Foreign-owned banks with operations in Ireland have reported large cash inflows in recent weeks – as AIB also reported large amounts of withdrawals
Roel van Veggel, the head of RaboDirect said that the bank saw substantial increases in call volumes, new account openings and money inflow.
Deposits in Rabodirect are guaranteed by the Dutch Central Bank (upto €100k)
Investec also said they have seen a sizeable increase in enquiries from both the personal and corporate markets and their website for personal customers has seen a dramatic increase in traffic over the last month.
Investec deposits are covered by the UK FSA guarantee – which covers £50,000 currently – and will be €100,000 in 2011
Other banks operating in Ireland that have deposits covered by the UK scheme include Northern Rock, Nationwide UK Ireland and Leeds Building Society
Minister for Finance Brian Lenihan recently stressed that deposits in Irish-owned banks were safe. He said “‘‘I wish to reassure all depositors in the guaranteed banks and building societies in Ireland that their deposits continue to be safe and secure.”
Currently, deposits in all Irish banks and Credit Unions of up to €100,000 are covered under the deposit guarantee scheme, which has no end date.
See more about Deposit Guarantees in Ireland