Mixed news for Irish savers as ratings are downgraded

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Moody’s, the powerful ratings agency, has marked down the credit rating of several Irish banks.

There is both good and bad news for Irish savers rates available through specialist currency

The decision is unlikely to affect savers; however those with money in offshore Irish banks are unlikely to be pleased with new ratings.

The banks directly affected by Moody’s downgrading of the Government guaranteed debt are Allied Irish, Anglo Irish, Bank of Ireland, EBS and Irish Life & Permanent.

Moody’s have stated that this particular downgrading does not affect its other ratings on the banks, which includes the rating of their deposits and their financial strength.

Deposits with Irish banks and their subsidiaries (including the offshore branches) are 100% guaranteed by the Irish Government at the moment, under the Eligible Liabilities Guarantee (ELG) scheme.

The scheme was recently extended which means it will now run until December 31st 2011.

The ELG wad first launched in 2009 and it could possibly be extended again for a further six months. An announcement is expected to potentially confirm this before the end of the year.

There is also the possibility that some savers could receive 100% protection until as far as 2016.

According to the Irish finance departments website, www.finance.gov.ie, the ELG regulations mean that if you put more than EUR 100,000 (approximately £85,000) into a fixed rate account lasting for up to 5 years it will also be covered provided the deposit is made before December 31st 2011.

Transfer Money to Ireland

Are you looking to invest in Ireland? If so, think carefully about how you will be transferring money to Ireland. Foreign currency exchange rates quoted by banks are almost always worse than the exchange

rates available through specialist currency dealers.

So if you are sending money to Ireland – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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Mixed news for Irish savers as ratings are downgraded

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