BoS paying Time Value of Money at ECB + 3%

Brendan Burgess

Founder
Messages
44,830
From a BoSI redress letter FAQ

5123


Say ten years ago BoSI charged me a margin of 1.5% instead of a margin of 1% or €1,000 too much that year.

The following year, they charged me the mortgage rate on this which was probably ECB +1.5%

So I am getting the €1,000 back and interest at ECB + 3%

Seems very fair.

Brendan
 

Banquo

Registered User
Messages
59
From a BoSI redress letter FAQ

View attachment 5123

Say ten years ago BoSI charged me a margin of 1.5% instead of a margin of 1% or €1,000 too much that year.

The following year, they charged me the mortgage rate on this which was probably ECB +1.5%

So I am getting the €1,000 back and interest at ECB + 3%

Seems very fair.

Brendan
Would I be right in assuming this should be compounded?
 
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