Central Bank update for consumers on Examination of Tracker Mortgage issues

That is a good point

People are in limbo

Cannot switch to a lower rate

And probably reluctant to fix because remember how that turned out!
I mean any touching of the contract could have consequences

It's all great if the tracker is returned because over payment will be refunded.

But if not there's a double whammy of no tracker and all this high variable rate for past number of years
 
Hi all
By means of update: The Central Bank will be giving a further update on the matter in July. At present there is no other option but to wait on the banks replying to the Central Bank following the investigation, frustrating as that is. I have written to the Central bank outlining my concerns with the length of time the matter is taking and do not see how the process could not be carried out in a quicker time-frame. But in terms of the matter being finalised it will be concluded no later than mid 2017. However all lenders must have made substantial progress on the issue before year end by direction from the Central Bank. I expect all lenders to have in fact identified all accounts by around September and will by then be in contact with the affected/relevant customers. There is alot of work going on in the back ground which for the present must remain confidential but be assured that I am ensuring that customers and their views are properly represented in the process. Talk soon
Padraic
 
PadKiss said:
Hi all
By means of update: The Central Bank will be giving a further update on the matter in July. At present there is no other option but to wait on the banks replying to the Central Bank following the investigation, frustrating as that is. I have written to the Central bank outlining my concerns with the length of time the matter is taking and do not see how the process could not be carried out in a quicker time-frame. But in terms of the matter being finalised it will be concluded no later than mid 2017. However all lenders must have made substantial progress on the issue before year end by direction from the Central Bank. I expect all lenders to have in fact identified all accounts by around September and will by then be in contact with the affected/relevant customers. There is alot of work going on in the back ground which for the present must remain confidential but be assured that I am ensuring that customers and their views are properly represented in the process. Talk soon
Padraic
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Padraic
Do I recall correctly a post form you a few months ago that one Bank Of Ireland customer has their tracker restored as a result of the Bank reviewing under the Central Bank Review? Can you confirm if this is the case or the circumstances.

Also do you have more info on the CB Review/ external oversight process for each Bank or any other update. The whole process appears very secretive?

Thanks
 
I fully agree MorgVar

I'm thinking there will be a bunch of cases handed back by the banks.

This could be maybe June 2017.

Not a great number knowing what the banks are like.

Then the process will begin of complaints to the ombudsman. This could be an existing complaint, a new complaint or an old complaint previously rejected.

Another wait for the ombudsman to adjudicate.

If that's still not successful then maybe high court.

If that's not successful then maybe European high court.

That's the end of the line.

Afraid to think how long that might take.

But when David Byrne Aib Chief executive said 5 years I can see now what he meant.

Not unrealistic to see the ombudsman ruling on this still in 2020.
 
Hi I having been getting letters every 60 days , 3 letters in total so far from UB about their tracker mortgage investigation all saying the same thing . It is an ongoing investigation and I will be updated in due course, but there seems to be no time set to get the results I was originally told the investigation would be over sept 2016. Anybody else know more pls
 
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