Court of Appeal overules High Court in Millar case! Upholds FSO's finding.

I will refer readers to Danske banks annual report 2013 page 12 and their description of market conditions:



Market conditions

Conditions in the financial markets

The financial markets generally improved in 2013. The US was heavily affected by the discussion
of when and how to scale back its expansionary monetary policy. In the eurozone, the recovery appeared to be broadening as even countries

such as Italy, Spain and Portugal started to show tentative signs of recovery. The economic outlook for the emerging markets, including China, is more fragile.

The stock markets rose significantly throughout 2013 on the strength of a stronger outlook for the global economy and ample liquidity in the financial markets.

Conditions in our home markets

The Danish economy picked up throughout 2013. GDP rose in the second and third quarters, and economic indicators suggest that growth continued

towards the end of the year. Growth was stimulated by increasing exports, real wage growth and low interest rates. Exports are expected to continue rising in 2014. Housing prices started to increase, but the turnaround is weak and the housing market remains a risk factor.

The Swedish economy did not grow in 2013. Survey data indicate that it might expand in 2014 because of the outlook for higher global growth. Housing prices have risen sharply in recent years, and even considering the strong underlying economy, the high prices pose a risk of corrections in the years ahead.

The Norwegian economy remains strong, but growth slowed markedly because of lower oil prices and a lacklustre housing market. Since oil prices remain high, despite a drop from their peak, the deceleration is expected to be temporary. Export growth and a continuation of strong domestic demand will underpin the economy. Housing prices fell in the second half of 2013, and the possibility of a further decline is a risk factor.

The Finnish economy saw economic contraction again in 2013 because of weak exports and a tight fiscal policy. Housing prices have been quite flat. We expect a slight pickup in growth in 2014.

In Northern Ireland, we saw low growth in 2013. The Irish economy is still fragile, but the Irish government has decided to exit the eurozone bailout programme without an ESM precautionary backstop since the public deficit has been reduced significantly. Housing prices appear to have found their floor and have started to rise from the level some 50% below their peak.

So it is plain to see how Danske bank interpret market conditions, except, of course, for litigation in Ireland.
 
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WizardDr,

Danske bank have been caught with their fingers in the cookie jar, so as to speak. I have several other pertinent points regarding an appeal to give to the Millars, however I do not wish to give them on this open forum, as I believe Danske Bank does review AAM regularly. Do you know their email address or contact no. Maybe you can converse with me in Conversation mode re same.
 
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Asphyxia,

I expect the Millars are shattered right now, perhaps you might prefer to direct your eloquent and well intentioned advice through their legal team?
 
Might also be worth looking at the various rights breached under the charter of fundamental rights re consumer protection which have the same value as treaty law by virtue of articles 6 of teu post lisbon treaty it's stronger than unfair terms
 
Raging Bull,

Excellent point.

I have examined the charter and I am in agreement with you in that the Millar's can also include in their application to the Supreme Court for a Supreme Court appeal, together with Article 6 ( civil limb ) ECHR, ( IV Procedural Requirments ( particularly (i) (b) and (g))
 
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If I was there legal person I would definitely go down the Charter route being Treaty law can't be over turned...it covers consumer protection, pretty sure unfair terms by back door and also the fair procedures being breached in your other post so it will cover all your bases...not being used yet I believe in Irish courts but plenty of ECJ judgement accepting its full legal standing post Lisbon treaty
 
I've been following this with interest.
I note from the judgement that Danske alluded that the increase in interest rates was due to increased funding costs. Having looked at the Danske Annual Report 2008 (page 32),
in relation to Market Conditions in Ireland, it states:

Financial summary
Total income grew 13%. Growth in both deposits and lending and wider lending margins more than compensated for higher funding costs, lower fee income and the keen competition in the Irish market that caused a further narrowing of deposit margins.

Notwithstanding this, variable interest rates increased.............
 
Brendan, I am more than surprised at the recent mail you sent me.

I did not send a mass pm. The maximum number of people you can ask to join in a particular conversation is 4. I chose the particular 4 people very carefully based on their contributions and knowledge of the above case.

I believed you jumped to a response rather than digesting what I was offering. My offer was for the good of consumers.
 
From my reading of Millar case , they should win eg on the Rates issue it was ,Walks like a duck ,quacks like a duck ,but since (learned) judges did not see the DNA of the duck they found against Millars,whereas a jury can quickly cut through the legaleeze and minutiae of legal argument and interpret more than a dry (law) judgment.
I do worry that our Judges are in effect ,unaccountable and a hindrance to moving law on !.
Even if Millars appeal , the law process is so self (stalling) that time rolls on and that suits the big boys (in this case Banks)

Am I wrong?
 
The Millar's should definitely apply to the Supreme Court for an appeal, as, as stated before, they have ample grounds for so doing so due to the fact that the case is of significant general public importance and it is also in the interest of Justice. I doubt very much, that in the unlikely event that they lose, costs will be awarded against them. The Millar's have been wronged and this needs to be rectified.
 
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