Banks Before Finance Committee

[Sarenco]

Irish Times reporting on AIB and PTSB submissions to Finance Committee:-

http://www.irishtimes.com/business/financial-services/aib-compensates-2-600-overcharged-mortgage-holders-1.3124522

"AIB told the Joint Committee on Finance, Public Expenditure and Reform, in a submission dated last Tuesday and obtained by The Irish Times, that by the end of March, it had identified about 3,100 such customers who had previously been denied their contractual rights to a cheap rate linked to the European Central Bank. That’s up from a previous figure of about 3,000.

The bank said that all the affected customers had been contacted and “redress of compensation has been paid to circa 2,600 customer accounts and the remaining circa 500 in progress to be completed by the end of June”.

Separately, Permanent TSB informed the committee that it has “fully redressed” 92 per cent of 1,372 customers it had identified in July 2015 as being afftected by such overcharging, including 220 in its former subprime mortgage unit, Springboardd.

As of the end of the first quarter, it had found a further 182 affected customers. It has written to 162 of these and “expects to communicate with the remaining 20 in the coming weeks”.

 

[Threadser]

Good to hear that AIB will have refunded all it's affected customers by June this year. Meanwhile Bank of Ireland continue to hold onto much needed customer refunds and will not not now be called to account until after the summer. Once a refund is issued I will be closing my accounts with them having been a customer of theirs for 35 years.

 

[Leighlinboy]

Interesting piece, was there an expectation that aib and ptsb were to identify many more customers than whats contained in this ?

 

[moneymakeover]

What about the AIB affected customers who have not been recognised?

 

[Bikini Widow]

Would be interesting to see the numbers (to date) for how many AIB/EBS customers who are affected but not being recognised.