The BBCs personal finance department says:
The emergency decision by the Irish government to guarantee the safety of all deposits in six of its main savings institutions for two years may give UK savers a great opportunity. If you want somewhere secure to put your cash during the current financial crisis, then opening an account with any of the six looks like a very good idea.
So far the gamble looks like paying off in the short term. What I took to be “a pebble in the stream” may become a veritable flood. Pressure is mounting on the British and other European governments to do something similar. Gordon Brown is repeating the mantra that hell do what it takesand is increasing the savings guarantee from 35k to 50k but this may not be enough. He’s plainly reluctant to make a move which comes within a hairs breadth from nationalising of all British banks. Thats Tuesday evenings position anyway. Tomorrow is a new day.
Former BBC journalist and manager in Belfast, Manchester and London, Editor Spolight; Political Editor BBC NI; Current Affairs Commissioning editor BBC Radio 4; Editor Political and Parliamentary Programmes, BBC Westminster; former London Editor Belfast Telegraph. Hon Senior Research Fellow, The Constitution Unit, Univ Coll. London