Written question asked by Lord Marlesford (Conservative), in the House of Lords. It was answered by Baroness Wilcox (Conservative) on Wednesday, 1 December 2010.

Post Office: Banking

Question: To ask Her Majesty’s Government what is the value of funds deposited by the Post Office with Irish banks; and what guarantee individual depositors in the Post Office have from the British Government.

Answer: I have asked Paula Vennells, the managing director of Post Office Ltd, to respond directly to the noble Lord with regard to the value of funds deposited by the Post Office with Irish banks and a copy of her reply will be placed in the Library of the House. A UK subsidiary of the Bank of Ireland—Bank of Ireland (UK) plc—was created on November 1. This means that Post Office products under the joint venture with the Bank of Ireland are now regulated through the Financial Services Authority and come under the UK Financial Services Compensation Scheme (FSCS), in line with other UK banks and building societies.

Secondary information

Type: Written question
Reference: 4427; 722 c469WA
Session: 2010-12
Subjects: Compensation Bank services Bank of Ireland Post offices Post Office
Link: View this Written question on www.publications.parliament.uk