Safe sales soar as worried bank customers keep money at home
By Michael Brennan Deputy Political Editor
Tuesday December 14 2010
SAFE sales are soaring as more and more worried bank customers stash their cash at home.
AIB said last month that the amount of money on deposit at the bank has fallen by €13bn since the start of the year — although it blamed most of the reduction on withdrawals by companies and financial institutions.
Another reason for the increased use of home security safes is a growing fear of burglaries because of the recession.
The AllSafes.ie company, one of the largest suppliers in the country, said its sales of home safes had increased by 80pc over the past three months compared with the same period last year.
Its founder, Neil Donnelly, said that most customers did not reveal their purpose for buying one –except to say they wanted it to store cash or jewellery. But some of them had specifically cited their fears about the banks while buying a home safe.
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