Michael McGrath
Congratulates the Central Bank on their good work. Are we any closer to making individuals accountable?
Seána Cunningham: 19 individuals sanctioned - 7 barred from working in financial services - but none due to the tracker regime.
(They are far better than the banks at running down the clock and avoiding saying anything.)
McGrath
Outstanding Cohorts - AIB prevailing rate, EBS Variable Base Rate issue, ptsb discounted tracker, BoI staff
If the Ombudsman finds in favour of a customer on these issues
If for example, the Ombudsman finds that an AIB customer should have got a tracker rate of 1%
How does that work its way through to all customers for whom the principle applies?
Derville - completely misunderstands the question
If any issues do arise from cases
The feedback loop works well
If there is new information, of course, we will look at it
Where there is wider application, we would expect the banks to apply them
If we get new angles, of course, we will look at that.
McGrath
If the Ombudsman finds in favour of an AIB
And that case is representative of all customers
Are you saying that this decision will be applied
Derville
Seemed to say yes but is talking too fast
We will contact the lender but the lender will make their own decisions
Grainne: We have told the banks that we expect them to apply the decisions of the Ombudsman to the wider cohort.
[BB comment: At last they answer the actual question. ]
McGrath -
Have you had to threaten court action to get cooperation.
Central Bank: Yes
[There are 4 members and the chair present]