It's a Very British Institution...But Protection Is Irish ; Pressure Grows On Chancellor Over Post Office Savings Backed by 'Shaky Government'

Summary

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CHANCELLOR Alistair Darling is under mounting pressure to reassure Post Office savers that their money is safe. Although many of the 500,000 savers with Post Office accounts do not know it, their money has no protection under the UK depositor protection scheme. That is because Post Office accounts are provided by the Bank of Ireland. Post Office savers rely on the Irish government for protection, not the Financial Services Authority.

Last week more frightening news about Ireland's crumbling economy caused Lib Dem peer Lord Oakeshott to brand Bank of Ireland 'a shaky bank backed by a shaky government'.

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Extract

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It's a Very British Institution...But Protection Is Irish ; Pressure Grows On Chancellor Over Post Office Savings Backed by 'Shaky Government'

His remarks followed a downgrade of the bank by credit ratings agency Moody's and a savage sell-of...

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