The Post Office’s (PO) plans to provide basic bank accounts have been hit with news that its partner the Bank of Ireland is £2.6bn in debt.
The bank incurred £3.5bn of bad debts over the last nine months of 2009 as Ireland’s economy spiralled downwards.
The Communication Workers Union (CWU) has called the losses “very worrying”, whilst the National Federation of Sub-Postmasters (NFSP) think the Post Office should go it alone.
However, the Post Office themselves are bullish in the face of the news. They maintain that their venture with the Bank of Ireland is “very successful” and seek to highlight their “growing range of products and services.”
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