BOI says additional 6,000 customers affected by tracker scandal

Wow!

That is a huge number. It must include the 1,800 staff.

Here is the BoI press statement

[broken link removed]

It looks as if the new Chief Executive has decided to do what she was asked to do by the Central Bank.
 
There will have to be arrests made based on these numbers. Decision makers and management in banks will have to be identified
 
I’m beginning to feel a tad optimistic. First time in a very, very long time. Thanks to everyone for putting the pressure on.

Having a new CEO might just have turned things around for the BOI impacted.

Still phenomenal though that this was the Bank who claimed to have fully addressed this issue in 2010. They found just 602 customers denied a tracker over two years. But managed to find 6k in 2 weeks!!
 
Brendan Burgess said:
It looks as if the new Chief Executive has decided to do what she was asked to do by the Central Bank.
Click to expand...
The Central Bank are certainly taking the credit-

“We note the announcement today that, following robust challenge by the Central Bank, Bank of Ireland will now include disputed groups of customers in the tracker examination for redress and compensation,” the Central Bank said.

“These are groups of customers that the Central Bank had identified as having been impacted but Bank of Ireland had previously disputed. Bank of Ireland will now provide redress and compensation to these customers,” it said.

https://www.irishtimes.com/business...nsate-extra-6-000-tracker-customers-1.3285788
 
Mauritius said:
Anyone want to give a summary - or their option - of the new 'groups of customers' that have been challenged be the Central Bank and now included as impacted by BoI?
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We simply don't know.

Unfortunately the Central Bank hasn't been transparent about the cohorts it has "robustly" challenged or the basis for those challenges. So we would just be speculating.
 
Has any BOI customers received their letters saying they are 'impacted'? Still awaiting my letter. I rang the useless line and was told that all impacted customers were to receive a letter by the end of the first week in November. If none was received I was advised to ring back the useless line and let them know and they would look at it again!!!!!
 
Mauritius said:
Anyone want to give a summary - or their option - of the new 'groups of customers' that have been challenged be the Central Bank and now included as impacted by BoI?
Click to expand...
BOI did major review in 2011 and restored many customers to Tracker at that time. They did however eliminate all mortgage customers from that review who had fixed prior to CPC coming into force on 1st August 2006 and whose mortgages would have come up for rollover after the withdrawal of tracker in Oct 2008. That would account for a good number of 3 year fixed and many more 5 year fixed cases from 2003/4/5. On that basis I would suspect that many of this new cohort (apart from the staff cases) would relate to pre CPC fixers who were denied Tracker on rollover options.
 
Sold my place last year and luckily cleared the mortgage. couldnt afford the repayments. The press release from BOI states that they will ensure "all impacted customers with an open mortgage account" will get their tracker rate. What about those of us that sold or moved? Or those that exercised their consumer right to switch to another provider? Maybe someone from BOI (who are no doubt keeping an eye) could let us know about closed mortgage accounts and are they included in this 6000. After the last few years experience my gut tells me the press release is carefully worded and they are not....
 
CocoSparrow said:
What about those of us that sold or moved?
Click to expand...

I would read the following to mean:

"The Group will ensure that all impacted customers who continue to have an open mortgage account will be returned to their correct tracker rate as soon as possible, and aims to compensate all these customers, subject to their agreement, as quickly as possible, starting before the end of 2017."

We will put everyone who is still with us on the right rate.
We will compensate those who have left as quickly as possible. (Clearly this is much more complex than just changing a rate from 4.5% to 1%)

Brendan
 
Hope you are right Brendan I have "the fear" and read this section differently and the reference to "compensate these customers" to be a reference back to those that have open mortgage accounts Maybe I should give them the benefit of the doubt but the last few years have made me sceptical. Meanwhile I have to wait and see if I get a letter or not between now and Christmas as they can't tell me if my mortgage is "in scope" or not
 
BOI are saying they have 10300 impacted customers. i think I remember hearing at a finance committee meeting that there were 132000 of the 750000 tracker mortgages that required "further investigation".
So can we simply use "market share" of about 25% to surmise that about 33000 of those were from BOI and therefore about one in every three BOI customers has been deemed impacted? Any thoughts?
 
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