I would agree. I would doubt BOI deliberately started out to do this. This makes the situation even worse.I wouldn't agree that BOI has a particularly low restoration rate compared to other lenders.
Don't forget that, in addition to the 602 accounts recently identified as part of this review process, BOI previously restored trackers to 2,096 accounts back in December 2011 as a result of an earlier review.
I do agree with you that it seems completely fanciful to imagine that BOI were far-sighted enough in 2006 to take steps to trick anybody out of trackers that they would otherwise be entitled to once their fixed terms expired when you consider that they BOI continued to offer trackers as late as September 2008.
Through incompetence they sold a product without understanding it could bring down the bank or at least cost them a fortune. Despite paying a CEO 2 million a year they didn't understand fundamental banking principles of risk.
When they did work it out with the help of a few ECB rate cuts they decided to use their own interpretation of contractual and consumer protection laws to try and cover their tracks. Leaving thousands of customers on the hook for it.
2698 people have already proved that.