AIB 3.67% customers to get €1000 each

Discussion in 'Central Bank tracker review' started by Brendan Burgess, Dec 20, 2017.

  1. Redman

    Redman Registered User

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    Should that prevailing rate of 1.5% not apply to us now seeing as that’s what it was when we signed the contract,
     
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  2. Skippy1

    Skippy1 Registered User

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    Last edited: Jan 10, 2018
    Yes, I believe so.

    I wonder were existing customers (coming off fixed) between June and October 2008 with options of tracker offered 1.1% as per original available margin at drawdown (eg drawdown in August 2007, one year fixed and picked tracker in August 2008), or 1.5% as offered to new customers at this time?
     
    Last edited: Jan 10, 2018
  3. Redman

    Redman Registered User

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    13
    Thanks skippy1
    Must see if I can find out any info on the margin rate at drawdown 08,1.1% or 1.5%,sounds like it should be one or the other

    Regards

    Redman
     
  4. Dunned

    Dunned New Member

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    In one of the final responses I've received it says "prior to the withdrawal of tracker rates in 2008, customers due to roll off fixed rates were given a number of options. One of these would have been a prevailing tracker rate (ECB + prevailing margin) based on the tracker rates available on the day the fixed rate expired. This was regardless of the tracker margin (if any) that had been quoted in their letter of offer"
     
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  5. Skippy1

    Skippy1 Registered User

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    Thanks Dunned. That implied meaning from AIB is not what our contracts say. I understand that under current CB review people on trackers, who then fixed and refused trackers are getting trackers back at the correct margin and not AIB's made up "prevailing" one.

    This margin issue was equally not transparent to those with options of tracker, who had intended to avail of during the lifetime of the loan.
     
  6. Skippy1

    Skippy1 Registered User

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    @Brendan Burgess - Hi Brendan. Did AIB give any insight why there is no banded margins based on LTV as before?
     
  7. KarenB

    KarenB New Member

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    Does anyone know if those people who were on trackers, then fixed and were then refused trackers are now being restored following CB review as a result of having clause 3.2 in their contracts? If so are the bank interpreting that clause and the "prevailing rate" differently depending on whether or not you had a margin in your original offer?
     
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  8. Sleven273

    Sleven273 Registered User

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    A couple of months previous to AIB statement in Dec'17, I received my final response letter. I have no specified margin in my contract but moved to TKR. I then went from TKR to Fixed and they offered me there now prevailing rate of 3.67% reintroduced in 2013. Clause 3.2 was in my contract.
     
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  9. Ninibopp

    Ninibopp Registered User

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    That’s interesting! Our fixed rate ended in 2012. Wonder what the banks ptevsiling rate was then!