December Tracker Update - Central Bank et al

According to a report on RTÉ website, the Central Bank is due to submit their requested December update to Paschal Donohoe early next week.

The Minister for Finance is then to issue a press release on Wednesday (20th December) with this information.

It is also expected that the top five main banks (KBC, AIB, BOI, PTSB, UB) will issue their own statements before or on this day.

https://www.rte.ie/news/business/2017/1212/926819-tracker-mortgages/

If you were to ask my predictions...

BOI will state that due to the size of the investigation they are doing all they can for the newly identified 6,000 customers but that their refunds will extend into early 2018.

UB will state that 1,000 customers will receive redress before the end of the year - omitting the fact that a large number of letters won't arrive until the first or second week of January.

AIB will state that the vast majority of identified accounts have received redress already.

PTSB will state that all identified customers have been redressed.

KBC will state that they have contacted their identified customers and redress will occur in Q1 2018.

The Central Bank will state that it's actively challenging lenders on tracker customers and that more numbers are yet to be identified, but not as many as the BOI 6,000 in the last few months.

So you work in financial pr and you are writing all the statements

I feel your statements may be horrendously accurate.

But it will be interesting what the central bank itself says - i get the feeling they have lost patience with some of the banks.

At this stage the very least should be that the banks make some down payment to all affected accounts within 14 days.

Hi SaySomething,

Am curious on your prediction re: PTSB..

Do you believe such a statement from them would be accurate? I would contend that they have many more effected customers than they would admit to....

Can I ask where did you hear it could be the first or second week of January for UB? Is there a website with this detail thanks

KBC havent contacted anyone on any of the threads here since the October statements, or begun redress to anyone on these threads , its a reasonable barometer to say they havent met any of the commitments . Thats not to say they will state exactly what you have predicted

First of all I don’t work in financial PR I assure you. My line of work can be PR related though. These are slightly qualified predictions based upon my experiences over the past years in dealing with the bank.

Read what I’ve said above about “identified customers”. The language the banks use will be interesting. Identified customers nicely skirts over the accounts being challenged by customers and the Central Bank themselves.

In relation to the UB query, I’m basing this prediction on a phone call with TME team. They are now referring to adjustments being made in December, as opposed to By Christmas. This will be similar to the promised March letters which arrived in April.

I see, thanks this was helpful

SaySomething,

I can see your point.. all "identifed" customers being the cases they themselves identified...

It will all pan out in the coming months...

Re Kbc. Sounds bang on!

Mr Verbraeken in a statement early in the year regarding the central bank tracker examination stated "we have reached out to a number of customers" we now know those numbers to be in the region of 5 people.

Niamh Richardson of the tracker team sounds like a recorded message herself. Maybe they do just push some buttom to give this response quote "we have already commenced contacting affected customers and redress has begun. Most customers will be contacted by end of year" unquote this response being given even this week!

Yet No one has heard of any letters being sent by KBC.

KBC will state that they have contacted their identified customers and redress will occur in Q1 2018.

KBC will try to spin this propaganda but without anyone having been contacted yet, who could they be referring to.....?

Pascal O Donoghue will receive an update from Central Bank next week but there is no mention so far of a press release from him

maunie said:

Pascal O Donoghue will receive an update from Central Bank next week but there is no mention so far of a press release from him

Click to expand...

Did you read the report from RTÉ linked above?

Yes, I have read it, just saying that i have it in from pascal o donoghue directly that he hopes to have report next week and he will need to review report before he decides what to do next .. no mention of press release to date

I went to sell an investment property that is on a restructured ,mortgage with KBC two weeks ago. I was told i could not sell the property as it and another mortgage i have with KBC was under review. I asked for this in writing and was told that they would pass my request onto the tracker Team. This is the first i heard that both mortgages are under review and was very surprised that they would not let me sell the property.....My guess is that KBC will have very little to show....

Still no correspondence. Surprise surprise.

The Bank of You....must be taking the Pi**

Mauritius said:

KBC will state that they have contacted their identified customers and redress will occur in Q1 2018.

KBC will try to spin this propaganda but without anyone having been contacted yet, who could they be referring to.....?

Click to expand...

Winter Miles said:

I went to sell an investment property that is on a restructured ,mortgage with KBC two weeks ago. I was told i could not sell the property as it and another mortgage i have with KBC was under review. I asked for this in writing and was told that they would pass my request onto the tracker Team. This is the first i heard that both mortgages are under review and was very surprised that they would not let me sell the property.....My guess is that KBC will have very little to show....

Still no correspondence. Surprise surprise.

The Bank of You....must be taking the Pi**

Click to expand...

Can they really stop you selling? I am thinking of putting my properties up for sale which are both under review too? Can anyone give a clear view on this>

Just thought I'd let all you KBC-ers know that I had a voice message from Niamh Richardson today. "Hi there, just phoning to let you know that I've no up date for you. I'm made a note in my diary to call you again next week." Really guys, this is not going to happen before Christmas. That is very evident. Howe they will get away with missing another promised deadline, I don't know.

SaySomething said:

First of all I don’t work in financial PR I assure you. .

Click to expand...

I was being tongue in cheek, just in case anyone thinks I was being serious - At this stage even a monkey in central africa could write the statements by just reading/rehashing the last 3 or 4 and be fairly accurate.

Possibly the banks and in particular kbc are waiting to see what the CB can/will actually do and only if that is so onerous and potentially more expensive than redress are they actually going to act.

Patience! Not following other banks as close, but in the case of KBC, when you look at their last statement, I think they have completed the following;

• “KBC expects to book an impairment (in net other income) in the range of 40 to 60 million EUR in 3Q17.
• KBC expects to have concluded the identification of the vast majority of customers impacted by the Tracker Examination by year end.
• Payment of redress and compensation for customers identified so far will commence in early November”

KBC may have been guilty in underestimating the volume of complex cases in scope, but they did stress back in Oct, that complex cases could carry into 2018.

“For straight forward cases, which we expect to be the majority, we expect to complete payment by year end. For more complex cases involving manual calculations for every individual case, payments will continue into 2018”

As I said in a previous post / thread, the overall programme of work involved to redress & compensate 100’s / 1000s of cases, is not a 6 week activity. No way! The contract checking / initial sign offs / legal approvals / compliance approvals / & resource constraints this time of year, Are just a few tasks & dependencies, & I really believe KBC only “commenced” this in Nov, on the back of the apologies that other banks decided to make, & the corrective action that other banks decided to take! An update will be welcome next week, but it’ll happen. Good progress has been made, however this time of year is silly season, & very unproductive in my experience, in account of annual leave, parties. While it’s easy to mobilize a team to handle inbound calls, it’s less easy to mobilize additional legal eagles

Waiting patiently for this Central Bank update......it is due today, yeah?