Brendan Burgess
Founder
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In its update yesterday, the Central Bank made the following welcome comments
"The Central Bank, with the assistance of its panel of experts, is evaluating the Phase 2 Reports
submitted by lenders. The primary focus of this ongoing assurance work is on customers
whom lenders have deemed not impacted and involves challenging the findings of lenders’
reviews through robust engagement in the form of on-site inspections, the review of relevant
materials and a substantial number of meetings with lenders.
While assurance work is ongoing in a number of lenders, from the assurance work completed
to date, the Central Bank is concerned that two lenders may have failed to identify
populations of impacted customer or failed to recognise that certain customers have been
impacted by their failures. The Central Bank is of the view that certain of these customers are
in fact impacted and accordingly entitled to redress and compensation. As a result of the
Central Bank’s challenges, the two lenders are reconsidering certain outcomes from their
reviews and are due to revert to the Central Bank by end October 2017. As the Central Bank
progresses its assurance work, other lenders will be similarly challenged."
I think it would be useful to list out all the cases we know of where the lenders deem some customers not impacted.
Off the top of my head...
1) Bank of Ireland staff mortgages
2) BoI switched from SVR to tracker and later fixed. Not given tracker back at end of fixed rate period.
3) AIB customers who had their mortgage rate set retrospectively at 3.67%
4) AIB customers with the pre-2006 mortgages and then fixed
5) EBS customers who fixed but were denied trackers on conclusion of fixed rate period
6) KBC customers (and others) where KBC claims that the Fixed Rate Agreement made it clear that they would lose their trackers
7) KBC customers in arrears whose mortgage restructuring was made conditional on giving up their tracker.
8) ptsb customers who took out a discounted tracker for one year and were put on 2.25% on expiry of that year. They got a tracker, so ptsb deems that they are not impacted.
9)First Active customers (now Ulster Bank) who moved from tracker to fixed and tracker was not offered at the end of the fixed rate period?
"The Central Bank, with the assistance of its panel of experts, is evaluating the Phase 2 Reports
submitted by lenders. The primary focus of this ongoing assurance work is on customers
whom lenders have deemed not impacted and involves challenging the findings of lenders’
reviews through robust engagement in the form of on-site inspections, the review of relevant
materials and a substantial number of meetings with lenders.
While assurance work is ongoing in a number of lenders, from the assurance work completed
to date, the Central Bank is concerned that two lenders may have failed to identify
populations of impacted customer or failed to recognise that certain customers have been
impacted by their failures. The Central Bank is of the view that certain of these customers are
in fact impacted and accordingly entitled to redress and compensation. As a result of the
Central Bank’s challenges, the two lenders are reconsidering certain outcomes from their
reviews and are due to revert to the Central Bank by end October 2017. As the Central Bank
progresses its assurance work, other lenders will be similarly challenged."
I think it would be useful to list out all the cases we know of where the lenders deem some customers not impacted.
Off the top of my head...
1) Bank of Ireland staff mortgages
2) BoI switched from SVR to tracker and later fixed. Not given tracker back at end of fixed rate period.
3) AIB customers who had their mortgage rate set retrospectively at 3.67%
4) AIB customers with the pre-2006 mortgages and then fixed
5) EBS customers who fixed but were denied trackers on conclusion of fixed rate period
6) KBC customers (and others) where KBC claims that the Fixed Rate Agreement made it clear that they would lose their trackers
7) KBC customers in arrears whose mortgage restructuring was made conditional on giving up their tracker.
8) ptsb customers who took out a discounted tracker for one year and were put on 2.25% on expiry of that year. They got a tracker, so ptsb deems that they are not impacted.
9)First Active customers (now Ulster Bank) who moved from tracker to fixed and tracker was not offered at the end of the fixed rate period?
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