Bank of Ireland BOI - claiming mortgage account not impacted


New Member
i have a mortgage with BOI (originally ICS), was on tracker to begin with, fixed for a period, never offered tracker rate after fixed period. Bank claimed they wrote to me about this at the time and offered the tracker rate - I dispute ever receiving such correspondence - and then alleged as I didn't respond that I was time barred from having the tracker rate applied. After much to-ing and fro-ing in 2014, in the context of settling arrears and in respect of which the bank took me to court (based on inflated incorrect arrears calculated on the non-tracker rate), I brought a case to the FSO. FSO did sweet FA, but bank settled in 2014. Overstated interest redressed greatly reduced alleged arrears and I paid balance due. Have kept completely up to date since.

When the CBI tracker examination was announced I expected some follow up from the bank as the settlement did not include any compensation. After hearing nothing, I contacted the bank late last year. Finally got a letter in the last few days stating that "the Tracker Mortgage Examination framework clearly sets out that compensation is only paid on accounts which have been identified as impacted within the current examination and will not be applied to accounts redressed outside of the examination" [my emphasis] and as my account was redressed outside of the current examination the redress and compensation framework does not apply to my account.

I'm well used to the bank stonewalling but this response to my mind beggars belief. I see absolutely nothing in the CBI materials that excludes accounts redressed before the examination. In fact my read of the materials is absolutely to the contrary, in that it is specifically referenced that what is to be examined is to determine whether contractual rights and obligations regarding Tracker Interest Rates were adhered to and/or honoured during the period up to the end of 2015. I'm completely at a loss to understand how my account can be considered not to be impacted, when the bank reinstated my rate to tracker in 2014 after continually refusing to do so. To my mind, the fact that the bank redressed the situation of itself confirms that the contractual rights and obligations were not adhered to or honoured, and my account must be impacted. Any other conclusion (such as the bank's) would be bizarre.

Am I missing something here? If I've completely misunderstood what the CBI tracker examination is all about, so be it, but my view is the complete opposite to the bank's. I don't see any exclusion in the materials (certainly nothing that is "clearly set out") for accounts redressed before the end of 2015, and in any case if the bank's position is correct then because I identified the matter and successfully fought to have the tracker rate reinstated I'm in a worse position than someone who either didn't notice the matter or was unsuccessful in having the rate reinstated. My work in obtaining redress in 2014 would now stand against me.

Can anyone shed any light on this? Am I excluded from compensation under the CBI examination, and if so where do the CBI materials provide for this?


Registered User
Hey... We are same boat, ICS to Boi.... Never even offered one even though our paperwork clearly stated we were entitled to one. Were given back money after a huge effort but 8 years of financial hardship needs compensation. I'm just waiting for the letter and the calculation of how they arrived at the figure they gave us back which was omitted even with a clearly documented GDPR request. My next stop is financial ombudsman and the CB. They clearly shoved us at the back as ICS was not a priority even though our overcharge period was probably longer than most.

It's a scandal that the media seem to know more about the end of the examination than we do.


Frequent Poster
@Messedabout There is a consistency problem between all the Banks.

One example is that CBI documents clearly say 'minimum of one year for appeals' and the suddenly some of the Banks think this is a maximum of a year.

So there are many misinterpretations of what the CBI suggest.

In similar cases to yours AIB have redressed all previously corrected accounts (for example dozens by P Kissane rectified prior to the general scheme).
Bank of Ireland have some interesting interpretations and several were already reversed - deducting TRS as an example.

Bank of Ireland are in denial about a couple of situations and it will take a determined person to take them on. The main guy that does that is P Kissane but this will down his priority list as there are souls out there still being denied tracker in some amazing situations. (Bank of Ireland are close to top of the list !)

You can do a number of things:
1. Write to Central Bank and inform then that on Ask About Money you have been informed that AIB in similar cases on all fours with yours have been redressed and have the ability to Appeal.
2. Tell them that the Bank of Ireland have interpreted the same CBI document in exactly the opposite fashion.
3. Tell them that this is not consistent and what will they do about it.
4. Go immediately to Ombudsman but you will have to structure this carefully.
5. Write to CEO BoI and make the case.