Post Office's Ireland shock for savers

baby_boomer

Financial Mail

"The Post Office has written to 500,000 account holders telling them their money is no longer covered by the UK savings protection scheme.....

.....Ireland eventually promised to protect deposits without limit up to September 30, 2010. This protection extended to UK customers saving with Irish banks. The Post Office and other Irish banks enjoyed a flow of fresh money from British savers, partly because of anxiety about the UK....

......Technically, UK depositors with Post Office accounts or accounts with Anglo Irish will get no help from UK authorities. They must rely wholly on the Irish depositor scheme and the assurances of Dublin that it can meet its banks' liabilities...."

It might be an idea to put off a visit to the Post Office until after the queues subside