The selection of Fortis, as An Post’s joint venture partner for the provision of retail banking services was a highlight of 2006. Selected in autumn 2005 from a shortlist of four potential partners, Fortis is one of Europe’s largest financial services companies. The market leader in the Benelux countries, it has operations in 20 countries and operates the Belgian Banque de La Poste. With a straightforward value for-money proposition Postbank will be particularly appealing to customers traditionally underserved by the banking sector and the many who have a natural affinity with An Post. I am pleased that this represents genuine fresh thinking within the sector, bringing more to the communities we serve than simply another banking option.
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The development of this concept was a major project in respect of which exceptional costs amounting to €13.9m were incurred. Full value was achieved in negotiations for An Post’s contribution of the Postpoint and One Direct businesses to the joint venture.
Some would argue that through inertia you earn utility by avoiding the hassle of bothering to switch. Of course the utility earned may not be worth the cost!But economists say I "derive utility" by being ripped off by the bank in this matter. The hell I do!
How safe is my money?
Postbank is a 50:50 joint venture between An Post, who you know, and Fortis, who ranks among the top 15 financial institutions in Europe and they are present in over 50 countries worldwide Postbank is regulated by the Financial Regulator and is a member of the Deposit Protection Scheme which means that 90% of your total deposits are protected by the Central Bank of Ireland, subject to a maximum compensation of €20,000. Postbank offers the same guarantee on deposits as any other retail bank in Ireland.
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