Search results

Hi Brendan, Thanks for sending the Ombudsman decision on. I was debating whether I would respond or just leave it but if you read the quote below and see my comments included in bold then I still feel AIB might use the method I suggested. This would obviously be disappointing as the refund...

Hi RedOinion, I agree it could be interpreted either way. But also consider AIB statement says "reducing a mortgage account balance by 12% from the date the fixed rate period in question ended," and then calculating the interest charged on the 12% capital amount in the intervening period...

Hi Brendan, The models I have relate to my mortgages. I've been redressed on 3 accounts already. I am also in this new grouping for a fourth account. I understand you say AIB will refund a person the $12k compounded. If that transpires then great. However if you read AIB's statement it states...

Hi RedOinion, I understand your point but I disagree on one issue. It is not an annunity and cannot be caculated by compounding €12k year on year at 3%. Under a mortgage the €12k will be reduced each year so the interest will be caculated on a reduced capital amount each year. I think that is...

Brendan, I'm not sure you can use €12,000 @ 3% compound = €4,126.997 as the €12k will reduce from year to year as the loan is repaid. Brendan if you wish I can show you the AIB models off line and talk you through what I mean. It is difficult to explain these things by writing posts.

Hi RedOinion, I'm not trying to mislead people. I am an accountant and have spent a lot of time reviewing AIB's calculations.

Hi jb1234, I'm not sure this is correct because AIB will assume the capital amount you gain interest on in year 5 say will not be the full $12k as they will assume part of the capuital will have been repaid. The interest is calculated on a reduced capital amount each year in line with the...

Brendan, AIB's statements reads as follows: We are currently reviewing each account individually and calculating the balance adjustment and interest payment required in each case. This relates to reducing a mortgage account balance by 12% from the date the fixed rate period in question ended...

Brendan, My understanding of the settlement is that AIB will reduce a persons loan by 12% at the date of exiting the fixed rate and repaying the overcharged interest on that amount. In effect a person is taking out a loan 12% less than they had at the date the fixed rate ended. If a person...

Another method of calculating the cash payment is add up the interest you were charged from the date you exited the fixed rate and multiply this by 12%. (This will give a fairly exact figure - but for those who want to be technical it will only differ from the actual refund because of interest...

Hi TomTom, Just a small bit of background because it may be relevant. I am an accountant and I got the actual spreadsheet that AIB used to calculate my refund. Under the Central Bank guidelines a person is entitled to a soft copy. AIB tried to fob me off with a PDF but I eventually received the...

I was told by BDO approx. 10 days ago that the AIB Tracker Panel are not making anymore decisions on Clause 3.2 cases until they get further clarification of the Ombudsman decision. I think this shows how useless the "independent" panel is.

Hi Brendan, No I was deemed impacted for another reason. I have had 3 large mortgages impacted that all started on a tracker rate. I have a small mortgage where 3.2 is relevant and I decided to appeal and use your model hence my interest in this thread. I broke out of a fixed rate in late...

The Tracker Panel seem to have accepted that AIB should have offered a Tracker rate equivalent to the SVR rate. If so then this could be very significant for some people depending on the time that they exited the fixed rate. This is what the panel wrote in the final decision as set out in the...

Brendan, The address was a copy of the envelope I received with the appeal pack. Personally i would prefer to send it direct to BDO and to the address you gave.

Attached is an appeal form for AIB. You just need to post to the attached address - write "Freepost F5183" on the envelope and you won't need a stamp. The appeal pack does also include some information, (10 pages), of its "Terms of reference and Panel Rules", however if you are using the format...

Hi Haveaniceday, Unfortunately I don't have them for Jan 2008 and I don't subscribe to the Irish Times anymore. I understand there is a cheap 1 month Trial Period if you want to use it. As I mentioned the table was usually in the Property Supplement on a Thursday. Best of luck.

Zebedee, yes the margin should be in the loan agreement. However the above table may be relevant for people who exited a fixed rate in June 2007 for example. The rates in the table show what they should have been offered in accordance with Clause 3.2 of AIB's contracts. It could also be...

If one sunbcribes to the Irish Times one can review the mortgage rates at any particular point in time as they were always reported in the Thursday Property Supplement. Here are the rates from June 2007:

Sept 2007