The confirmation that BOI have completed their Tracker Examination and anyone impacted would now have been returned to Tracker rate, is not good news for staff who switched into the Variable BIK linked rate in August 2006, before taking up the 2 year fixed and ultimately losing option to revert to Tracker.
To pursue our action we need strength in numbers. Padraic Kissane, who has been to the forefront of working tirelessly for people in getting their Trackers restored, has also been acting on behalf of many staff. I believe that he represents the best chance for us in engaging with Central Bank and pushing our case for rightful restoration of our Trackers. Staff will not act independently, given employer/employee relationship, the lack of trust that now exists and the complete lack of communication from the Bank on the issue, given the large number of their staff severely financially impacted by their decision.I would encourage everybody affected to engage with Padraic in respect fo their individual situation, as the more information he has the better the case he can build.
Let's not give up on this.....
There is some evidence to confirm that staff who switched directly from Tracker to the same 2 Year Fixed rate have had their Trackers restored (there are also some who have not been restored), so the issue appears to lie with the Staff Variable that we switched to in August 2006. There was confusing and contradictory communications from the Bank in respect of the 2 year fixed product, but unless we can square off on the issues linked to the Variable Product, we are going nowhere.
BOI obviously believe they have a cast iron case that the communications to staff in connection with this Product met the requirements of CPC 2006 and that sufficient warning was provided as regards loss of right to revert to Tracker and that attention was drawn to this in the correspondence. We know that was not the case and the Product was effectively marketed to staff with no warnings of possible loss of rights to Tracker in the future. SO why do we not have our Trackers back...
BOI carried out a Review of Mortgages that switched from Tracker to Fixed in 2010, that resulted in 2096 mortgage customers having their Tracker restored in order to comply with CPC 2006 on the part of the Bank. This review covered only customers who switched from Tracker to Fixed, even though the CBOI letter of 19/8/2010 (available on CBOI website) clearly stated that Banks should review switches from Tracker to an alternative interest rate, namely Fixed, variable and other rates. Why did BOI not include switches to variable rate under the review? Could it be that they knew the only mortgage customers effected were staff? Obviously if we were included under that Review, then you would have thought that it would have resulted in a positive outcome, given what we know about the level of warning of loss of Tracker/clarity in that correspondence.
To pursue our action we need strength in numbers. Padraic Kissane, who has been to the forefront of working tirelessly for people in getting their Trackers restored, has also been acting on behalf of many staff. I believe that he represents the best chance for us in engaging with Central Bank and pushing our case for rightful restoration of our Trackers. Staff will not act independently, given employer/employee relationship, the lack of trust that now exists and the complete lack of communication from the Bank on the issue, given the large number of their staff severely financially impacted by their decision.I would encourage everybody affected to engage with Padraic in respect fo their individual situation, as the more information he has the better the case he can build.
Let's not give up on this.....
There is some evidence to confirm that staff who switched directly from Tracker to the same 2 Year Fixed rate have had their Trackers restored (there are also some who have not been restored), so the issue appears to lie with the Staff Variable that we switched to in August 2006. There was confusing and contradictory communications from the Bank in respect of the 2 year fixed product, but unless we can square off on the issues linked to the Variable Product, we are going nowhere.
BOI obviously believe they have a cast iron case that the communications to staff in connection with this Product met the requirements of CPC 2006 and that sufficient warning was provided as regards loss of right to revert to Tracker and that attention was drawn to this in the correspondence. We know that was not the case and the Product was effectively marketed to staff with no warnings of possible loss of rights to Tracker in the future. SO why do we not have our Trackers back...
BOI carried out a Review of Mortgages that switched from Tracker to Fixed in 2010, that resulted in 2096 mortgage customers having their Tracker restored in order to comply with CPC 2006 on the part of the Bank. This review covered only customers who switched from Tracker to Fixed, even though the CBOI letter of 19/8/2010 (available on CBOI website) clearly stated that Banks should review switches from Tracker to an alternative interest rate, namely Fixed, variable and other rates. Why did BOI not include switches to variable rate under the review? Could it be that they knew the only mortgage customers effected were staff? Obviously if we were included under that Review, then you would have thought that it would have resulted in a positive outcome, given what we know about the level of warning of loss of Tracker/clarity in that correspondence.
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