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Post Office problems: No longer covers money under UK scheme.

The Mail reports:
"The Post Office has written to 500,000 account holders telling them their money is no longer covered by the UK savings protection scheme. Instead, they will have to put their trust in the Irish version. But with banks there in as bad a state as our own - and the economy probably worse - is it time to bring your money home?

Two Dublin-based banks - Anglo Irish and Bank of Ireland - have attracted hundreds of thousands of UK depositors in recent years.

At various times, Anglo Irish has offered best-buy fixed-rate bonds. And Bank of Ireland, through its joint venture with the Post Office, has hundreds of thousands of UK account holders, with more than £6billion in cash Isas, bonds and easy-access accounts.

The systems to safeguard these deposits are complex and have changed in recent months. Protection for savers with those two banks now depends solely on the strength of the Irish economy, which is being questioned more than ever before.
Remember all that stuff about your money being safe, Gordon is going to save the World sorry save the banks, well he lied.

As for Gordon does he care? No but he does have his priorities, not the economy, not job losses but he takes offence at being drawn fat

All the while he comes up with soundbites that mean nothing 
"the difficult birth-pangs of a new global order"
That would be a new global order that you did not forsee then Gordon?...

Choices are simple folks: If you believe the Post Office is safe and that the tooth fairy still comes a calling, that Santa leaves gifts under the tree and Gordon is a prudent PM then keep your cash where it is. 

If not get your ass down to the Post Office and withdraw the lot.

Gordon's problem is he thinks that the way to resolve the rapidly deepening economic crisis is via 'stimulus packages' with magic money plucked off the magic printing press.

With the ultimate of getting the banks to lend again and rebuild the very credit bubble and circumstances that landed us in the shit in the first place.

Like holding an alcoholics meeting in the local pub, you get full attendance but they all end up dead.

2 people have spoken:

Damon Lord said...

If ever an economic institution deserved a run on it, it's the Post Office.

Curiously enough, I was in the local post office on Saturday, and they were advertising wonderful vouchers which can be spent at a number of shops. One of the shops you can spend your vouchers at was... yes, you guessed it, Woolworths.

What's the point?

Fidothedog said...

Brilliant, I would love to see someone spend that.

If the post office go's down, or rather what ever is left of it after Mandelsnake an co have finished with it.

The very people to be hit the most will be the poor, those with basic accounts, people on benefits, pensioners and so on.

I just hope they are lining up outside with their savings books tomorrow.