Post Office Savings

[Coldicote]

I have a savings account with the Post Office and was concerned to read this morning that Ireland’s IBRC (Irish Bank Resolution Corporation) is to cease to exist. I understand the Post Office savings bank is Irish and would appreciate reassurance. Are others concerned about this?

[factor-fiction]

I don't see a connection, coldicote

[factor-fiction]

Anyway, http://www.postoffice.co.uk/your-savings-are-protected

[spudqueen]

All Post Office finances are done through the Bank of Ireland UK which is completely separate from the Bank of Ireland.

[Coldicote]

Thanks for your replies. The news only broke this morning. Although my savings are nowhere near the compensation limit, the report about the bank 'ceasing to exist' did rather alarm me. It would be helpful if the literature clarified the point made by spudqueen.

[factor-fiction]

The IBRC is not the same thing as the Bank Of Ireland anyway, coldicote I'm not aware there are any new issues relating to the Bank of Ireland (whether UK or non-UK)

This may help
http://www.businessinsider.com/ireland-emergency-bank-resolution-debate-2013-2

[spudqueen]

Coldicote - scroll down to Note to Editors
http://www.postoffice.co.uk/news-post-office-bank-of-ireland-financial-services-success

[Coldicote]

My original posting on this thread was on 7th February (just a few days ago). The news broke that morning about the Irish bank 'ceasing to exist' and I can only hope there isn't alarming news yet to come.

[spudqueen]

But as the Bank of Ireland (UK) is a completely separate entitiy then it shouldn't affect any savings you have with the Post Office. I have a savings account with them and I'm not looking to close it.

[factor-fiction]

You still seem unsure and worried, coldicote. Your savings are protected. But I still don't see any connection with IBRC anyway.