DOMINIC COYLEanswers all your queries
Are charities interested in pre-euro coins?
Q
Recently while doing some spring cleaning I came across some quantities of French, Belgian, German and Irish pre-euro coins. Are you aware of any charity that would welcome them? I guess there is around the equivalent of €50 in all. – Ms VD, Dublin
A
There were a number of charities taking pre-euro coins for a while after the changeover to euro but I am not aware of anyone that is still doing so in Ireland (although your question may prompt some response).
The problem, at least with the French and Belgian coinage, is that it can no longer be converted. At the time of the changeover, the central banks of the states entering the euro set down a period during which they would accept pre-euro notes and coins. Some, including Ireland and Germany, have agreed to accept and convert the currency indefinitely. Among the others, notes were accepted generally until at least 2012 but the deadline for coins was somewhat earlier. In the case of Belgium, the deadline was the end of 2004 and for the French, it was February 17th, 2005.
As a result, there is likely to be very limited demand for those currencies unless the coins have some collectable value, which is unlikely.
In the case of countries where coins are still being accepted – Spain and Austria, as well as Germany and Ireland – a person would have to go to the central bank in question. You couldn’t get German coins converted at our Central Bank, for instance, only Irish ones.
Given the sums you are dealing with, it is hardly going to be worth the effort. If any charity does come forward, I’ll pass on details in a subsequent column.
Are An Post deposits fully guaranteed?
Q
I am looking for a safe place for some of my savings of €250,000. In the last two weeks, you have mentioned several places – banks, building societies and even Postbank Ireland – but there was no mention of the Post Office deposit accounts where I have deposited my money. Please let me know if the post office is as safe as the others? - Ms MMcE, Offaly
A
Understandably, security has become a major issue for people in relation to savings, with the current bank sector jitters doing little to provide comfort.
As you say, we have gone through the options (and protection) available for money held in banks, building societies, credit unions and even long-term An Post savings. However, there are many people in your position who have their money in an ordinary An Post deposit account. The good news is that these too are covered by an absolute State guarantee – one that predates the current crisis and will remain in place after the current Eligible Liabilities Guarantee expires in December.
Unlike savings certificates and savings bonds, An Post deposits are subject to DIRT (unless you are exempt by virtue of age and income thresholds). If you are with An Post, you should know that its Deposit Plus Account – which requires 30 days notice of withdrawals – currently offers interest of three per cent a year, compared to just one per cent for the demand deposit account.
This column is a reader service and is not intended to replace professional advice. No personal correspondence will be entered into.
Please send your queries to Dominic Coyle, Q&A, The Irish Times, 24-28 Tara Street, Dublin 2.
E-mail: dcoyle@irishtimes.com
