account, if anything at all? What are the potential effects of this impending bailout on private deposits and current accounts?
Cop yourself on. Your friends are obviously quite ignorant.
 

Cato

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Stop panic mongering. Our money is safe.
Where did I say otherwise? My advice has nothing to do with the safety of the banks, or the state guarantee.
 

gombeennation

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anyone who doesnt have a large % of their money in a foreign bank account deserves whats coming to them.
lie after lie after lie about the economy was spouted for years by FF.
if you choose to believe them about your deposits being safe then more fool you.
 

Sariel

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Speaking recently to a couple of friends, one said that the IMF (or whoever bails out) could take control of bank deposits. The other confirmed this, despite my reservations.

I don't know much at all about this area. I'm wondering what could possibly happen to money in my current/deposit account, if anything at all? What are the potential effects of this impending bailout on private deposits and current accounts?
Only sovereign countries that issue their own currencies can deposits be guaranteed. Ireland does not, so its guarantee is a false one and that is what the market is telling you. The UK issues its own currency and its debt is in its own currency and so can never become insolvent with respect to obligations in its own currency.

The IMF is not a currency issuer, it gets its money from its members. If there is a run on the banks, the central bank can solve this by lending to all financial institutions without regard. Will it do this? I don't know, it costs them nothing but I don't think they understand how the monetary system works. At the end of the day, it's your decision but the authorities can easily solve it if they know what their doing.
 

ocoonassa

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Stop engaging in panic mongering you fool. Nothing will happen to any of our bank deposits.
Oh right, thanks staunch_FF, that has really really reassured me coming from you
 

Ah Well

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The Irish Government could impose necessary restrictions on deposit withdrawls, etc. to prevent runs on the banking system.
That thought has crossed my mind .... presumably that would apply to those Rabodirect and UK Nationwide Ireland type A/Cs too which have the benefit of Foreign Guarantees, but they're still technically opened as Irish Bank Accounts
 

Sham96

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I would string you ************************ers ************************ers
 

needle_too

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Oh right, thanks staunch_FF, that has really really reassured me coming from you
LOL - If Tonic comes on to deny it you should start queueing now.

*****on another point mentioned above -

As far as I'm aware, 'Irish' banks are those which operate under an Irish banking license; doesnt matter who owns them or where they are HQ'd.

So just because your bank is called Banco De Mexico doesnt mean anything. Its what license it operates under.
 

Squib

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Relax your cax.

"No Flight of Capital because Ireland is an Island" - Brian Lenihan
 

boris232

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Jul 19, 2010
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Was talking to someone who used to work with the IMF during the week who told me that in the case of a bailout, which in their opinion, was going to happen that the following scenario would occur:

  • Quangos gone
  • High cost jobs stripped back and large pensions cut.
  • Inefficient Local Authorities kaput
  • Inefficient elements of the HSE kicked into touch
  • etc
.

He told me no effect on the banks or no cuts in salaries.

This is why FF have been "scaremongering" over the IMF, they ( and their cronies) want to hold onto their ill gotten gains as long as possible.

Bring them in.
 


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