There are numerous reasons why a Safe Deposit Box makes good sense, but a lot of people are not sure whether they actually need one or not. The simple answer is – if you have any valuables that you want to keep completely safe and secure – then yes – you do need a safe deposit box.
What is a crisis in Greece is an opportunity for Seamus Fahy 1,700 miles away in Dublin.
Fahy is offering a 15 percent discount for Greeks who want to store cash and valuables at Merrion Vaults, where 3,000 deposit boxes are protected underground in Dublin’s city center. He says he’s had about 20 Greek customers in recent months as concern mounted about how long the nation could stay in the euro region.
“If you lived in Athens, and had 200,000 euros, wouldn’t you try to get it out?” asks Fahy, a diamond dealer who opened the vaults in 2013, just off one of the city’s main Georgian-era squares, close to the Irish prime minister’s complex in Dublin.
Fahy may not be the only one benefiting from the woes of Greece, which on Monday imposed capital controls and shuttered banks as it prepares for a referendum that may risk its exit from the euro. The Greek turmoil provides Irish Prime Minister Enda Kenny’s centrist coalition fodder in its election showdown within the year with Sinn Fein, Ireland’s version of Greece’s governing party, Syriza.
“Sinn Fein thought that Syriza could be a flagship for changing policies at an EU level,” said Niamh Hardiman, a professor of politics at University College Dublin. “That’s not happening.”
Read the whole article at Bloomberg
I have decided to write this blog following a significant increase in demand for our Safe Deposit Box service since the beginning of 2015.
At Merrion Vaults, we are constantly meeting clients who have been a victim of a burglary or they know someone who has recently become a victim.
In recent days there has been a run on two of Bulgaria’s largest Banks, Corporate Commercial Bank and First Investment Bank.
Run on banks is nothing new, although they are relatively infrequent. My blog today is to give you a brief history of this phenomenon and to offer some advice on how to protect some of your wealth against these events.
Firstly, what is a “Run on the Bank“?
A “Run on the Bank” generally occurs in a banking system when a very large number of its customers withdraw their deposits at the same time and either demand cash or a transfer of those funds into government bonds, metals, other more tangible assets, or a safer bank because they believe that the financial institution will become insolvent.