Save with Ireland

The BBC’s 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 he’ll “ do what it takes”and 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 hair’s breadth from nationalising of all British banks. That’s Tuesday evening’s 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