In what way is the wording "wrong"? Do you mean it's morally wrong?That is first MFA when switching to the staff variable rate. NB. The wording is wrong on both MFAs
The key word being "IF". To the extent that a borrower is not converting to a tracker that provision is obviously irrelevant.The second MFA when switching to fixed states that IF converting to tracker at the end of the fixed rate period how the rate would be determined etc.
I don't agree that the wording has that meaning and I certainly like to think that I'm a reasonable person. In any event, my reading of the wording is not particularly important.Any person reading that MFA could reasonably assume they could convert to tracker at the end of the fixed period.
If staff were returned to their original trackers it should be possible to construct a strong case that it would not attract BIK .
In what way is the wording "wrong"? Do you mean it's morally wrong?
The key word being "IF". To the extent that a borrower is not converting to a tracker that provision is obviously irrelevant.
I don't agree that the wording has that meaning and I certainly like to think that I'm a reasonable person. In any event, my reading of the wording is not particularly important.
Have you considered testing your thesis in the courts? If you are so certain that your interpretation would prevail why haven't you sued BOI?
That's quite possibly true but can you imagine the uproar if BOI gave staff a preferential rate to which they had no contractual entitlement when they were being partially bailed out by the State?
Sorry but I don't understand that - could you rephrase?The wording on the 2 MFAs is wrong in that both refer to moving from a fixed rate to either staff variable or to fixed but at the time of signing either we weren't moving from fixed
Did you mean discretion? That obviously doesn't refer to a tracker but perhaps I'm missing your point.The rate will be set by the bank at its disgression.
Of course. But a lot of impacted borrowers are no longer BOI employees. To my knowledge, none have taken a successful case which seems odd if the case is that clear cut.For me the courts is a last resort and suing your employer is a serious career defining move. Thats before working out how to fund a high court case....
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