Pearse Doherty clarifying the numbers
Francesca:
9,400 have been identified
1,000 to be contacted - some of them are the more complex cases
Pearse: There are 3 legal cases against the bank
If a court awards €20k to someone who has been in the courts, will you review your approach on other cases?
Francesca: We look at these difficult cases, individually.
Hopefully, they won't even go to the Appeals Panel. We can resolve them directly with the borrowers.
our intention is to be: fair, transparent and quick
We have not stripped emotion from it.
We would like to resolve the cases directly. But they are free to go to the Appeals Panel.
Pearse
A lot of people are not empowered to appeal
Why did you not write to people asking them how they had been affected?
Francesca:
Let me set out the process...
Pearse:
Was everything legal?
Francesca: Our letters were not clear enough
In Dec 2016, there were 600 legally black and white cases where they lost the tracker, but they had a legal right to one. They were denied their legal right.
Pearse: How did this happen? Who was responsible? Were targets set for reducing the number of trackers?
Francesca: Look at the context in 2008 when the tracker product was discontinued. We are conducting a review to see what happened. The product was not profitable when the stability of the banking sector was at risk.
In Oct 2008, we stopped offering them to new customers.
At the time, we considered what would happen to customers with entitlement to trackers.
20,000 customers who were on fixed rates rolled over onto tracker rates.
But that application was not consistent.
I have seen no evidence of intent.
Pearse: Your staff
There are large numbers of your staff whom you are still refusing the return of their tracker.
%
Those on a two year fixed rate. Were promised at ECB + 0.75% . (Reads out the internal document.)
Francesca
Of the 6,000 we addressed, there is a group of current and former staff. WE are treating them like any other customers. We have included 1,850 ex and current staff. That is because of confusion.
John O'Beirne
The cohort you are talking about - Oct 2008 it was issued - The majority of them did roll back.
Pearse: People who are "currently on the two year" who were not on trackers before they fixed, did not get trackers.
Francesca: I don't know that particular case, but you can talk to us afterwards about it.