Savers urged to with­draw funds from PIGS banks

The Pak Banker - - Company& -

LONDON: Savers with banks in Eu­ro­zone trou­ble spots are be­ing urged to with­draw their funds by a ma­jor York-based wealth man­age­ment com­pany.

Pearson Jones Plc, of North­min­ster Busi­ness Park, which ad­vises more than 2,000 pri­vate clients and 500 busi­nesses, is tem­po­rar­ily sus­pend­ing all banks in the threat­ened ar­eas of Por­tu­gal, Italy, Greece and Spain (PIGS) from its bank de­posit rec­om­men­da­tions.

Pearson Jones Plc, which also has of­fices in Leeds, Sh­effield, Bishop Auck­land and Read­ing, said it is chang­ing its in­vest­ment ad­vice af­ter the re­cent bail out of the Re­pub­lic of Ire­land in­creased the fo­cus on PIGS.

The award-win­ning in­de­pen­dent fi­nan­cial ad­viser has 123 staff. It was named as In­ter­na­tional IFA Team of The Year 2009/2010 in the So­ci­ety of Trust and Es­tate Prac­ti­tion­ers (STEP) Awards. It is rec­om­mend­ing savers with Euro­pean PIGS banks to move any fixed term de­posits at ma­tu­rity and any in­stant ac­cess ac­counts as soon as pos­si­ble.

John Met­calf, Pearson Jones Plc York-based wealth man­age­ment di­rec­tor, said: "Al­though Ire­land has now agreed its bail out, the im­pact could be dra­matic for Eu­ro­zone coun­tries if this con­ta­gion spreads. It is es­ti­mated that, if Spain does even­tu­ally need a bail-out, it could be 750 bil­lion eu­ros - al­most ten times the sup­port pack­age for Ire­land. -PB News

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