McGrath is excellent here. His line of argument focuses in on the ambiguity of the contracts as there is no definition of a prevailing rate in contracts and how arguable the case is as a result. Hence the bank calling it a service breach and not a contract breach; this wording of a service breach from AIB is probably on the back of legal advice and is likely to have been made as they too will have an eye on upcoming FSO &/or high court cases. It’s also an implied acknowledgement that the contracts are ambiguous.
Similar argument applies to EBS variable base rate cohort too.