Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

File photo Photocall Ireland
Every Cloud...

An Post benefits from the troubles in Ireland's banks

The semi-state company has taken in over €5 billion in savings deposits since the economic crisis began.

AN POST CONTROLS more than 10 per cent of the savings market in Ireland following the financial crisis, new figures indicate.

The Irish Independent reports that the state-owned mail operator and bank benefited from the unprecedented movement of deposits from the country’s traditional banks during the economic crisis with its market share rising from 6.2 per cent to 10.3 per cent.

The figures came to light in a Freedom of Information request of An Post’s submission to the review of semi-state assets by Colm McCarthy.

The paper reports that An Post took more than €2.3 billion in savings by October of 2010. In 2008 and 2009, a total of €3.2 billion was lodged making a total of €5.5 billion since the financial crisis.

The McCarthy report recommended that An Post not be considered for a sell off by the state in the near term but warned that it faced a challenging environment in the years to come due to a “decline in its core business, the prospective impact of full postal liberalisation and a continuing relatively high cost base.”

Poll: Have you taken your money out of Ireland’s banks? >

Your Voice
Readers Comments
2
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.