Why do you say the 90% would not win if they went to court? if you should have been offered a tracker option and you werent, isnt that clearcut?A few things need to be stressed here:
- 90% of people who are getting redress wouldn't have a chance of getting it if they went to court. The Central Bank has persuaded the banks to go beyond their contractual liability.
- Even if you went to court and won your case, you would probably just get a refund and interest. You would not get compensation.
- The amount of compensation paid is only a down payment. It's not an offer as such. It will be paid automatically and you can appeal for more.
- Only 25% of ptsb customers appealed the 10% paid to them in the last scheme.
And, by the way, I do think it's fair that people who were impacted should get compensation in proportion to the impact, whether they have a legal entitlement to it or not.