Heads up - Those with savings in the Anglo Irish Bank or the Post Office

[DimPrawn]

http://www.guardian.co.uk/money/2009...nsation-scheme

Customers with Anglo Irish Bank and the Post Office, which offers accounts provided by the Bank of Ireland, have this week received letters telling them that if their bank collapses they will be entirely reliant on the Irish government for compensation.

The letters, which have been prompted by an edict from the Financial Services Authority (FSA), warn that the UK's Financial Services Compensation Scheme (FSCS) would play no part in compensating savers if an Irish bank failed in a similar way to Icesave.


Remember how the Icelandic government compensated UK customers?

[Peoplesoft bloke]

Why would they need a "heads up" if they have had a letter?

Ireland isn't Iceland.

[DimPrawn]

Why would they need a "heads up" if they have had a letter?

Ireland isn't Iceland.

They might not have read it. The wife might have binned it. They might be working away from home.

If you think the finances of Ireland are far from that of Iceland, you is in for a surprise.

[PM-Junkie]

Why would they need a "heads up" if they have had a letter?

Ireland isn't Iceland.

What, and miss an opportuinity to post some "bad news"???

You jest, surely?

[DimPrawn]

What, and miss an opportuinity to post some "bad news"???

You jest, surely?

How is this bad news?

How's your head doing in that sand?

[ace00]

Those who haven't been paying attention, Ireland is teetering on the edge of insolvency. AIB is nationalised already.

[Sysman]

http://www.guardian.co.uk/money/2009...nsation-scheme

Elisabeth and Mike Field, from Bedford, also feel let down by the change. "We accept that the current Irish scheme is a good one and does appear to cover UK investors. However, we chose to invest with the Post Office because it was covered by the UK FSCS," they said.

"We are surprised that the Post Office can alter the terms under which we invested after the event. We do not want the extra complication of having to claim under another country's scheme, should it become necessary, or to risk the problems that can arise when a smaller economy ,such as Iceland or Ireland, suffers a dire financial crisis."

What happended to National Savings accounts? At one time they were the only ones available from the Post Office. Does the above imply that National Savings got shifted to Anglo Irish, or am I jumping to the wrong conclusion?

[TykeMerc]

What happended to National Savings accounts? At one time they were the only ones available from the Post Office. Does the above imply that National Savings got shifted to Anglo Irish, or am I jumping to the wrong conclusion?

I was wondering this too, is this referring to savings in the UK or Irish Post Office?

[Mich the Tester]

I was wondering this too, is this referring to savings in the UK or Irish Post Office?

Probably UK, but outsourced to Anglo Irish in Ireland. Prevents Gordon having to take responsibility for anything.

[DimPrawn]

I was wondering this too, is this referring to savings in the UK or Irish Post Office?

It is referring to UK savers saving with the UK Post Office.

Note that the Post Office is not National Savings.

Do I have to spell out everything?

No wonder I'm rich and you are poor.