M
mister32
Guest
So three lenders have admitted errors: PTSB, AIB and now Ulster Bank
When will Bank of Ireland start to make provision for their remaining trackers?
Irish Independent
THERE has been understandable frustration that so much water has passed under the bridge and so little has changed in the interest of the consumer since the crash.
In the aftermath of the financial collapse, this was probably best articulated by Joseph Stiglitz, who lamented: "We have banks that are not only too big to fail, but too big to be held accountable."
The Nobel prize-winner railed against the fact that those who played exclusively by their own rules and for their own interests, without due scrutiny, could profit so handsomely in politics and business.
But the tables are turning, and customers can look forward to a change for the better.
Evidence of this can be seen in the fact that Ulster Bank has become the third lender prepared to shell out millions in order to address the costs of restoring customers to tracker mortgages - the bank having set aside some €118m for a redress scheme.
Thankfully, the Central Bank is stepping up to the plate in a crackdown on the wrongful removal of tracker rates.
It has been accused in the past of being too preoccupied with the interests of the banks at the expense of the customer. As part of an industry-wide review, three banks have now set aside €450m for this purpose. It is good to see the Central Bank flexing its financial muscle for the benefit of the consumer.
When will Bank of Ireland start to make provision for their remaining trackers?
Irish Independent
THERE has been understandable frustration that so much water has passed under the bridge and so little has changed in the interest of the consumer since the crash.
In the aftermath of the financial collapse, this was probably best articulated by Joseph Stiglitz, who lamented: "We have banks that are not only too big to fail, but too big to be held accountable."
The Nobel prize-winner railed against the fact that those who played exclusively by their own rules and for their own interests, without due scrutiny, could profit so handsomely in politics and business.
But the tables are turning, and customers can look forward to a change for the better.
Evidence of this can be seen in the fact that Ulster Bank has become the third lender prepared to shell out millions in order to address the costs of restoring customers to tracker mortgages - the bank having set aside some €118m for a redress scheme.
Thankfully, the Central Bank is stepping up to the plate in a crackdown on the wrongful removal of tracker rates.
It has been accused in the past of being too preoccupied with the interests of the banks at the expense of the customer. As part of an industry-wide review, three banks have now set aside €450m for this purpose. It is good to see the Central Bank flexing its financial muscle for the benefit of the consumer.
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