An Post partner bank facing collapse

Fortis, the Belgian-Dutch bank that runs a joint venture with the Irish post office under the brand ‘PostBank’, is tonight facing collapse as Dutch and Belgian officials scramble to rescue it.

A spokesperson for An Post (the post office service in Ireland) stressed that the operation of postbank is unaffected and that all an Post deposits are state guaranteed.

European Central Bank president Jean-Claude Trichet met Belgian prime minister Yves Leterme to discuss possible solutions for the company including Belgium, the Netherlands and Luxembourg each buying a stake in the bank or an entity of the

Fortis is Belgum’s largest bank and employs 85,000 people. It is the second largets bank in the Netherlands where it operaties as ABN-Amro.

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