From the Irish Times
https://www.irishtimes.com/business...9-tracker-rate-to-suit-redress-aims-1.3440615
AIB accused of concocting 7.9% tracker rate to suit redress aims
"AIB has been accused of concocting a notional tracker mortgage rate of 7.9 per cent for some 4,000 customers caught up in the tracker controversy.
The bank recently included these customers in its redress scheme under pressure from the Central Bank of Ireland.
While the bank admits the customers were wrongly denied the option of switching to a tracker contract when their fixed-rate contracts expired in 2009, it claims the “prevailing” tracker rate that they would have been entitled to was 7.9 per cent due to high funding costs. This is significantly higher than the prevailing variable rate at the time."
Will be interesting to see what comes out of this and may shape our appeal.
https://www.irishtimes.com/business...9-tracker-rate-to-suit-redress-aims-1.3440615
AIB accused of concocting 7.9% tracker rate to suit redress aims
"AIB has been accused of concocting a notional tracker mortgage rate of 7.9 per cent for some 4,000 customers caught up in the tracker controversy.
The bank recently included these customers in its redress scheme under pressure from the Central Bank of Ireland.
While the bank admits the customers were wrongly denied the option of switching to a tracker contract when their fixed-rate contracts expired in 2009, it claims the “prevailing” tracker rate that they would have been entitled to was 7.9 per cent due to high funding costs. This is significantly higher than the prevailing variable rate at the time."
Will be interesting to see what comes out of this and may shape our appeal.
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