News
Household Charge & NPPR Charge
Local Authority Charges
As you know the new €100 Household Charge is due for payment by 31 March 2012, for Irish residential properties owned by an individual or a company on 01 January 2012
The charge is payable by home-owners/landlords (with limited exceptions). You can pay the charge online at www.householdcharge.ie, and if you opt to pay online you need to register online before making the payment. Alternatively you can complete a paper return and post with a cheque to Household Charge, PO Box 12168, Dublin 1. Payment can also be made directly at your local County/City Council offices.
There is an option of paying by 4 instalments (€25 each) and to avail of this option you need to register the direct debit form by 01 March 2012.
This charge is in addition to the €200 NPPR charge introduced in 2009, which is triggered by ownership of a residential property (other than your principal residence) on 31 March 2012, and which is due for payment by 31 May 2012. You might note that neither the new household charge nor the existing NPPR charge is allowed as a deduction for income tax.
Accumulation of Charges
The new charges are relatively low (€100, and €200) but the late payment penalties and interest add up quickly. A person who has not paid any charges on a rental apartment owned since before 2009 will owe a total of €2,400 to the local authority in unpaid charges by 31 July 2012 (after the 2012 payments fall due).
EBS 18 Month Fixed Term will be increased to 6.75% (4.45% AER)
EBS 12 Month Fixed Term will be increased to 4.25% (4.25% AER)
EBS Regular Savings will be increased to 5% (5% AER)
EBS 18 Month Fixed Term Savings Account
EBS 12 Month Fixed Term Savings Account
12 Month Fixed Term Re-investment Rate Guarantee
Rate Guarantee - Open an EBS 12 Month Fixed Term Savings Account between the 29th August - 16th September, and EBS will guarantee at least the same rate, if not better on maturity in 2012!
The EBS Rate Guarantee is only available on the 12 month term, strictly for the specified period.
EBS Regular Savings Account
Guarantee Schemes
There are currently two government guarantee schemes in place in Ireland.
Deposit Guarantee Scheme (DGS)
In 2008 the Irish Deposit Guarantee Scheme statutory limit was increased to €100,000 per person, per institution. The level of cover applies to 100% of each individual’s deposit with a maximum payment of €100,000. An Post is not part of this scheme but its deposits are state guaranteed through the NTMA.
The Deposit Protection Scheme currently covers:
• Current accounts;
• Demand deposit accounts;
• Term deposit accounts; and
• Share accounts with building societies
Which are held with banks, building societies and other types of deposit-taking institutions that are regulated by the Central Bank of Ireland. It has also been extended to include share and deposit accounts in credit unions.
Deposits with credit institutions authorised in another European Economic Area (EEA)
country and operating in Ireland on a branch basis are covered under that country's
system.
Some banks that operate in Ireland are regulated in their home country and operate here
under EU rules. These banks include Northern Rock which is covered by the UK Scheme for the first £85,000 and Rabobank, which is part of the Dutch Deposit Guarantee Scheme.
If you have an account with a bank that operates in Ireland but is regulated in its 'home
country', you would usually make a claim under a compensation scheme in place in the
country where the institution is regulated. Some of the deposit schemes relevant to Irish
consumers are:
• UK scheme for Investec Bank plc, Leeds Building Society, Nationwide Building Society
and Northern Rock.
• Dutch scheme for Rabodirect.
• Danish scheme for Danske Bank (trading as National Irish Bank)
For a list of institutions covered under the DGS see
http://www.itsyourmoney.ie/index.jsp?p=125&n=757&a=1143#Examples
For further information see: http://www.finance.gov.ie/viewtxt.asp?DocID=5466
Eligible Liabilities Guarantee Scheme (ELG)
The ELG scheme commenced on 9/12/2009. However not all institutions joined on the same date. The list is available on the department of finance website ww.finance.gov.ie. If your deposit with an institution on the list is over €100,000, the remainder will be compensated by the Credit Institutions (Eligible Liabilities Guarantee) Scheme 2009 (the ELG Scheme).
This is also sometimes called the ‘Government Guarantee’.The ELG Scheme was extended on the 02/06/2011 to the 31/12/2011. Fixed term deposit accounts up to 5 years are also covered so long as the deposit is made by the 31/12/2011. In this scenario the ELG is valid up until the 31/12/2016. The ELG scheme is currently reviewed every 6 months.
