Central Bank Governor at the Finance Committee next week

RajR

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So the Central Bank expecting further increase in affected numbers by the end of the examination/end of June. This statement doesn’t sound like there’s a few individual cases to be identified but more like a few thousand.
That's not what they are saying in the session. They seem to suggest that there won't be any significant increase in numbers. Also, they are not providing any clarity or saying much on cohorts that are still not identified as impacted...
 

TMH2017

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they said in Jan '18 that "the vast majority of customers have now been identified" yet they managed to "find" another 3,400 in the interim period so not sure even they know what the final number is - I would bet it is closet to the 40,000 that PK has outlined
 

Banking17

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Cant believe this still going since 10 am. Lots of waffle and talk of high level policy with members having little awareness .

Cant see any meaningful questions or additional insight into Tracker issue ❓
 

RajR

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they said in Jan '18 that "the vast majority of customers have now been identified" yet they managed to "find" another 3,400 in the interim period so not sure even they know what the final number is - I would bet it is closet to the 40,000 that PK has outlined
agree! and I hope it turns out that way come end June. When they were asked as to if they are in dispute with any lenders regarding any cohorts, they just said there are some issues but at the same didn't acknowledge there are new cohorts yet to be identified as impacted and accepted by the banks.
 

Brendan Burgess

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Cant believe this still going since 10 am. Lots of waffle and talk of high level policy with members having little awareness .
I was out all morning and so missed it. Great to see your post that they are still going.

That's 5 hours. But I presume that they took a break.

Brendan
 

Brendan Burgess

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Derville Rowland:

There are some issues still open. We know what they are. The banks know what they are

We have told the Ombudsman. They don't need to keep complaints on hold where we know the outcome.

We don't know how many cases are outstanding.

Chair: Is it hundreds or thousands?

Rowland: I can't speculate

We have 37,1000 - but it's possible that will adjust slightly
 

Brendan Burgess

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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

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.
 

tonymac

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215
She said they know what issues are still open and the banks know so i wish the committee members would just open their mouths and ask her what are they so at least we know where we stand. I went to the trouble of emailing Michael McGrath and Peter Kelly and asked them to raise the "vsriable base rste" issue but unless it was raised later it wasnt raised at all. I did what you correctly suggested Brendan and it doesnt appear to have made any difference. It seems onwards to july when EBS appear in front of them but if nothing happens then theyll hear from me and hopefully a few more of ye on this site. Should have documents (at least some) back from AIB SARS by then to proceed to the next stage if not conceeded by then.
 

tonymac

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Sorry Brendan i just finished my post when i saw yours and at least Michael McGrath did mention EBS but without specific issues. Appears like i said we'll await that july appearance and take it from there.
 

Andy836

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Was Michael McGrath's contribution there toward the end, the only discussion of the AIB prevailing rate issue?
 

tonymac

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215
Sorry Brendan when you say they are finised does that mean for today or that they are finished with the issues Michael McGrath mentioned including EBS. Appears if thats the case that EBS have got a very very easy time, im taking it myself like i said that itll be picked up again in july when MMcG has told me already that they want EBS in before them.
 

todo

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260
Derville Rowland, would not speculate on specific lenders, so little point in asking direct questions.

They took a 30 minute break at 1pm.

John McGuinness, was probably the best, he really pointed out to the central bank, that the consumer protection code is not being enforced (basically being ignored). They didn't seem to have an answer for it.

The whole thing could have been done in an hour easily, there was plenty of repeated labouring commentary.
Good information, but worthless in reality.

From what I can see the tracker issue is slipping off the table.
The central bank is ready to give themselves a pat on the back with 37,100 redressed.

The remaining outliers will probably have to goto the courts or just move on...... Its depressing really...
 

RajR

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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.
In her response to McGrath's question, she said nothing about EBS & former FA cohorts. I can only hope, the "open issues" she was referring to could be related to these groups considering banks haven't told customers of their final position yet...
 

B26354

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292
In her response to McGrath's question, she said nothing about EBS & former FA cohorts. I can only hope, the "open issues" she was referring to could be related to these groups considering banks haven't told customers of their final position yet...
I have been told by EBS that my case (fixed to variable base issue) has not been resolved and remains open in the investigation. They said it would take a few months to give me an answer. I’m assuming therefore that the variable base issue is one of those “open issues.”
 

tonymac

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I have been told by EBS that my case (fixed to variable base issue) has not been resolved and remains open in the investigation. They said it would take a few months to give me an answer. I’m assuming therefore that the variable base issue is one of those “open issues.”
At least you got that answer B26354, its the first time ive heard of anyone being told that by EBS, not satisfactory at all its taking so long and having to go further with our cases but maybe a little light at the end of the tunnel. Bar Michael McGrath i didnt see much light at the end of the tunnel today either. His comment to me in an email that they insisted on EBS appearing in july when AIB tried to hide them behind their brand was another potential sign of promise and hopefully they will give them the grilling they deserve.
 

B26354

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292
At least you got that answer B26354, its the first time ive heard of anyone being told that by EBS, not satisfactory at all its taking so long and having to go further with our cases but maybe a little light at the end of the tunnel. Bar Michael McGrath i didnt see much light at the end of the tunnel today either. His comment to me in an email that they insisted on EBS appearing in july when AIB tried to hide them behind their brand was another potential sign of promise and hopefully they will give them the grilling they deserve.
It is also positive that the Central Bank have an enforcement notice in place for EBS. As far as I know the Central Bank aren’t allowed comment on specific cohorts that could be identified or feel could be redressed in the future. They can only comment on issues that have been resolved or where a line has been drawn under cases such as the AIB prevailing rate.

It’s worrying that the Central Bank have a different opinion to AIB on the prevailing rate issue yet they can’t enforce their opinion. However it suggests those cases may have a good chance at FSO level.

The terminology I heard was that “a light is just turned on” when a test case customer (a case that is open & up for debate for redress) is deemed affected. There is no prior notification from the Central Bank or the bank in question that there is a chance that a group might have a good argument etc. Hence the lack of specific detail today I guess. It will be a much more forensic examination of EBS &/or other banks that attend future Oireachtas meetings.
 

Gigi07

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Hi B26354
Re your above post please can you let me know how Central Bank differs to AIB regrading prevailing rate? Thank you
 

RajR

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At least you got that answer B26354, its the first time ive heard of anyone being told that by EBS, not satisfactory at all its taking so long and having to go further with our cases but maybe a little light at the end of the tunnel. Bar Michael McGrath i didnt see much light at the end of the tunnel today either. His comment to me in an email that they insisted on EBS appearing in july when AIB tried to hide them behind their brand was another potential sign of promise and hopefully they will give them the grilling they deserve.
I also receive a letter from EBS every 28 days (latest one received during last week) saying the questions we raised haven't been resolved, review is ongoing and could be few more months before they can issue their final response. I guess these are sent only to customers who lodged a formal complaint.

McGrath was good to send an email post the CB session this evening saying, there was a lack of specific updates concerning individual lenders so they will have to press the banks when they come before the committee in July. While it's worrying considering the very little focus the tracker issue got during almost a 6 hour long session and CB's position on AIB Prevailing rate issue, there's still hope...
 
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