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    AIB AIB warns of further tracker scandal costs

    2500 approx. Kissane said it was 3000 in an Oireachtas meeting in March 2018 but 500 EBS customers have since been redressed (see attached statement).
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    EBS What does an EBS "Variable Base Rate" mortgage mean?

    If they were so keen on selling SVR’s at the time why do policy documents indicate that they want 60% of their mortgage book to be tracker by 2008? In Oireachtas committee meetings in 2015 EBS non executive director Eithne Tinney confirmed that 60% of their loan book was tracker by 2008 and...
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    EBS What does an EBS "Variable Base Rate" mortgage mean?

    This has been done extensively in this thread; comments from directors to media & at subsequent Oireachtas committees leads one to an unequivocal conclusion; the variable basis for the fixed rate variable base loans was tracker.
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    AIB AIB at the Oireachtas Finance Committee this morning

    Thanks for posting tnegun. McGrath is excellent here. His line of argument focuses in on the ambiguity of the contracts as there is no definition of a prevailing rate in contracts and how arguable the case is as a result. Hence the bank calling it a service breach and not a contract breach...
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    EBS What does an EBS "Variable Base Rate" mortgage mean?

    Hard to answer definitively but evidence on this thread suggests the variable basis for all EBS fixed rate mortgages between 2004-2008 was the variable base rate..and after this period the term magically disappeared from EBS loan offers. Surprised that the central bank didn’t ask the question...
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    Dates for the next Finance Committee meetings with the banks

    Disappointing but not surprised. Good to see McGrath at least name the variable base group as having an arguable case. There is lots of evidence to support the EBS variable base argument in the round as demonstrated by the thread on this site. The Central Bank likely considered this but they...
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    EBS Not part of the Examination

    As a means of demonstrating how EBS changed the variable base rate into a SVR one only has to look at the wording on these letters. Notice how the wording changed regarding link to a specific index or indices i.e. ECB Repo/Base Rate. Also remember that AIB/EBS have confirmed that their SVR is...
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    EBS Not part of the Examination

    I think this was looked at elsewhere in this thread or another EBS thread. I think the wording was nearly identical for the 2 cohorts pre 2008. In rate change letters sent after 2008 the wording changed a lot on the variable base letters whereby it completely omitted the reference to the ECB...
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    EBS Not part of the Examination

    When did your fixed rate end? They would not send you rate change letters when you were on the fixed rate. I’ve attached the rate change letters that were sent to variable base customers who had come off their fixed rate prior to 2008 & tracker customers who did not fix from the start of their...
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    EBS What does an EBS "Variable Base Rate" mortgage mean?

    The Stowes FSO decision was made in 2013. A lot of water under the bridge since then when it comes to the tracker scandal. At the time the FSO & court may have reasonably thought that the Stowes was an isolated case. However the similarities between the Stowes experience & people on this forum...
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    EBS What does an EBS "Variable Base Rate" mortgage mean?

    I’m hopeful the new ombudsman would have sided with a case like the Stowes if he had been in that role at the time. Also important that fixed to variable base customers consider this 6 year time limit when they present their argument to the FSO. I am of the opinion that the issue arises when the...
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    EBS What does an EBS "Variable Base Rate" mortgage mean?

    Tony mac-what recent Variable Base cases have been unsuccessful at ombudsman stage? There was a variable base case brought to court in 2016 (Stowe vs EBS) but the ombudsman decision was upheld because of the time limit restriction and not because of the legitimacy of the argument. Here is a...
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    EBS What does an EBS "Variable Base Rate" mortgage mean?

    There is EBS documentation & EBS broker documentation that confirm the Variable base rate is a rate that is linked to the ECB base rate at a specific margin, usually +1.25%. As PK has stated it “magically” changed into a standard variable rate in 2008. There is additional evidence that EBS had...
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    The Central Bank has been too passive in dealing with the tracker issue

    The central bank may reason that the wider public interest can be served by protecting banks...particularly state owned banks. That might mean a few thousand customers getting shafted.
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    EBS What does an EBS "Variable Base Rate" mortgage mean?

    Start from the beginnning of this thread & read through each page. Lots of documentation confirming the variable base rate is linked to the ECB base rate at a specific margin. It’s not a standard variable rate whatever EBS says. It’s a post truth strategy by EBS; I can tell you my dog is...
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    EBS What does an EBS "Variable Base Rate" mortgage mean?

    They might call it their standard variable rate in that document but evidence indicates it is not a standard variable rate as we know it i.e. the bank can’t change the rate at their own discretion because documentation has shown that the variable base rate is linked to a central bank base rate...
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    EBS What does an EBS "Variable Base Rate" mortgage mean?

    I think the 6 year ombudsman investigation period may apply which will mean a lot of affected customers will only have option of going legal.
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    EBS What does an EBS "Variable Base Rate" mortgage mean?

    The 25 year options will be cheaper than than the 20 year options. Variable Rate on the 20 year is likely to be same rate as the standard tracker variable (4.65%) but is paid over 25 years so less expensive.
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    EBS What does an EBS "Variable Base Rate" mortgage mean?

    Thanks for this Jennybaby. A few observations; firstly the language used is both confusing & ambiguous again e.g. standard tracker variable. You mentioned that the variable base rate that you were to move onto after the fixed rate was 4.75% (not 4.65% tracker or ECB + 1.15 mentioned in that...
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    EBS What does an EBS "Variable Base Rate" mortgage mean?

    Has anyone seen the variable base rate term used in EBS contracts after October 2008 when they officially withdrew trackers from the market? If they stopped using that term in their loan offers after that date it would be more evidence that it was a tracker.
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