pongo 4,576 Posted May 31, 2010 Share Posted May 31, 2010 Irish Permanent to shut up shop to offshore savers Michelle Slade of table-compilers Moneyfacts commented: ‘Ever since the collapse of Icesave and other Icelandic banks there has been no competition in the offshore market. Rates onshore are now more competitive than their offshore equivalent’ Quote Link to post Share on other sites
parchedpeas 723 Posted June 1, 2010 Share Posted June 1, 2010 true. whats your point? Quote Link to post Share on other sites
Rog 1,658 Posted June 1, 2010 Share Posted June 1, 2010 true. whats your point? The Isle of Man finance sector is finished. It's in its death throes. Quote Link to post Share on other sites
Slim 1,355 Posted June 1, 2010 Share Posted June 1, 2010 The Isle of Man finance sector is finished. It's in its death throes. Didn't actually read the article then? Quote Link to post Share on other sites
WTF 6,050 Posted June 1, 2010 Share Posted June 1, 2010 The Isle of Man finance sector is finished. It's in its death throes. Didn't actually read the article then? nor did i, but while there is dodgy money to launder we'll be safe. Quote Link to post Share on other sites
Rog 1,658 Posted June 1, 2010 Share Posted June 1, 2010 I read the article, and have read the runes. Quote Link to post Share on other sites
Sean South 13 Posted June 1, 2010 Share Posted June 1, 2010 To be fair, regarding Irish Permanent, as with all Irish banks, they're on their arse at the moment so it's more a case of cost and risk cutting than anything to do with business or potential here. The Irish Govt is pumping cash into them all with great gusto and are now putting the squeeze on all of them to start showing some return and (at least) less exposure... Quote Link to post Share on other sites
pongo 4,576 Posted June 1, 2010 Author Share Posted June 1, 2010 Onshore accounts can only be opened by UK residents with a permanent address, so the only option is an account run out of the main offshore centres of the Channel Islands, the Isle of Man and, less so, Gibraltar. It seems almost inevitable that this will change sooner or later. Not as some sort of punitive anti-offshore measure, but because it is crazy for the UK to be turning away business. Quote Link to post Share on other sites
veuve 0 Posted June 2, 2010 Share Posted June 2, 2010 There are Banks in the UK that will open accounts for non-residents. HBOS is one and gives rates better than BOSI on Island http://www.bankofscotlandhalifax.co.uk/savings/nonukcustomerrates.asp Unless you open a time deposit of £50k or more which automatically pays gross interest you need to complete an R105 form which allows them to pay gross interest on smaller accounts. There are other Banks that will offer accounts as well such as NatWest, Liverpool Victoria and others. Nationwide of course will not and just refers you back to Nationwide International in Douglas whose rates and range of accounts are far worse than its parent company. You need to bear in mind UK probate and estate tax issues if keeping funds in UK banks Quote Link to post Share on other sites
Albert Tatlock 11,621 Posted June 2, 2010 Share Posted June 2, 2010 Give it 6 months and an interest rate rise - and things will change again rapidly in our favour (except for mortgage payments of course). Quote Link to post Share on other sites
pongo 4,576 Posted June 2, 2010 Author Share Posted June 2, 2010 Give it 6 months and an interest rate rise - and things will change again rapidly in our favour (except for mortgage payments of course). What factors will make the IOM more competitive in terms of rates than UK ? You need to bear in mind UK probate and estate tax issues if keeping funds in UK banks The Conservatives were moving towards abolishing death duties, certainly upping the thresholds significantly. The Liberals disagree. The financial crash, the govt deficit, and the coalition govt probably helps IOM from that perspective. Quote Link to post Share on other sites
triskelion 55 Posted June 2, 2010 Share Posted June 2, 2010 Northern Rock is closing its offshore branch as well (though in Guernsey): http://www.northernrock-guernsey.co.gg/ Quote Link to post Share on other sites
oldmanxfella 3,184 Posted June 2, 2010 Share Posted June 2, 2010 (edited) The Irish Govt is pumping cash into them all with great gusto and are now putting the squeeze on all of them to start showing some return and (at least) less exposure... Its more than that. As you say the Irish Government are pumping money in and in doing so are basically dictating that they mend their grotty tax dodging ways by shutting their offshore branches and subsidiaries. Those who accept state support have no option but to assist in seeing through state objectives at the end of the day. The Irish government has been fed up with its own tax dodgers for years; now that Ireland's banks need their cash they can basically dictate the shape aand activities of these businesses for the next 10 to 20 years. Edited June 2, 2010 by oldmanxfella Quote Link to post Share on other sites
Sean South 13 Posted June 2, 2010 Share Posted June 2, 2010 The Irish Govt is pumping cash into them all with great gusto and are now putting the squeeze on all of them to start showing some return and (at least) less exposure... Its more than that. As you say the Irish Government are pumping money in and in doing so are basically dictating that they mend their grotty tax dodging ways by shutting their offshore branches and subsidiaries. Those who accept state support have no option but to assist in seeing through state objectives at the end of the day. The Irish government has been fed up with its own tax dodgers for years; now that Ireland's banks need their cash they can basically dictate the shape aand activities of these businesses for the next 10 to 20 years. Do you think it's as severe as that? I didn't know that. I'm in the finance sector and haven't heard anything as stark as that. I know they (Irish Govt.) have been pissed off with offshore banking in the past but with the IFSC they as good as joined in. All the other Irish Bank Offshore branches are still in Douglas aren't they? AIB, Bank of Ireland, Anglo Irish etc etc. Is there any 'word on the street' circulating about any of them? AIB have been in trouble but I believe they're climbing back... And Anglo Irish... Well... Quote Link to post Share on other sites
oldmanxfella 3,184 Posted June 2, 2010 Share Posted June 2, 2010 (edited) The Irish Govt is pumping cash into them all with great gusto and are now putting the squeeze on all of them to start showing some return and (at least) less exposure... Its more than that. As you say the Irish Government are pumping money in and in doing so are basically dictating that they mend their grotty tax dodging ways by shutting their offshore branches and subsidiaries. Those who accept state support have no option but to assist in seeing through state objectives at the end of the day. The Irish government has been fed up with its own tax dodgers for years; now that Ireland's banks need their cash they can basically dictate the shape aand activities of these businesses for the next 10 to 20 years. Do you think it's as severe as that? I didn't know that. I'm in the finance sector and haven't heard anything as stark as that. I know they (Irish Govt.) have been pissed off with offshore banking in the past but with the IFSC they as good as joined in. All the other Irish Bank Offshore branches are still in Douglas aren't they? AIB, Bank of Ireland, Anglo Irish etc etc. Is there any 'word on the street' circulating about any of them? AIB have been in trouble but I believe they're climbing back... And Anglo Irish... Well... Its not just the Irish Government's political agenda either: http://news.bbc.co.uk/1/hi/business/10214441.stm Northern Rock's banking operation in Guernsey is to close on 2 September 2010, the bank has announced. Some 6,000 customers have already received letters giving them three months' notice to close their accounts. You can't take the taxpayers cash and then carry on offering great rates to tax dodgers and people who don't pay tax in the country paying to run the bank. Edited June 2, 2010 by oldmanxfella Quote Link to post Share on other sites
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