The institutions currently whose deposits are covered by the scheme are
• AIB
• Anglo Irish Bank
• Bank of Ireland
• EBS Limited
• ICS Building Society
• Irish Life and Permanant
• Irish Nationwide Building Society
For further information see http://www.itsyourmoney.ie/index.jsp?p=125&n=757&a=1144
Zurich Lfe Launches The guaranteed tracker Bond Series 2
Limited Availability
Zurich Life's new & innovative tracker bond...
As Series 1 was very successful we are happy to bring to you the Guaranteed Tracker Bond Series 2 for a limited time only until 16th September 2011.
Because of the unique attractiveness of this bond we expect it to be fully subscribed before the cut off date so get your application forms in as soon as possible to avoid missing out!
See details below.
* The bond provides a return linked to the performance of the Euro Stoxx 50 Index.
This return is calculated as follows:
1. The maximum loss that can be incurred in any one month will be 6% - limiting some of the risks
normally associated with direct investment in the stock market.
2. The maximum gain per month taken into account is 3%.
About Credit Suisse
Credit Suisse International ("Credit Suisse") is a UK domiciled bank and is part of a world leading financial services group, with 153 years of experience and tradition. The Credit Suisse Group received the 2010 "Best Global Bank" award from Euromoney and the 2010 "Most Innovative Investment Bank" from The Banker magazine.
Credit Suisse has the following long-term ratings (as at July 2011)
Moody's: Aa1, Standard & Poor's: A+.
Credit Suisse is authorised and regulated by the UK Financial Services Authority.
Secure Plus Bond From Aviva
The Aviva Irl Secure Plus Fund issue 6 is now open. You will be delighted to know your clients can still avail of the same great minimum return rate of 10% on our latest issue of this popular fund. They will also continue to enjoy 100% capital protection with unlimited growth potential.
The key dates for you to remember:
- Offer Open from 25 July 2011
- Offer closes - Friday, 19 August 2011
- Investment commences - Wednesday, 31 August 2011
- Initial Investment Period ends - Tuesday, 31 May 2016
The Secure Plus Bond is a single premium bond which invests in the Aviva Irl Secure Plus Fund for a specified initial investment period.
The Aviva Irl Secure Plus Fund issue 6 is a type of investment fund that is commonly referred to as a ‘tracker fund’. Tracker funds don’t invest directly in individual shares or other holdings. Instead of investing your client’s money directly in the stockmarket, it is placed in a special fixed term account with AIB Bank that gives them exposure to a diversified basket of investments – with the security in knowing that, at the end of the initial investment period of 4 years and 9 months, they will always get back 100% of their investment premium* and a minimum return of 10%.
Key Features
This bond through investing in the Aviva Irl Secure Plus Fund issue 6 offers your clients:
Security – they will receive 100% of their investment premium at the end of the initial investment period of 4 years and 9 months.
Prosperity – At the end of the initial investment period your clients will receive a minimum gross return of 10%.
Plus unlimited growth potential – by tracking the performance of the ‘dynamic index’ (a diversified basket of investments) which is made up of European companies, commodities, emerging market companies and cash.
Please note that the capital protection and investment returns under the Aviva Irl Secure Plus Fund issue 6 are provided by AIB Bank.
* Investment Premium – this is the payment amount we receive from you less the 1% Government levy, which is payable in accordance with Section 124B of the Stamp Duties Consolidation Act 1999. All benefits payable are therefore based on this investment premium amount.
EBS Family Savings Account Features:
- Fixed Rate, minimum term 1 year.
- Save between €100 to €1,000 a month, by direct debit.
- Minimum opening balance €1, maximum €1,000.
- Access Feature – make up to two withdrawals a year.
- In year two, the then prevailing re-investment rate on our 12 Month Fixed Term Savings Account will be offered and thereafter the rate will be fixed at the start of each year.
- Offer ends 5th August 2011.
Stepping Stones To A Diversified Portfolio
Pension Levy Being Imposed By The Government
Technical Guidance Report on Pension Levy
New Benefits
