AIB Central Bank welcomes AIB decision to "provide further significant redress"

[Brendan Burgess]

Some AIB customers denied tracker no longer entitled to rate, bank says

Lender argues rate would have been prohibitively high in any event

www.irishtimes.com

I am not sure that I understand the main point of the headline. AIB is apparently denying that people are no longer entitled to trackers at ECB + 3.3%? Or is it the 7.9% rate you are no longer entitled to? Or maybe they are referring to the 12% rate? That is a terrible pity.

The Central Bank has welcomed the decision by AIB to “provide further significant redress to a group of customers affected by tracker mortgage failings at the lender”.

“The Central Bank will continue to monitor the outcome of all complaints, FSPO decisions and court cases and will investigate any outcomes that may give rise to a systemic or wider customer impact, and take appropriate action with lenders as required.

“The Central Bank’s enforcement investigation of AIB in relation to tracker mortgages continues,” a spokesman told The Irish Times.

 

[blue_steel]

It's a terrible headline alright. Think AIB are clarifying that the tracker rate they offered with the €1615 cheque will not be offered again with this redress.

 

[zxcvbnm]

My reading of it is that aib are basically clarifying that people will remain on theIr current rate subsequent to the ombudsman’s decision no?

 

[blue_steel]

My reading of it is that aib are basically clarifying that people will remain on theIr current rate subsequent to the ombudsman’s decision no?

Yes rest of the term will be SVR or fixed as per ombudsman's finding. A tracker option won't be offered (whereas with the €1615 redress it was albeit at an uncompetitive rate).