Trackscandal
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The Tracker Panel seem to have accepted that AIB should have offered a Tracker rate equivalent to the SVR rate. If so then this could be very significant for some people depending on the time that they exited the fixed rate. This is what the panel wrote in the final decision as set out in the first thread:
The Panel was satisfied that, ha been offered a tracker mortgage in February 2011, when their fixed rate period came to an end, the prevailing rate of such a tracker mortgage at that time would have equalled or exceeded the standard variable rate or fixed rate. Accordingly, the Panel determined that .......suffered no loss..."
For example on 19/05/2009 the SVR margin was 1.25% and the tracker margin was 1.1% on a loan I have been deemed impacted on. In Feb 2011 which is the relevant date in the rejection letter in the first post the SVR margin was 2.15% but this this margin has increased since this date.. Accordingly the Tracker Panel are incorrect when they state that "....suffered no loss" if a Tracker rate was offered with the same margin as the SVR rate.
Maybe this point should be incorporated into the appeals of people who benefit from same?
The Panel was satisfied that, ha been offered a tracker mortgage in February 2011, when their fixed rate period came to an end, the prevailing rate of such a tracker mortgage at that time would have equalled or exceeded the standard variable rate or fixed rate. Accordingly, the Panel determined that .......suffered no loss..."
For example on 19/05/2009 the SVR margin was 1.25% and the tracker margin was 1.1% on a loan I have been deemed impacted on. In Feb 2011 which is the relevant date in the rejection letter in the first post the SVR margin was 2.15% but this this margin has increased since this date.. Accordingly the Tracker Panel are incorrect when they state that "....suffered no loss" if a Tracker rate was offered with the same margin as the SVR rate.
Maybe this point should be incorporated into the appeals of people who benefit from same?