Central bank review of tracker mortgages 2015

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Mr Holmes

Guest
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 fro children and can survive - that is it. They have enough to do apparently.
'Move on - nothing to see here'.
I am led to believe that the Irish Central Bank are ready to fire their enforcement cannons at certain banks, but are awaiting the strategic order from their commander Michael Noonan. ( it's election time folks! )
 

Black_Adder

Frequent Poster
Messages
153
Mr Holmes - I think the last time CBI took enforcement action against PTSB it was based on solid evidence.
Mr Noonan I think will resist any direct action pending outcome of what CBI are currently doing but there may be the usual 'meeja' guff.
I also think if DoF wanted early result they would look to FSO and how they are getting on er on the second review and I would shower them with resources and print out copies of 2004 Act that created the beast and say 'read that' now go forth..
 
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rodger

Guest
Did anyone find it odd that CEO of Aib would suggest in interview that it could take 5 years to resolve this tracker issue?

That's hardly what institutional investors want to hear?

I agree it's DoF who are pulling the strings in the central bank review.
 

todo

Frequent Poster
Messages
260
The longer this goes on the better it is for the banks, they are in no rush to resolve anything, they have the 6 year limit and also in mean time they are creaming money off their captive customers when the banks need it most.

Through out this whole thing its been a win-win for the banks.

Bailout paid by the taxpayer
Free biased complaints department (FSO) provided by the tax payer.
Central Bank/Financial Regulator -- absent, no enforcement of the consumer protection code.
Unfair terms in loan agreements -- again no one in power does anything about this.
Extortionate rates being charged to captive customers --- no one in power does anything about this.

Michael Noonan, thinks we should wait and see, meanwhile we get fleeced, if the boot was on the other foot the banks wouldn't have to wait and see there would immediate action by government to help the banks.

The central bank have no cannons, not even a bow and arrow. There is a consumer protection code there, why don't they go out and enforce it.

If there wasn't so much at stake, this would be laughable.
 

Black_Adder

Frequent Poster
Messages
153
Well I would give Consumer Director of CBI credit - he has done more than most and the ball is in play.
Middle class Ireland - are indicted as they can bring this to a head - but don't.
 

todo

Frequent Poster
Messages
260
Well I would give Consumer Director of CBI credit - he has done more than most and the ball is in play.
Middle class Ireland - are indicted as they can bring this to a head - but don't.
Lets see who's net the ball ends up in, we haven't faired too well in the past.
 
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rodger

Guest
The other amazing thing said by Aib CEO is they are employing 300 people to review the mortgage book to ensure tracker holders were treated fairly.

300 people!

And I thought it was meant to be an independent review.

Why do they need an internal review if they have treated people honourably?
 

Black_Adder

Frequent Poster
Messages
153
It is a one liner literally but The Lord hath spoken:
"...We also plan to continue our product-focused supervisory work, including the tracker mortgage examination.."
Introductory statement by Governor Philip Lane, at the Oireachtas Committee on Finance, Public Expenditure & Reform
26 January 2016
 

todo

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260
"including the tracker mortgage examination"

I'd really love to know exactly what that entails, and what exactly a supervisory role is.

Are they just going to look at reports generated by the banks or they actually going to check and make sure.
 

mactheman

Registered User
Messages
8
I emailed . The central bank yesterday about loosing my tracker mortgage they got back to me today saying they do not deal with individual cases and as I was not happy with the result of my complaint from my own bank they said take it up with the ombudsman
 

Black_Adder

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153
What it tells me is that Consumer Protection Director in CBI is engaged on this and the Boss is fully briefed.
If there was one tip I would give - if asked - the most important thing for an Investigator to know - the answer to the
questions he asks the Banks.
 
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rodger

Guest
Black adder

Are you saying the central bank/investigator can make good judgements so long as he has the correct information?
 

Black_Adder

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153
Hi roger - merely saying that if I was conducting the review - I would have knowledge on as many of the issues before I met any of the Banks.
If they don't - it will be presented in a way that best reflects the Bank.
[Bear in mind that previous tracker restoration by BoI seemed to miss a significant number of mortgages that should have been restored and were not.]
 

todo

Frequent Poster
Messages
260
[Bear in mind that previous tracker restoration by BoI seemed to miss a significant number of mortgages that should have been restored and were not.]
Is there more information on this. I was unaware that Bank of Ireland has admitted that a significant number were missed.
 

Black_Adder

Frequent Poster
Messages
153
Well there is common knowledge that BoI / ICS restored a significant number after the original numbers that they told CBI. It was a CBI initiative and was somewhat botched.
 

bogstandard

Registered User
Messages
23
I posted yesterday, but it was deleted by some moderator saying I breached some guideline.

Sorry, but the details were published in the Business post.

Maybe this site or someone on it has an issue with that?
 

todo

Frequent Poster
Messages
260
I posted yesterday, but it was deleted by some moderator saying I breached some guideline.

Sorry, but the details were published in the Business post.

Maybe this site or someone on it has an issue with that?
Do you have a link to the article you are referring too?
 

PadKiss

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217
There is good news from the office of the financial ombudsman today following a review of their processes which is to be welcomed. Mr Deering concluded; “I will not be found wanting in using these powers as they were intended to redress the balance between consumers and financial service providers.” Read the full press release on the fso web site this is progress and Mr Deering is to be applauded for this review and his comments
At last there is hope this office will finally deliver for consumers of financial institutions
Padraic
 

Thomas

Frequent Poster
Messages
88
Does this mean they will get involved in decisions made by the PTSB customer appeals panel?
 
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