FOLLOWING THE sale of his farm for more than €1.3 million, an 86-year-old bachelor was advised by his bank to invest €850,000 in two four-year and six-year fixed-term bonds; €350,000 was retained in a demand deposit account and €150,000 in a current account.

When the farmer died seven months later, the surrender value of the bonds was €50,000 less than invested. His executors complained to the Ombudsman, saying it was unreasonable to have to wait until the bonds matured to complete the administration of the estate.

The Ombudsman ordered the bank to return the shortfall on the investments by bringing forward to the date of death the guarantee that would have applied at maturity. He also expressed surprise at the advice to leave large sums of money in low- or no-interest accounts.