It was not until 2014 however, that the claim Merrion had a “ VDS tested vault unlike other bank vaults” was published for the first time. In 2013 Merrion Vaults in Dublin launched what they claimed was Ireland’s only purpose built private safe deposit vault to much fanfare from the press. Merrion Vaults make false claims to the media (2013 to 2020) Operating in this free for all environment, any claim to a security or standards level can be expected to go completely unchallenged by most, and uninspected by authorities, so to think of a private safe deposit centre in Ireland as being akin to a bank, credit union or financial institution is a big mistake. In other words, your valuables are only as secure as the trustworthiness of the management and employees of the company you choose to rent a safe deposit box from, so the fact that private safe deposit businesses have regularly made false claims regarding the security they offer is at the very least, worrying. Private safe deposit box businesses function in an environment outside of any constraints foisted on their remaining counterparts in the credit union or banking industry. To date, no deposit box vault in Ireland has accredited European certification for burglary or fire resistance despite vendors claiming the opposite." "In Ireland, any claim to a security or standards level by a safe supplier or safe deposit box rental business can be expected to go completely unchallenged by most and uninspected by authorities. This lack of regulation is key to how private safe deposit box rental businesses have achieved profitability when their regulated counterparts had to remove themselves from the market. It is important to appreciate therefore that as safe deposit box rental has generally moved from the regulated banking industry to unregulated private hands, many of the standards and oversight that one might think would remain intact for the most basic of security reasons are in fact alien to the new private safe deposit box rental paradigm. These regulated institutions left the market due to health, safety, long-term custody, and of course cost concerns. Unregulated private safe deposit box rental businesses sprung up to exploit a void left by regulated businesses such as banks and credit unions who once offered this service. A private safe deposit box rental business is not a bank It concerned developments in relation to Merrion Vaults and the promotional coverage of that business most notably by the Irish Times. This issue has serious implications for the level of trust anyone can continue to have in this unregulated industry, not only in Ireland. It was during the same period of time, in 2021 however, that a more fundamental issue regarding private safe deposit storage came to the fore, accompanied by conspicuous silence from the Irish media. Obstacles that were presented to safe deposit box renters regarding travel and access brought some of the disadvantages of leaving valuables with an unregulated third party into sharp focus as it was indoor premises with poor ventilation, such as the confined spaces inside private safe deposit premises that were the primary target of lockdown orders. Renting a "safe" deposit box in Ireland has undoubtedly become a less attractive prospect as a result of the Covid pandemic lock-downs of 20. Ireland's Private Safe Deposit Box Security Claim Fiasco
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