in thinking Ireland are going to go bust?

[BagofHolly]

Doesn't look good!
My friends are pulling everything out of Irish based financial institutions and I can't imagine we're alone in that!

What do you mean 'going'? It's very sad but they're pretty much bust already

Problem is that everyone pulling out their deposits will make the situation much worse as it exacerbates the funding issue. The banks won't be allowed to fail as the exposure elsewhere is too large

They have enough money to go until the middle of next year and thats before the bailout so I think they won't default

I agree - thing is, I reckon the Irish cultural attitude to debt is different to ours - for example it's much more of a cash-based society in my experience and there's a distrust of banks generally. And debt seems less acceptable on a domestic level - the size of the average first time buyer mortgage is a lot lower than here in % loan to value terms fir the same reason.
Very sad, and worrying cos our (UK) exposure to them is massive.

Vincent Browne's show last night indicated things were much tighter than that, Popelle, and that they had enough to keep going till Christmas.

Many businesses have been failing - it's been tough, will get tougher for everyone - very sad ww.telegraph.co.uk/finance

I keep seeing stuff about this but don't really understand it all.

My mum has a few thousand in savings in AIB.. is it ok to leave it there or should she think about moving it?

Are you kidding about the debt reliance in Ireland?

Mortgages on 425K on worn out 2 bed semis in Dublin? They are up to their eyeballs in debt.

It's my homeland but I don't have 100% sympathy for everyone. Yes the banks shouldn't have given so much money to individuals but they, in turn, should have been more realistic about affordability. I know people on similar incomes to my own with mortgages 4 and 5 times larger than mine.

I'm a British taxpayer and have been for many years. I don't particularly want to face the bile of those who feel that they are "bailing out the Irish". Erm, so am I!

CCTeacup
www.which.co.uk/news/2010/11/qanda-are-my-savings-safe-in-an-irish-bank--237207/

Q&A: Are my savings safe in an Irish bank?

My H is shouting "move it!" He's just made me phone my brothers to have the same conversation. But that's just one opinion... And there may well be measures there as there are here to protect the first few thousand of people's savings.

"I agree - thing is, I reckon the Irish cultural attitude to debt is different to ours - for example it's much more of a cash-based society in my experience and there's a distrust of banks generally. And debt seems less acceptable on a domestic level - the size of the average first time buyer mortgage is a lot lower than here in % loan to value terms fir the same reason."

Oh thats just too funny, it hurts! You must be thinking of an entirely different country, or perhaps the Ireland of 20 years ago, but certainly not today.

Oh and "the British" are not bailing out "the Irish" The British BANKS are contributing (which they are legally obliged to do) to a bailout of the Irish BANKS.
Its fuck all to do with the actual people at all.

and bank deposits are guaranteed by the govt.

Yes they are guaranteed by the govt, but what if the govt go bust and can't repay it?

The Government has guaranteed deposits in Irish banks but its unlikely that they will be able to honour that committment if the Irish banks do go bust.

Anyone any ideas on what to do in following scenario please?

My Dad was asking me what he should do. He has around 50K in Bank of Ireland. Is wondering if he should move it and where to. Credit union?

Other option is that we have an offshore Euro account that he could put it into (with legal agreements that it is HIS money etc).

Would hate for him to lose it all as he worked sodding hard for it all his working life and was always just earning too much for any help but not enough for an easy time.

I think most of the panic is unfounded, the EU and IMF bailout will ensure that the Irish banks are kept afloat and so deposits should be safe.

What country are you thinking of bagofholly? It's certainly not this one.

Mayorquimby - the one I lived in for years - interesting how we have a different perspective, we obviously moved in different circles!

What should I be telling my freind who has been living in London for 20 years to convince her not to go back home?!

She has convinced her (English) husband that its a great idea for them and their 2 kids to move back now - when the place is in ruin?!

My parents left in the 60's, she left in the 80's and I feel that she is setting up her kids to having to do the same. She is absolutely convinced that now is the time to go home coz of kids ages and coz they will end up with no mortgage. Nothing anything any of say to her will convince her that this is a really stupid idea.

I understand her longing to go home, I saw my own ma and da go through the same thing, and although I was born here, in different circumstances I would think about it myself.

Is she mad?!

I don't think it's different circles, just change over the last decade

Why wouldn't she go home if she will have no mortgage? Its not suddenly a third world country you know, we have excellent schools and good wages (as long as you can actually get a job)

Plus its probably none of your business.

You wait until Spain goes.

Forget IMF/EU bail outs. There isn't enough.

We all need (particularly pigs) to restructure our economies. More austerity measures, more cuts, working longer, swingeing cuts to public sector etc.

A radical overhaul and scaling back of everyone's expectations is needed in Europe.

Countries will drop out of the crumbling euro and in ten years it will be renamed the mark! I bet money on it.

Well, I left in 1989 and I am never going back, for many reasons, but I would never try to discourage someone else from doing so. OK, so for someone coming from the UK the lack of a healthcare system and, to some extent, the way the education system works, are big disadvantages, but if you can afford to buy mortgage-free and are not depending on the Irish economy for work then there are plenty of reasons why Ireland is a great place to live and bring up a family.

So, are people moving their money out of Irish bank accounts?

We do have a health care system, actually.