Post Office and Bank of Ireland

VJsmum

I have a fairly substantial amount of money in a Post Office account and have just realised the Bank of Ireland who fund (?) it are in trouble.

Should i move it?

T2010

From tomorrow, the savings are covered by UK rules. I thought it was the Anglo Irish that was in trouble.

juicyjude

I thought it was from the 1st November? I apologise if I have got this wrong. And yes I thought it was the Anglo Irish also which was in trouble. I dont for one minute think that the gov would allow people with savings in the post office to lose their money, but I suppose we live in strange times.

Sceptic001

Yes, it is 1st November, subject to High Court approval, and yes, it's Anglo Irish being bailed out (again), not Bank of Ireland...

Papaleekie

Can someone please clarify, up to 1st November are our savings protected by the Irish scheme (which covers more money) or do UK savers have no protection at all?

cloud_dog

Whilst it is write and correct to be aware of the implications, the Irish Government have stated that the ensuing catastrophe to the Irish economy should one of their banks go bust is unimaginable and therefore they are prepared to support the institutions.

I don't have the link but it was on the BBC website a few days ago. It also commented that the Irish government had sufficiently funded itself until early / mid 2011, before they need to sell more gilts and it is 'hoped' that the situation will have sufficient improved by then to alleviate concerns the financial institutions / debt agencies may have regarding their ability to pay debts.

Nothing should be taken for granted and the debt the Irish people are taking on due to these institutions is huge.

Arthurian

I just looked up Bank of Ireland in Martin's "Are Your Savings Safe?" section of this website http://www.moneysavingexpert.com/savings/safe-savings#foreign and saw what might be out of date information. It seems to say Bank of Ireland savings are safe under the passport scheme until September 2010. I'm fairly sure it should be until 1st November, too.

alanq

http://www.dailymail.co.uk/money/article-1316054/Post-Office-100-cent-guarantee-extended-savers.html

[Deleted User]

Post Office come under FSCS, so I phoned them to ask what happens if the irish govt. folds.

They told me to email, and they'll get back later.....

Sceptic001

jack_pott wrote: »

Post Office come under FSCS

No they don't, not until 1st November 2010 - see earlier posts on this thread.

[Deleted User]

But since they're registered with the FSA in this country, my question is what happens if the Irish Government goes bust, which was the scenario being mooted by the media. Can we expect someone to pick up the tab if Eire goes the same way as Iceland?

I've now had a reply from the FSCS, and amounts to nothing more than a description of how the European system works, and neatly avoids the question.