Irish banks rattled on ratings downgrade
Moody's downgraded its ratings on 12 Irish banks, including Allied Irish Banks and Bank of Ireland which backs Post Office savings in the UK, saying that it expected them to incur further losses from a continued deterioration in property prices, rising corporate defaults and poor residential loan performance.
gozomark wrote: »
wakey, wakey, Libdems - this story is months old
lynzpower wrote: »
Its possibly THE most unsafe place to have savings ATM and the gov seem to be pushing it as a viable option - distasteful .
The Post Office has rejected calls from the Liberal Democrats to abandon its ties with the Bank of Ireland as fears over the Irish economy grow.
The organisation, which has 2m British customers, uses Bank of Ireland to run all its financial products, including its popular growth bonds and Isas. These accounts are not covered by the UK Financial Services Compensation Scheme — instead, customers must rely on a guarantee from the Irish government that 100% of their savings will be repaid.
Last week, Ireland unveiled an emergency budget containing measures to boost the economy, after which Fitch, the ratings agency, stripped it of its AAA debt rating. The downgrade came despite the European Commission’s endorsement of the budget measures.
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