Consider whether the Bank of Ireland is fit and proper to hold a UK banking licence and operate the UK Post Office savings business

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Consider whether the Bank of Ireland is fit and proper to hold a UK banking licence and operate the UK Post Office savings business

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The Irish Finance Ministry announced that it is considering using legislation to write down the savings of thousands of UK citizens invested in PIBS of Bristol & West Building Society, which was taken over by the Bank of Ireland in 1997, by up to 100%.

The Irish Finance Minister has recently stated that the Bank is, if anything, over-capitalised and amongst the strongest capitalised banks in the world. There is no justification for the proposed confiscation of savings invested in the former Bristol & West PIBS. These investments should only be at risk once the ordinary and preference shareholders have been written down. In the case of the Bank of Ireland neither has happened.

The UK government should consider whether the Bank of Ireland, being subject to such actions by the Irish government, is fit and proper to hold a UK banking licence or to conduct the savings business of such a trusted brand as the UK Post Office.

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