Dates for the next Finance Committee meetings with the banks

Brendan Burgess

Founder
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37,508
As far as I can figure out, what they are saying is that the Central Bank has done all that it intends to do.

It's not clear to me whether that is because they think that the AIB prevailing rate cohort have no case or whether that is because they can't persuade AIB to give them cheap trackers.

But the outcome is the same anyway. It will have to be resolved without any further help from the Central Bank.

Brendan
 

B26354

Frequent Poster
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248
It's very hard to clarify anything that the Central Bank says.

But it's seems clear that they have signed off on the major cohorts. So I would not expect them to bring the EBS group into the redress scheme.

Brendan
Disappointing but not surprised. Good to see McGrath at least name the variable base group as having an arguable case. There is lots of evidence to support the EBS variable base argument in the round as demonstrated by the thread on this site. The Central Bank likely considered this but they obviously felt they couldn’t apply a blanket redress to all individual variable base customers when there is such variation across this group compared to other cohorts.

For instance some customers were informed by EBS agents that the variable base rate is a tracker and even received documentation confirming same but some didn’t and may even have thought they would revert to a SVR after their fixed rate. Other variable base customers even signed tracker application forms but many others didn’t & in some cases there is no evidence of any application forms being completed.

Even though I know it’s a rate that tracked the ECB base rate at a particular margin this was not explicitly stated on loan offers. Of course lots of information was not included in these EBS loan offers such as clear definitions of the rates and the variable basis of the fixed rate loans. The only argument that can be used by all variable base customers is that the term itself is ambiguous. If it wasn’t an ambiguous term then why did EBS stop using “variable base rate” in their loan offers in 2008-2009 & reverted back to calling it a variable rate or SVR?The ombudsman or court can sort that out but they must favour the customer if they deem it to be ambiguous.
 

tonymac

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Messages
203
Hi B26354, very good piece, thankfully Michael McGrath came up.trumps for us again. I have asked him.could he raise things with AIB on 11th April on our behalf. I also recently sent in documentation to Padraig Kissane and on a letter i wrote to him i mentioned some about how my partners mortgage had currently 5% on it and started her mortgage in May 2007 and how a fellow contributor on this site had currently 5.25% on theirs and started theirs in August 2007 with an ECB increase sandwiched in between both on 13/6/07 going from 3.75-4%, no coincidence in my book. In the meantime we await 11th April and Padraigs opinion.
 

Brendan Burgess

Founder
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37,508
The Committee is talking about insurance this morning.

I understand that Bank of Ireland will be on at 3pm.

Brendan
 

Neverever

Frequent Poster
Messages
72
That’s great I didn’t get to see it. Looking forward to getting to see it later , will it be available later this eve for viewing ? Or does it usually take a bit longer ?
 
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