EBS Trackers and Central Bank Review

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JL77

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Hello

Has anyone had any success with EBS and having their tracker reinstated? It is very difficult to find any clear information on this.

My case
  • I had a tracker
  • I fixed (2006) understanding that I would return to tracker (no warning - fixed rate conversion form stated I would return to the 'applicable variable' which I understood to be the variable rate in my contract - ECB +1.25%)
  • I was put on a variable rate after the fixed term ended.
Looking for any similar cases with outcome from CB review?
 
How many years did you fix for?

When you came off the fixed rate and went onto the SVR instead of the tracker you expected, what did you do?

Brendan
 
Your experience exactly mirrors mine. I fixed for 5 years in 2006.

I queried to EBS had my mortgage been included in the review and they said no. Wording in their view is clear - once you switch off a tracker, you have no right to ever get it back.
 
EBS are quoting the tracker application form which directly contradicts the original loan agreement form which states that the tracker rate is for the life of the loan.
EBS are concentrating on the tracker form because it suits their argument but surely the original loan agreement is the legally binding mortgage document?
Or am I wrong?
 
Hi I am in exactly the same position hence the name of posting . I argued with ebs that the loan application form preceded the loan agreement and in my case was not referred to or included as part of the loan agreement documents , so is irrelevant and I agreed the loan on the terms in the loan agreement . However I am not restored or deemed impacted by ebs . I also highlighted to ebs that their chief executive mr . Byrne when in front of the finance committee in the recent weeks ( see clip minute 44 to 45 of his performance ) , stated those who had tracker in their loan agreement had been returned to tracker rate , I asked Ebs local branch mortgage master to inform him and his communications office that what he said was incorrect and that this should be clarified to me and in general for public transparency and indeed to mr.byrne himself . .. no word back on that .
Lastly , surely as part of European harmonisation , this scandal should be brought to Europe commission for review in terms of banking practice and licensing of banks ... are there no Eu standards ? And surely these have been breached . I think a case brought there might have effect if feasible , does anyone know ? I am Irish but I am an Eu citizen , surely this is the path to go now !
 
Same situation with EBS. Tracker Mortgage taken out in March 2005 ECB +1.25. Fixed for 3 years in Dec 2006. Fixed form was ambiguous and confusing. EBS moved us on to SVR at end of fixed period. We switched to AIB early 2010 as we were unable to get our tracker back. EBS deemed us not impacted in their review. I lodged a complaint with the central bank ombudsman early this year and was given the option to place the complaint on hold pending the outcome of the central bank review. Last correspondence with ombudsman was April this year....
 
Thanks everyone - It appears we are all in the same boat.

It seems that the following points are common to EBS customers involved in this.
- The loan application form is being used as a reason for not dealing with our cases.
- The wording on the fixed rate conversion form is vague and ambiguous.

The questions that need to be clarified:
- From a legal point of view - does the mortgage contract we all signed supersede the loan application form?
- The language on the fixed rate form - how is it being looked at now by the Central Bank?
 
EBS is the one institution that never gets mentioned in the context of the review. Perhaps because they got subsumed into AIB?

Has Paraic Kissane taken a look at EBS?
 
If you and anyone else in a similar situation want to get together and discuss a joint approach, I'd be very happy to get involved.
 
I would be happy to be involved in a joint approach too. I know from another thread an EBS customer has gone to Padraig Kissane and I have just given his office the documents pertaining to my case. So maybe that would be the best way to go?
In my opinion We need the mortgage contract issue as detailed above by JL77 clarified ASAP.
 
Hi ,
I have already gone to Padraic so he will be aware , he is inspirational in going against the tide early on in this scandal .
The final letter I got from ebs when I queried this years ago , was unbelievable in referring to prevailing variable rate , while the loan agreement has variable ecb plus 1.1 percent and refers to tracker as prevailing rate , yet they ignore this !!! To suit themselves .
I am very annoyed still at Mr byrne ebs CEO performance at finance committee when he said anyone with tracker rate in their mortgage agreement contract is being returned to it . See it at oireachtas finance committee minute 44 to 45. This is wrong and he needs to correct the inacurracy and apologise .
 
I am hoping to talk to Paraic Kissane this week to see if he has any information related to EBS. There must be a reason behind the silence in relation to their dealings with the tracker review.
 
I contacted my 4 local tds today and told them exactly my experience with EBS taking my tracker.
Catherine Murphy's office rang me back and told me they have been contacted by a number of EBS customers and will be writing to the central bank to ensure our cases arelooked at again.
I am meeting with Bernard Duran to discuss it further and Frank O Rourke has also said he will follow it up.
I would suggest all affected EBS customers write to their TDs this pressure needs to be kept up.
 
JL77, EBS are now under the AIB umbrella. When you hear of news from AIB in the media, it refers to both lenders. They very ahead with their review, many having been redressed already. I would say that if you feel that you should be included, it'll be up to you to push for a decision.
 
JL77 ,
Regarding the tracker application form my EBS fixed rate application form from 2007 states:

"This document forms part of the existing documentation governing the loan the conditions of which are outlined in the mortgage deed, the loan offer and cheque issue letter"

Note the tracker application form is not listed as part of the documentation governing the conditions of the loan. So the tracker application form's conditions have no relevance to the loan or our case.
Thats just to my layman's eye. Am I wrong!?
 
That has been my case , why are we not being redresssed ? I have asked my local branch to get an answer and explain this to me .
 
@MsBinky this is the pertinent question who is dealing with this EBS or AIB. It sounds from the comments here and in other places on the forum that there is huge confusion. From my reading the wording on both AIB fixed rate conversion forms and contracts were very similar to those of EBS The question surrounding language 'applicable variable' v 'standard variable' is of huge importance, the question of contract wordings 'lifetime of loan' is also key.

Bottom line is when does a contact cease being a contract - the fixed rate conversion forms didn't say that we would loose our trackers. In an AIB thread @Brendan Burgess has commented on language used in relation to AIB queries, these match our EBS queries. Surely forms needed to explicitly say what the consequences are for a loan & the contract related to a loan.

@Aidan.obrien this is something I am trying to find out.

@Brendan Burgess do you know of any EBS customer that has been successful?
 
My wife took out a fixed mortgage 3 years with ebs in 2008 but was not given an option on contract dated 2008 to go onto the tracker rate at end of fixed. Should that option not have been on her contract as it was available in 2008
 
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I took out mortgage in 2007 ebs . fixed and no tracker option even though they had them till 2008. Are we included
 
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