Panicked customers queue for savings

IT COULD have been a queue for Rolling Stones concert tickets, but the despondent faces of those waiting said otherwise.

From dawn yesterday, anxious customers began lining up to get their hands on their savings, inheritance money and pensions from Northern Rock bank.

Nerves were frayed and most were past the point of caring about not being able to access the bank’s online facility or helpline since last week, when the British-based firm’s flow of cash ran out.

Hundreds of savers arrived outside the bank’s Irish headquarters in Dublin, gathering from 6am onwards. Many had travelled across the country.

James O’Mahony drove from Kerry while it was still dark. After queuing for three hours since 7.30am, he was finally just steps away from retrieving his savings.

“It’s very sloppy, very badly regulated. I’ve no confidence in them whatsoever. I thought I was going to pay for winning the All Ireland yesterday. I want my money, not a guarantee. There are risks when you have to travel a couple of hundred miles just to make sure.”

Mr O’Mahony had put the money from the sale of his house into Northern Rock.

Some customers sat gloomily on foldable chairs while others huddled in groups.

Lorna O’Malley, from Galway, had lodged her SSIA money and other savings to purchase an apartment next year. News about the bank shocked her last week.

“It’s like a banana republic. When I saw the newspapers over the weekend, I decided it was time to get my money out. There were problems also getting on the website.

People don’t want to lose their savings and if it means taking a half day off work, so be it. It’s been a long time building it all up, so I didn’t want anything to happen to it. I think people will be wary and stick to their bricks and mortar banks for a while where they can access their funds,” she said.

Customers said they were not comforted by a Bank of England cast iron pledge to underwrite the firm. Sean Hayden drove from

Kilkenny to take back his cash, banked from inheritance, savings and his SSIA.

“When I couldn’t get online or talk to someone over three days, I lost faith. Online banking works fine when you can get onto it but you really can’t beat a branch network where you can talk to someone.”

Dubliner Paul Doherty joined his elderly father Mick after hours of waiting outside the firm’s offices.

“People have travelled far to deal with this,” he said. It was “ridiculous” queuing so early, added his father.

Cork man John O’Connor placed his retirement money in the online bank. Never again, he pledged yesterday.

“They’re trying to tell us everything is fine. We’re not all stupid though,” said the retired financial controller.

The Financial Regulator is regularly updating its personal finance website www.itsyourmoney.ie with the latest information for Irish customers of Northern Rock.

The regulator’s helpline on 1890 777 777 is open from 8am — 8pm.