Friday 19 December 2014

Pensioner who lost €460k in Anglo fund gets his money back

Published 30/09/2013 | 04:00

Maurice Hudson lost all his savings on a fund set up by a broker to hold Anglo bonds
Maurice Hudson lost all his savings on a fund set up by a broker to hold Anglo bonds

A RETIRED businessman who lost his life savings when the Government liquidated the former Anglo Irish Bank, has spoken of his relief that the State has refunded him almost €460,000.

Maurice Hudson's retirement plans were thrown into disarray in February when Minister for Finance Michael Noonan announced that the Government was liquidating Irish Bank Resolution Corporation (IBRC), formerly known as Anglo.

Mr Hudson (70) was told that a retirement fund set up by a broker was deemed to be an investment product.

He was told that, as an unsecured bond holder, he was not eligible for a deposit guarantee scheme that compensates customers with deposits of up to €100,000.

FEAR

He had thought that because his fund had been subject to the Government's pension levy, the money was protected. He understood it would have been transferred to other banks upon the liquidation of IBRC.

He told the Irish Independent that his plans for his retirement were destroyed when he was told that the investment was wiped out. At one point, he and his wife, Colette, feared they would have to sell their home in Dun Laoghaire to fund their golden years.

His case was taken up by Independent TD Stephen Donnelly, and a review by the National Treasury Management Agency led to a refund of more than €459,000.

The NTMA found that Mr Hudson's cash qualified for a different government guarantee, the eligible liabilities guarantee scheme, and the cash was refunded earlier this month.

Mr Hudson said that he had been prepared for the worst, but was greatly relived when he got the money back.

He said: "We sat down and we worked out how we were going to manage without it and we said well we could just about scrape by and that maybe if we traded down the house that we'd get back to square one. It was a nice shock to get it back."

By Cormac McQuinn

Irish Independent

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