Stampede to Place Deposits in Ireland
The recent announcement by the Irish Government that they will make a public guarantee to all customers of all six Irish banks with their headquarters in Ireland, has rocked other countries.
It now appears that the inducement of a safe haven of an Irish bank offering a guarantee backed by the Irish government has started a stampede of investment transfers. This is not surprising when the financial world is currently a very uncertain environment and other governments offer much lower thresholds as guarantee levels for investors, should a bank foreclose.
With the British government now talking of raising it’s public guarantee to £50,000, the unlimited guarantee looks very attractive to high net worth individuals. Foreign exchange specialists have been exceedingly busy in the last few days, exchanging pounds sterling for euros and transferring the funds to Ireland.
The 6 Irish banks benefitting from this are: Allied Irish bank, Bank of Ireland, Anglo Irish bank, Irish Nationwide Building society, the Educational Building Society (EBS), Irish Life & permanent combined with the Permanent TSB.
The value of the euro against the pound can be fixed for a given period ahead. If you don’t wish to transfer your deposit money now, you can book the rate of exchange now, for a date ahead.
To discuss how best to make a currency exchange into euros at the best rate, talk to a foreign currency exchange specialist. visit fx-foreignexchange, or call 01480 458400.
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