Rabbo Direct pulling out of the Irish market

silverharp

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Rabo Direct pulling out of the Irish market

Just got a letter off them saying they are pulling out of Ireland and I have to move my deposit accounts. seems a shame they must have had a fairly efficient setup here but maybe the market is too small for them


https://www.rabodirect.ie/

Important notice

RaboDirect will withdraw from the Irish marketplace on 16th May 2018.

You should close your RaboDirect account(s) and transfer your funds to another bank prior to 16th May 2018.

Click here to find out what you need to do.
 
Last edited:


Mitsui2

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Just got a letter off them saying they are pulling out of Ireland and I have to move my deposit accounts. seems a shame they must have had a fairly efficient setup here but maybe the market is too small for them


https://www.rabodirect.ie/
Had the same letter. Seems they're doing some kind of retrenchment at home and yep, have decided the market here's too small to persist in.

Must say I'm sorry - they were always very pleasant and efficient to deal with.
 

Lumpy Talbot

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No
Perhaps that was the real reason for the exit. They couldn't recruit anyone with local banking experience that was pleasant.
 

HarshBuzz

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Perhaps that was the real reason for the exit. They couldn't recruit anyone with local banking experience that was pleasant.
They didn't ask me....oh I see your point. :oops:
 

HarshBuzz

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It does make sense. No point maintaining an operation here if your service model is just deposit-taking.
 

Lumpy Talbot

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No
Ah the good old days when banking was essentially about deposit taking. One of the few businesses in the world where a massive debt liability is regarded as an actual asset.
 

Upper Chamber

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The fund purchase service they offered was easy and accessible. They discontinued that last year so I assumed the deposit service would end before long. They did seem a bit more efficient and customer friendly than the local banks and stockbrokers. Back to less competition now.

Their start up ads were very good I seem to remember.
https://youtu.be/WYdnhACXvO0
 

amist4

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Ah the good old days when banking was essentially about deposit taking. One of the few businesses in the world where a massive debt liability is regarded as an actual asset.
What on earth makes you think a loan book isn’t an asset?
 

wombat

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The fund purchase service they offered was easy and accessible. They discontinued that last year so I assumed the deposit service would end before long. They did seem a bit more efficient and customer friendly than the local banks and stockbrokers. Back to less competition now.

Their start up ads were very good I seem to remember.
https://youtu.be/WYdnhACXvO0
Once that service went, they had little to offer, every bank is online so not much point to their offering.
 

Lumpy Talbot

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No
When it has 'Anglo-Irish Bank' written on the letterheading.
 

Volatire

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The fund purchase service they offered was easy and accessible. They discontinued that last year so I assumed the deposit service would end before long. They did seem a bit more efficient and customer friendly than the local banks and stockbrokers. Back to less competition now.

Their start up ads were very good I seem to remember.
https://youtu.be/WYdnhACXvO0
The funds were terrible, with toxic tax implications. Good riddance.

Danske (NIB) had a custody account service with awesome execution. The loss of Dankse was indeed a tragedy.

I am a little more sanguine about the loss of Rabo deposits. They were vital in 2004, in the days when Volatire told everyone who would listen to get the fück out of Irish banks. I have no problem with BoI now, although I still keep euro cash in Rabo.
 

wombat

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At the time of the bank collapse and speculation about Ireland leaving the euro, I looked into putting money on deposit in Rabo. I discovered that it was no protection, if we left, foreign banks would convert to punts, same as domestic. However, if you bought units in a fund, they would have the market value in euros converted to punts, a bit like buying shares or gold.
 

wombat

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My son was home from the US on holidays and left 200 euro behind him telling me to treat myself. .
Reminds me of the time I sent $50 to my mother for her birthday, she was delighted and bought herself rose bushes and a bag of sheep manure. What did you get your mother for her birthday? - a bag of sheepsh1t:lol:
 

HarshBuzz

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What on earth makes you think a loan book isn’t an asset?
Rabo don't have a loan book in Ireland (at least not a retail one, they fund the balance sheet).

They have a deposit book. Deposits are liabilities.
 

Mushroom

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Just got a letter off them saying they are pulling out of Ireland and I have to move my deposit accounts. seems a shame they must have had a fairly efficient setup here but maybe the market is too small for them


https://www.rabodirect.ie/

I realise that it's a very long, complicated and difficult word to spell, but I genuinely believe that with a teeny bit more attention you would have spelled Rabo correctly in your thread title! Especially if you had their letter in front of you as you typed!
 

Mushroom

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Was there any mention of being sorry for any inconvenience caused?
Sort of: "We regret any disappointment or concern this announcement may cause."
 

loner

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We are in a sorry state from a banking point of view only 3 outfits to choose from and in light of past experiences difficult to trust any of them
 

Peppermint

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While I considered joining them, they only ever offered a savings account. I want a bit more from any bank I have to deal with. And the Saving "rate" was nothing special..
 

Man or Mouse

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We are in a sorry state from a banking point of view only 3 outfits to choose from and in light of past experiences difficult to trust any of them
When the loan book is the main asset of a bank, the loans have to be recoverable. Foreign banks are not interested in making loans that are virtually unrecoverable, which are mortgage backed loans, the main loan product sold in Ireland.
 


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