DARKMATTERS
Registered User
- Messages
- 38
My AIB loan facility at clause 3.6.1 states;
“ The Tracker rate is made up of two parts
(A) the European Central Bank’s main refinancing operations minimum bid rate; (”ECB”) which is variable and
(B) the Tracker Margin as stated in Part 1 of the Particulars of Offer of Mortgage Loan, subject to 3.6.3 below.”
At clause 5.3 entitled “Notice of. Variation” it states;
“Save for any period of a fixed interest rate loan, the Bank shall give notice to the Customer of any variation in the interest rate applicable to the Mortgage Loan, either by specific notice in writing served on the Customer in accordance with the Lender’s Mortgage, or generally by newspaper advertisement published in a least one National Daily Newspaper. Such notice or advertisement shall state the varied interest rate and the date from which the varied interest rate shall apply.”
I have recently discovered that the ECB discontinued the ECB mro minimum bid rate in October 2008 and AIB did not inform me of same. Is this a breach of contract or is it unreasonable behavior by AIB?
“ The Tracker rate is made up of two parts
(A) the European Central Bank’s main refinancing operations minimum bid rate; (”ECB”) which is variable and
(B) the Tracker Margin as stated in Part 1 of the Particulars of Offer of Mortgage Loan, subject to 3.6.3 below.”
At clause 5.3 entitled “Notice of. Variation” it states;
“Save for any period of a fixed interest rate loan, the Bank shall give notice to the Customer of any variation in the interest rate applicable to the Mortgage Loan, either by specific notice in writing served on the Customer in accordance with the Lender’s Mortgage, or generally by newspaper advertisement published in a least one National Daily Newspaper. Such notice or advertisement shall state the varied interest rate and the date from which the varied interest rate shall apply.”
I have recently discovered that the ECB discontinued the ECB mro minimum bid rate in October 2008 and AIB did not inform me of same. Is this a breach of contract or is it unreasonable behavior by AIB?
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