Released on: September 23, 2008, 2:38 am

Press Release Author: Hayley Fowell

Industry: Financial

Press Release Summary: After a volatile week for the travel industry, which saw the
collapse of the UK’s third largest travel company XL and growing uncertainty in
world economies, this week’s currency sales for the Post Office® reveal that there
has been no sign yet of a downturn in demand.

Press Release Body: Post Office® Travel Services, which accounts for over 28 per
cent of UK href="http://www.postoffice.co.uk/portal/po/jump1?mediaId=19300210&catId=19300207">foreign
exchange transactions, has analysed currency purchases for major holiday
destinations since 11 September when news of the XL crash emerged and compared these
with the same six day period (11–16 September) in 2007. This reveals a healthy
increase in sales for all the key currencies. Euro sales increased by 6 per cent
while demand for the US dollar, which has risen sharply in value against sterling in
recent weeks, is up by over 12 per cent.

Meanwhile the Egyptian pound and Turkish lira, among the fastest growing currencies
for UK tourists this year, are up by 24 per cent and 20 per cent respectively.

And this year’s fastest growing href="http://www.postoffice.co.uk/portal/po/jump1?mediaId=19300210&catId=19300207">foreign
currency, the Slovakian koruna, is continuing its steady rise in sales – up 34
per cent on the same six day period in 2007.

Helen Warburton, Post Office® head of travel services said: “September sales have
been among the most buoyant this year, showing no sign of the downturn that might
have been expected as a result of the credit crunch.

“It would not have been a surprise to see a dampening in demand after last week’s XL
collapse and the continuing crisis for the US and UK economy, but there has been no
obvious sign of this to date. The euro and US dollar are continuing to sell
extremely well, despite the weakness of sterling, and href="http://www.postoffice.co.uk/portal/po/jump1?mediaId=19300210&catId=19300207">foreign
currency sales are up collectively across the board.”

The Post Office® reminds any customers who bought currency for their holiday and are
unable to travel due to the XL collapse, that they can receive a full refund on
their purchase. For more information on claiming their href="http://www.postoffice.co.uk/portal/po/jump1?catId=19300207&mediaId=26800661">travel
money, customers should contact our customer services on 08457 223344 (and
select option 4).

Note to editors:

Post Office® Travel Services monitors currency sales on a regular basis for any
changes in consumer behaviour revealed by foreign exchange buying patterns. Trend
updates can be obtained by calling Hayley Fowell, Post Office® PR manager on 020
8250 2415.

Post Office Ltd. Registered in England and Wales no: 2154540. Registered Office:
80-86 Old Street, London, EC1V 9NN.
The Post Office and the Post Office symbol are registered trade marks of Post Office
Ltd.

Post Office Ltd is an appointed representative of The Governor and Company of the
Bank of Ireland, which is authorised by the Irish Financial Regulator and the
Financial Services Authority; regulated by the Financial Services Authority for the
conduct of UK business. Bank of Ireland, incorporated in the Republic of Ireland
with limited liability. Registered in England and Wales with branch number
BR000459.

Card Account offered by J.P. Morgan Europe Ltd through Post Office Ltd. J.P. Morgan
Europe Ltd is authorised and regulated by the Financial Services Authority.
Registered in England and Wales No. 938937. Registered Office: 125 London Wall,
London, EC2Y 5AJ.


Web Site: http://www.postoffice.co.uk/portal/po

Contact Details: Hayley Fowell
020 8250 2415