I am one of the 1800 staff affected and as already outlined on AAM I did take my case to the Ombudsman and he found in my favour, however FSO then rejected their own findings and reviewed my case again. I waited another 18 months and surprise surprise Bill Prasifka found in favour of BOI.
He concluded his findings by stating the following-
"I am cognisant of the fact that the wording in the documentation, in particular the MFA's signed by the Complainants, are not very clear. It would have been most prudent of the Bank to have specifically defined a tracker rate in the original loan agreement, which could have specifically prevented the confusion which led to this dispute. It is also a failure of the Bank in neglecting to clarify exactly the rate that would apply on expiry of the Complaints fixed rate, which they took out in December 2006.. I also must bear in mind the fact that the Bank communicated with the Complainants on two occasions in 2008, that they would be availing of the tracker rates on expiry, albeit the Bank clarified this not to be the case shortly afterwards.
I direct the Bank to pay 1,000 in compensation to the Complainants."
He has acknowledged the failures of the Bank in their dealings with me but yet he finds in their favour!
How can anyone have confidence in FSO when they overturn their own findings?
We had a date set for the High Court hearing, I had spoken to the person who had found in my favour and he was very confident we would win our case and then , out of the blue, I receive a call to say they were not proceeding to the High Court, had cancelled their findings and would review my case again with a different team.
I wonder was it because by winning my case, BOI would be forced to return trackers to 1800 staff and no way would the bank allow that to happen.
Despite their ongoing tracker investigation I doubt very much that the bank will return the trackers to the 1800 staff as they have Bill Prasifka s finding in their favour. They will conveniently forget the original finding in my favour.
BOI appealed the FSO decision to the High Court, but it was the FSO themselves who withdrew my case before it got to the High Court
How is that even possible, how Irish. Okay your right, okay your wrong, but here is a €1k anyhow.
Think we all need to come together, they think we are going to crawl under a rock. I wrote to Central Bank, Bank of Ireland & the FSO yesterday. BOI need to communicate either way.
I thought that one of the reasons the current tracker review was taking place is that the current FSO did not agree with a lot of his predecessors findings. I also don't believe the wording above fully took into consideration the consumer protection regulations on notifying customers on the implications of giving up a tracker rate.
V interesting Mickon but weird as Boi managers were still flogging trackers in 07 and 08. It may be reason the Boi reinstatement no is so low.
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