With effect from yesterday (September 20th, 2008) the Irish government has raised the national deposit guarantee for savers to € 100,000.
This is a significant increase of protection for savings. The previous level, which had remained unchanged since 1999, guaranteed savers only 90% of a deposit up to € 20,000.
The measure will apply to people who have savings in credit unions as well as banks and building societies and means that Ireland has now one of the highest levels of guarantee of any European country.
By comparison, Britain guarantees savings of up to € 48,300 and the Netherlands only € 38,000. Italy with € 103,000 still ranges slightly above Ireland.
Changing the guarantee sum had been under consideration for some time, but it appears that the government had been 'too busy with other matters' to think of safeguarding our hard-earned money in the predatory hands of the banks.
The decision, which is very welcome and overdue, comes after a week of serious concerns among consumers, prompted by an unprecedented international banking crisis, centred in the USA but affecting the whole world, including Ireland.
The Emerald Islander
This is a significant increase of protection for savings. The previous level, which had remained unchanged since 1999, guaranteed savers only 90% of a deposit up to € 20,000.
The measure will apply to people who have savings in credit unions as well as banks and building societies and means that Ireland has now one of the highest levels of guarantee of any European country.
By comparison, Britain guarantees savings of up to € 48,300 and the Netherlands only € 38,000. Italy with € 103,000 still ranges slightly above Ireland.
Changing the guarantee sum had been under consideration for some time, but it appears that the government had been 'too busy with other matters' to think of safeguarding our hard-earned money in the predatory hands of the banks.
The decision, which is very welcome and overdue, comes after a week of serious concerns among consumers, prompted by an unprecedented international banking crisis, centred in the USA but affecting the whole world, including Ireland.
The Emerald Islander
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