AIB to restore 3,000 tracker mortgages

Makes sense now to those who over the past few weeks received letters from AIB offering the trackers with the high margin rates (3.67% and so on)

i wonder how many of the 3000 AIB contracts have the prevailing rate piece mentioned next to the tracker conditions versus a specified rate. This could result in a similar investigation as to what is currently ongoing for PTSB customers who did not have a margin rate specified and the rate upon expiry of fixed was plucked out of thin air by the bank. AIB appear to have used the same tactic and offered a tracker margin rate slightly higher than the current variable which encourages customers onto variable.
 
So are AIB putting customers back on original tracker margins or thier makey uppy ones? Surely they would be required to show that the margins mentioned above were an actual product back then?
 
See on the news today about 3000 aib customers getting trackers, I'm still none the wiser about the letter I received about the prevailing tracker rate, I rang aib and they guy said those letters were issued to people who were on trackers before but he told me I should speak to a financial advisor, I'm still waiting on an appointment with him....
 
I see that AIB seem to be taking the same stance on the new tracker margins being offered to affected customers. If the CB allow this to happen this whole review is a joke.
 
corktim said:
I see that AIB seem to be taking the same stance on the new tracker margins being offered to affected customers. If the CB allow this to happen this whole review is a joke.
Click to expand...

It will be interesting alright as this is one of the issues under review for affected PTSB clients where now a High Court challenge is about to start. You would think that the resolution for either bank will also apply to others i.e if PTSB are told to correct the margin issue then AIB customers would also be entitled as they have similar prevailing wording in their loan offers/contracts.

Interesting times ahead. I was one of the PTSB customers who was entitled to a tracker and took a case with FSO. However PTSB settled before FSO decision but I never got my tracker restored. My case was a little different in that I completed the fixed term period, was offered the 3.25% margin in 2010 but the variable was cheaper so I choose the SVR. I felt this was a ploy by PTSB to encourage me off my tracker and that was the basis of my case. I was offered a tracker rate in 2006 of 1.10% but the rate was never stated in the contract - prevailing rate upon expiry of fixed was.
 
Apart from those people who were amazed to discover Aib was giving them a tracker, did anyone else get their tracker back?

How many of the 3000 gave been told?
 
Any news of the 3000 that Aib is restoring?

Is there any evidence of who was restored?
 
My third post on this issue:

Is or will there be any transparency in relation to the 3000 trackers?

  • On what grounds they were restored
  • How many got a proper rate eg 1+%
  • How many got the made up rate eg 3+%
  • How many restored to date
 
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