Central bank review of tracker mortgages 2015

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rodger

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Who will these independent third parties be?

Will they be the judges of who gets what?

If so what makes them qualified to decide?

If they are employed by the banks then where will their loyalties lie?

Will the central bank really defer to them to decide?

Will each bank need to employ a different company to ensure confidentiality?

The news yesterday is that the central bank will oversee the redress! But what about the decision making?

Also today
http://www.irishtimes.com/business/financial-services/ciarán-hancock-how-effective-is-a-review-of-the-banks-by-the-banks-1.2475568

Suggests 200 complaints are still live with fsob?

Only 200?

I have heard there are thousands of customers affected so why only 200 cases live?

What is the role of fsob in the process?
 

MorgVar

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59
I agree with all your comment above Rodger.

I contacted Central Bank last month seeking clarification on review, process, timescale etc. Very disappointing reply following 2 emails with no detail and basically saying that process was not agreed or available and watch their Website for updates? Strange considering they have established and announced this review?

I also called fsob but no info or clarity there either?

I am aggreived by decision of Ombudsman earlier this year and want to have my case reviewed in this process. I plan to now submit to Ulster bank to ask them to include and advise me of process etc

Would welcome any comments or advice from many others affected! Last chance of any redress on this issue I presume.
 

todo

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260
MorgVar I'm in the same situation as you, and I have done the same things you have. I don't believe anything will come from these reviews, they are not going to find against themselves. Our best hope is that interest rates can be brought into line with European rates through political pressure.

There is a real lack of transparency and clarity about what, when and how long this is all going to take.
 
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R

rodger

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I am surprised by the lack of contributions to this thread.

Maybe people genuinely don't know what's going to happen.

I mean if there is an open ombudsman case, is that on hold until the review is complete?

It would make sense for ombudsman to wait but can anyone confirm?

It means waiting until probably September?
 

Ravima

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can a borrower contact CB with their history of loan, or is it the lending bank who simply review paperwork, tick box to confirm and then say all is in order?
 
R

rodger

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Will the banks be even more stingy with returning trackers now the review has been ordered?
 

Onceagain

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139
Was thinking the same Rodger, united they will stand. Things have gone very quiet, how long will we have to wait??
 
R

rodger

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Articles about Aib in today's Irish times

They want to return ownership.

No mention of the tracker issue hanging over the bank.

The risk of legal action and what private investors would think of that.
 

Black_Adder

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153
AIB will not want to mislead markets and it will be worth reviewing such documents when they become available. Sometimes there are revelations in Investor documents that are really candid.
 
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todo

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Black_Adder

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That appears to be a September 2015 article overtaken by the Central Bank announcement on 22 December 2015.
 
R

rodger

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todo

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"Allied Irish Banks has assembled a team of up to 300 employees"

Very unfair, an independent team should be assembled to check if consumers have been tricked by the bank.

"Bernard Byrne says: banks have to take an open attitude to customer problems not resort to "legals" or "clever terms and conditions"."

Finally at last one of the banks admits to their clever tricks, how long will it take for the others to own up, if at all.
 
R

rodger

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Highly embarrassing for the incumbent government trying to sell off assets with a tracker time bomb under Aib

I mean what finance minister can stand for reelection such an ongoing mess.

Fianna Fail Michael McGrath should be making more of this.
 

Black_Adder

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Rodger I don't get any sense that AIB think there is an issue from that article.
I think they think that the Institutional Investors may pick up on it. Now institutional investors aren't too concerned about Customer as opposed to how it affects the earnings capability.

Also 'todo' there was no admission in that.
Irish consumers and taxpayers simply don't do revolution.
 

todo

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260
I think there is an admission of sorts, not the open one that should be given. But what I think he is saying in that statement is that banks have treated their customers very badly and its time that they honoured the original essence of the agreement rather then relying on very biased terms and conditions to wiggle their way out of their commitments to the customer.

Of course paper never refused ink, in the background AIB will use every trick in the book so that this will cost them as little as possible and I've no doubt their customers will find one how very clever their terms and conditions are.


Yes I know Irish taxpayers will do nothing, which really is a shame because we have the power and numbers on this one.
 

Black_Adder

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153
The Government have no fear of any realistic protest movement.

The water issue was obvious even to the most blind. Once 'rent-a-crowd' took over 'decent middle class' exited.
The banking issue - people didn't feel they knew enough to get involved. Obvious now that nobody did.
Once one has a house, education for children and can survive - that is it. They have enough to do apparently.
'Move on - nothing to see here'.
 
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