Just found the answer to my own question. Increase from€5m to €118m which looks like they are going to play ball.
http://m.independent.ie/business/ir...-as-mortgage-lending-soars-47pc-34940440.html
I rang their help line a couple of times, impossible to get any information from the official. She could not confirm if my case had been reviewed or when I could expect a response.Bank of Ireland conspicuous by its absence
UB will drag this out as long as humanly possible. Will be mid '17 I'd say
Hi Brendan,I would have thought that the additional staff and supervision costs alone would have cost €5m.
Presumably some people will get their trackers back and refunds.
But they probably don't have to account for the future cost of giving people back trackers.
I wonder if the €5m is the expected fine from the Central Bank?
Brendan
Hi Brendan,
I went to the FSO about losing my tracker with UB but they found against me. I had been told it was always possible to get back on tracker. Do I have any hope now with the CB involved?
Many thanks.
I agree - at the least. I was suspect of their update letters with absolutely no new information. I suppose for AIB they are under pressure to get it done in order to be able to float their stock
Notabene, when you mention update letters, do you mean letters UB send you about this process?
I have been through failed negotiations with UB, then lodged a complaint with FSO a year ago. Eventually FSO suggested I defer the complaint and wait for results of CB/UB investigation. I got confirmation on the phone from UB a number of months ago that my case is being reviewed, but I haven't received any letters about it. Now wondering if I ought to be concerned!
The banks must have clear guidelines from central bank then?
I mean if those same institutions who kept saying: no you're not entitled to a tracker , if they take another look why would they reach a different conclusion?
Because Ulster Bank in particular fed the line to their staff to deny deny deny! The staff never looked. They just said no. Ulster Bank used the FSO like a complaints office to see which trackers they would give back. If you got through the guantlet you got it back!
it is frustrating that you are not getting any relevant factual information, but you will not get this until they have reviewed all of their mortgages.
they are reviewing every single mortgage ever held in First Active and Ulster Bank.
the initial review will not include the actual difference that is due back to the customers that were impacted, this will be further on down the line after the customers have been identified and notified.
so the first real contact will be to advise that a review has taken place on the mortgage and the mortgage is either in the pot or not in the pot to be calculated correctly.
the actual calculation will then be completed down the line, and this will take some time depending on the amount of impacted customers.
The banks must have clear guidelines from central bank then?
I mean if those same institutions who kept saying: no you're not entitled to a tracker , if they take another look why would they reach a different conclusion?
And if they are employing say 300 employees to look at the contracts, what instructions are ther issuing to the employees? Be honest this time? Be more generous?
Obviously they are not going to waste the time of 300 employees?