"Compensation to be paid by Christmas" headline - Beware

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SaySomething

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I see that the reliability of certain press articles has been mentioned quite a few times already. The above headline is on a breaking news story on the Independent today.

It is likely it'll be carried by all the main newspapers shortly.

However, if you read further into it, the article states that all the main lenders will commence their redress and compensation schemes by Christmas. This is actually no different to what the Central Bank said last Thursday.

I wouldn't hold your breath is what I'm saying. For example, Ulster Bank have been lauded as being 1 of the 3 banks who have already started redress. Hold onto your applause though as they've only redressed 40 accounts to date (according to a press report yesterday), which is just 2 more than they disclosed at the Oireachtas Finance Committee over a fortnight ago.

Having a redress and compensation scheme in place by Christmas is simply optics.
 
It still doesn't solve the problems an awful lot of decent people encountered and the goverment are doing Absolutely Nothing for them.
 
I cant understand what Prof Lane has based this statement on.
From recent evidence I understood Banks couldn't even complete calculations and were overwhelmed by task eg Ulster Bank stated well into next year before figures emerge
 
With respect, neither UB or KBC could pull one figure of any type with certainty out of any hats while appearing before the committee.

This debacle needs the media banging away, keeping the pressure up on bsnks, government etc but raising hope for Christmas without substance is unfair to those who have been dangled for long now. People have been through enough .
 
I totally agree. Making statements like with no fact or figures for any bank just makes things worse. Especially for the majority of people who probably won't even be contacted never mind anything else. KBC have told me on Friday I will hear nothing for months so I doubt today will make one inch of a difference.
 
The language here is the important part. What he actually said in the Irish Times piece linked above was:

We think the vast majority of those cases will be paid out before Christmas​

We are not dumb. Nearly a year ago Ulster Bank asserted they would contact the vast majority of identified customers before Christmas. We now know less than a quarter were contacted in that timeframe.

In 2016, the banks were expected to complete Phase 2 by September 2016. Yet here we are.

No faith whatsoever in any of the processes or systems put in place to “protect” us as consumers. This is all optics.
 
Just wondering saysomething , why would Lane or more particularly, the CB be interested in optics?

When it doesn't happen and unfortunately I don't think that it will, won't they just look like they really don't have a handle on this?
 
Have just been on to Fine Gael HQ and Finance Department.

Suggest we should email Ministers office with summary position overall and our individual Bank scenario. They seem interested in knowing real situations.

Email minister@finance.gov.ie
 
Did u just decide yourself to contact them?? Or was it suggested by someone to do it?? Maybe the more of us that do that, the better??
 
I emailed every member of the Dail

http://www.oireachtas.ie/parliament/contact/

Probably slight overkill but hey, this issue is never going to be as front and centre as it is now, so lets all make the most of it. Tell them your story, include the impact it has had on you and your family. A lot of these people probably don't know the nitty gritty, and they aint going to hear it from anyone but us...
 
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Jayz, this one has really hit the fan

It seems there are some "victims" contributing above. Can one of you give a short summary of what happened to you, thanks.
 
I emailed every member of FG at the weekend. I also emailed the key members of the Oireachtas Finance Committee (mainly to thank them). And couriered letters this AM to Derville Rowland in the CB (with copies of documents) and to Francesca McDonagh new CEO of BOI to set out the details of my case. Exhausted from it. It’s draining but glad I did it.

I don’t feel confident about the Christmas deadline. Where there’s disagreement about impacted cohorts (which I’m guessing is where I sit), I think it’s going to continue to be a long process.
 
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