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Post Office: Card Account

Volume 708: debated on Wednesday 11 March 2009

Question

Asked by

To ask Her Majesty's Government in the event of a partial or total default by the Irish Deposit Protection Scheme, what recourse United Kingdom Post Office depositors have to the Government. [HL905]

Some savings accounts at the Post Office are provided through a joint venture with the Bank of Ireland Group. Those deposits are covered up to a level of €100,000 by the Irish Deposit Guarantee Scheme, under the terms of the deposit guarantee schemes directive. In addition to the protection of the Irish Deposit Guarantee Scheme, the Irish Government announced on 30 September 2008 that they would guarantee certain deposits with Irish banks, including all retail deposits, until 29 September 2010. Other savings accounts are provided by FSA-authorised firms and are guaranteed by the Financial Services Compensation Scheme. Depositors have been informed about the guarantee arrangements.