Pretty sure the 98% figure that has been quoted was misquoted from the central bank / finance committee meeting last Thursday. The 98% was in relation to the tracker accounts that have been charged the wrong rate at any stage wether it was for a few week or a few years, which have now been returned to the correct rate and was definitely not in relation to accounts that lost their tracker rate. I will have a look through the transcript of the meeting later and see if I can find the exact quote
With regards to the complexity of identification of the impacted, the calculations , contact and redress how come AIB/EBS and PTSB can be so far along, almost a year ahead of the rest? Not withstanding those in dispute thinking that they have a case, or those like myself appealing from affected to a property loss or those on incorrect rate, the Lions share of the work was completed, affected advised, calculations done and redress paid. If anything the first to complete their investigation should have had the most hiccups
Without doubt, AIB had their own agenda for their efficiency ( for the want of a better word ) but what this does tell us that where there is a will, there is most work done?
I've said it before , the internal processes have been done by others, caluations etc. Why are the remainder of the banks ( whom we know talk to each other when it suits) not sharing information etc or being asked to share it by the CB to speed things along? We're not talking trade secrets, just processes.
CB should have enforced fines long before now as part of the phases, less lawyering up time for the banks more will/ incentive.
Oh and a big thanks to UB and KBC for their arrogance at the Oireachtas committee meetings, surely helped in the recent media interest, superb own goal in my opinion.
Ms Derville Rowland:There are some timing issues. Within the population of customers who have been identified as being impacted by this issue, rate rectification has occurred in nearly all instances. There is a figure of 98% in the documentation. Within the balance, there may be a very small population to still obtain rate rectification, which is occurring and which should be complete very soon, but the remainder of the balance relates to cases that were rectified previously. In such circumstances, we never expect that number to increase to 100%. We are looking at the 2% region because they were on the wrong rate for a short period and it was already fixed earlier. Another group of people no longer have tracker mortgages.
this was taken from full transcript from central banks finance committee meeting i can't post the link but can be found on the oireachtas website.
after rereading along with the table on first page of this post it seems they mean accounts that banks have agreed to be impacted an needing rate rectification. which is 7,700 of the 13,000. So this wouldn't include any of the disputed cohorts. Would be intresting to know how many of these 98% are being disputed as being correct by the banks but wrong rates by the customers/financial advisors such as the ecb+2.25% or ecb+3.25%