The latest move by the Government in its development of financial services within the Post Office was announced this week with the news that it will soon begin to offer financial products from its branches. 

During the next 12 months a children’s savings account will be introduced together with a mortgage product which will be backed by the Bank of Ireland. 

However the introduction of a current account will be delayed until such time as market conditions improve and a budgeting account which would give those on low incomes a means by which they could pay household bills and take advantage of direct debit discounts is still under discussion. 

For business people there are plans to give them access to their bank accounts via the Post Office. 

Business Minister Pat McFadden said "The Post Office can provide a range of good value, simple financial products for everyone,"

"These are the clear messages that people have given us and we are acting on them - a major step towards making the Post Office a sustainable neighbourhood banking service." 

The idea of a neighbourhood bank was welcomed by Consumer groups but the Government’s news was greeted with some scepticism by the Opposition and was “too little too late”.