Bank of Ireland BoI Staff on fixed rates who are not getting their trackers back

Stressedtracker

Registered User
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2
Hi. New to the forum. Has anybody received any updates from public reps they contacted. Boi committed to reviewing this cohort at last oireachtas sitting or has there been any direct updates from the bank.
 

2006mortgage

Registered User
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4
Hi, I’m in the same situation however I have been told by BOI that my mortgage is not impacted by the tracker mortgage investigation. Not great news!
 

TMH2017

Frequent Poster
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61
That's interesting as other people including myself and @Strandski10 and @Rossie have only received standard holding letters - if you could post letter (excluding any personal details) that would be very useful

on the public reps they are aware this remains a live issue with BOI and Central Bank back in front of the Finance Committee next month I believe
 

Rossie

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31
There was an open mic session online in BoI today. One of the questions asked of the CEO was if there was any timeframe on the staff mortgage and tracker issue. Response was that 98% of staff to be remediated had been contacted with offers of redress; the balance of 2% were proving uncontactable; and that that they also await final findings from the Central Bank. We are not in the 98% (we have received no offer) or the 2% (we know they are able to reach us). So it's down to the final findings from the Central Bank. Anyone know when that is likely to come out???
 

Stressedtracker

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How can we be sure all the facts regarding internal memo's etc that gave a very reasonable expectation and implied that we would revert to tracker are reviewed by the central bank. Can any independent representation be made to the CB such as via PK or similar. Once CB make findings any appeal process woylduld be lengthy. This needs action now. Circa 1600 others got tracker reinstated based on the very same document we signed. Disappointing in that the bank publicly stated where any doubt existed the side of the customer will be considered. Clearly overlooked for this cohort. CB due to issue findings to minister in June.
 

TMH2017

Frequent Poster
Messages
61
I understand that PK has had meetings with the CB on this and the CB has been sent all the relevant details on our case including relevant internal memos but unfortunately it appears that the Bank are continuing to challenge our cases.
My own view is that it will take political and/or bad publicity for the Bank to amend its current position so would advise all those who remain "not impacted" to keep pressure on by contacting finance committee (Pearse and Michael have been doing a great job on this), PK and using any other avenues (media) etc. that you can think of.
BOI will try to sweep this under the carpet (as CEO tried to do on open mic sessions yesterday) with BOI trying to reduce their liability as much as possible disregarding commitments to give customers the benefit of the doubt in such circumstances.
 

Strandski10

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9
Check out the breaking news on Indo about an additional 3,400 customers overcharged by Banks (apologies forum wont let me attach link)

Could we be part of this new cohort?
 

ragdal

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73
"This increase is principally the result of verification of total numbers reported by lenders previously (as unverified estimates), as well as a small number of customer accounts newly identified by lenders."
 

Strandski10

Registered User
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9
All received the following response from the Tracker Mortgage Team following an enquiry for an update


"Given the scale and complexity of the process it is anticipated that this examination will conclude in 2018.I won’t be able to give a final response to your email until the Examination has concluded. In the meantime, if we find that your account was affected, you will receive a redress and compensation pack by post.


I hope this is satisfactory, but if you are unhappy with the Bank’s response you can speak to the Financial Services and Pensions Ombudsman, as part of your rights under the Central Bank of Ireland Consumer Protection Code. The address is: Financial Services and Pensions Ombudsman, Lincoln House, Lincoln Place, Dublin 2. D02 VH29. Telephone: (01) 567 7000.


Not sure how to read into it. Imagine its just standard response but its not a "no / not in-scope" as of now so the hope remains.
 

Rossie

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31
Hi Strandski. I wouldn't read too much into it. We got the same response. I think they're kicking to touch, until the Next Central Bank review. My read of it is that they won't be including us until and unless the CB tell them to. And we did refer it to the Central Bank, on the grounds that we felt they should be at least telling us now if we are in scope. They must know. The FSO has yet to revert on that point but I will post when they do.
 

TMH2017

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Messages
61
All thanks for updates - I have also heard that a number of people in this cohort have received a similar response although haven't received one myself. Would be interesting if they are only sending this type of response to this cohort or if this is a more general holding email to people who are pressing them for an answer ? Anyway I will go to FSO too to try and get them to decide on this issue either way - the more that do it hopefully the issue gets more traction.
 

skinnylegs

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34
Hi TMH,
FYI. That seems to be the standard BOI reply. We received the same one but are not in any staff cohort.
 

M123@6

Registered User
Messages
5
Hi, I just came across this thread tonight. I think I am in the same boat but have been told by BOI that I am not eligible to be reinstated to a tracker. I was on a 3 year fixed rate and received a letter in Nov 2008 saying that a tracker rate was going to be offered but was withdrawn for business reasons.

Complaint is currently with the FSO and I have been told that a decision will be made next week. Will keep you posted
 

Brendan Burgess

Founder
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38,667
Derville Rowland has confirmed that the Central Bank is taking no further action. Today at the Oireachtas Finance Committee. About 15.50 if you want to read the transcript.

McGrath: We need definitive answers on the following:

AIB prevailing rate
Ptsb similar issues
Boi Staff members
Former First Active
EBS

They might not like the answers, but they need to know.

Where you reach a conclusion, as you have done on the AIB prevailing rate issue, you should tell customers.

Rowland: Our view is not that we support AIB, it's that we could not interfere with their interpretatiion.

We know and the lenders know where tehre are no issues. And we have told the banks to tell people that.

ptsb matters are not closed yet.

We don't propose to take any further action with Bank of Ireland staff issues.
 

Rossie

Registered User
Messages
31
Thanks for the update, Brendan.

Mattie is right. We don't like it. Not sure what happens now? The comms will presumably start to flow from BOI. I'm guessing it's a mattter of continuing to lobby our elected representatives;a number coming together to lobby with e.g. Padraic Kissane; or giving up.
 

TMH2017

Frequent Poster
Messages
61
just to let you know got written confirmation that my case is not included within tracker redress scheme last week. BOI using same arguments as before, no contractual right, email confirming that I would roll to tracker was an "error" and October '08 Insite communication didn't confirm a right to roll to a tracker - will discuss with PK to see how best to take this forward , would be interested in getting sense of numbers involved here to see if we can come together as a group ?
 
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