In my Final Response letter from AIB Home Mortgages after I raised the issue, they did state the following..
..."While we have made a decision in relation to your complaint, we want to let you know that separate to this, we are looking at the accounts of customers under an industry wide Tracker Mortgage Review, which the Central Bank of Ireland has asked all banks to do. This review is ongoing and should new information emerge affects your account, we will contact you. In any event, we will write to you again when the Tracker Mortgage Review is complete to confirm our position".
Notwithstanding the disappointing response I got from AIB Home Mortgages, I agree with mister32 above in that the review is still ongoing and all accounts have not been audited by AIB & KPMG (independant party to AIB review process) therefore in light of the above statement, I feel that AIB is leaving the door open to include our cases for redress over the next 6 months....fingers crossed.
I don't think it's worthwhile contacting the FSO at this stage until the industry wide review has been completed.
Hi Eamon Sweeney, I was told something similar over the phone by AIB. Firstly that if I had not got a letter by now I was never going to get a letter and to go away, the part of the review to indetify impacted customers was over. There would be no new customers identified in 2017. This was on call Jan 06th 2017.
I continued to press on this over the last 3 weeks and eventually was told - Basically my account has been reviewed as part of the Central Bank exam and is not deemed impacted, however all accounts are still being reviewed. She would not tell me tho if my account would be reviewed again. She said new accounts are being identified and new scenarios that are deemed impacted are being identified, so just because you are deemed not impacted now does not mean you will not be deemed impacted in the future.
Any other question I asked about my account was answered with either "No Comment" or "AIB can neither confirm nor deny that". She advised as per Central Bank instructions they cannot discuss individual cases with people.
Speaking offline to someone involved it appears lenders review accounts and put forward to Central Bank and the Central Bank deem them impacted or not. The banks don't have authority to deem a scenario impacted, so even if the bank thinks my account has been impacted they cannot take redress action. I am not sure who is hiding behind who here, the CB behind the lenders or the lenders behind the CB.
Either way, it is worrying.
The scope of scenarios is being limited. As someone on this thread say, the T&C's on the letters were generic and not tailored. They just printed off, so the number of possible impacted customer is huge. Looks like the scope of this exam is being narrowed to provide the Mimimum Dose Effect. By that I mean, a figure of impacted accounts that is large enough to show the issue was fully reviewed to appease the general public but keep expense to the banks as low as possible.
Based on generic T&C's just being reemed off as mortgages were issued the estimate of 15000 impacted accounts is very low. My own estimates - if AIB included scenarios like mine they would be up at that figure of 15k on their own. When we have a government looking to sell part to all of AIB they do really want to support an Exam that could potentially cost that bank over a €1 billion. Do you think they would get a good price for their shares with this hanging over them?
With the sums of money involved "the national interest" of not destabilising the bank will take priority over the individual interest.
If this was open and transparent the Central Bank would publish exactly what scenarios they deem are in scope and which are not. That way people could review themselves, challenge the banks and actually put forward an argument based on fact.
Also, i don't think KPMG will audit all files. I believe they are there to solely audit the ones that have been deemed impacted, and will audit the figures that AIB are stating to the impacted accounts.