No misunderstanding happysaver!

Amazingly, a small group of UK pensioners has just won a fight with the Bank of Ireland who have now withdrawn the threat to these PIBS. Hence the price has risen 100% since last night.

A text book model for little people fighting big finance.

Savers using the Post Office need not worry as their savings are protected by the FSCS.

It's not savings that the Bank of Ireland is threatening. The issue concerns 'permanent interest bearing shares', a complex financial instrument which the post office doesn't offer.

It looks like a group of campaigners has misunderstood about the post office, and savings protection under of FSCS.

The FSA have offered clarification and reassurance about this..
"Does this have an impact on the Bank of Ireland subsidiary which offers banking services through the Post Office? No. The Bank of Ireland subsidiary was authorised in 2010 and is regulated by us, with its deposits covered under the FSCS."

I have just read in The Independent that Ireland is threatening to confiscate the savings of thousands of British pensioners by passing a special order to seize back the bonds which were originally issued by the Bristol and West Building Society. The special order bypasses normal rules which say that the bondholders only loose their money if the bank goes bust. Meanwhile the shareholders and big investors in the bank keep all their holdings!

Many of these pensioners will not even be aware this is going on. I think this raises big questions for the trustworthyness of this bank to be selling savings products in the Post Office.