EBS EBS update Dec 2017

Thanks to Padraic! He believes there could be around 3000 impacted cases at EBS. This explains why AIB/EBS are resisting so much.

EBS is finally getting the attention it deserves! They are being called into appear before the finance committee soon...
 
So 3000 EBS customers affected. I’m assuming that’s the 2 cohorts discussed on this forum:

*Tracker customers who fixed & were then placed on a SVR at end of fixed term instead of their “applicable variable rate” i.e.Variable ECB Base + margin

* Customers who started on fixed & were then placed on a SVR at the end of their fixed term instead of reverting to the “variable base” rate stated on their loan offer i.e.Variable ECB Base + margin

I don’t know of any other EBS cohorts?? I’m also assuming the latter “variable base” cohort is the larger group of the 3000..but could be wrong like?
 
truly shocking that EBS continue to hold out on these cohorts. What I would love to see is an EBS Staff member / manager with a moral compass, make a call into John McGuinness or similar and give the true story of how EBS went at this in a systematic approach to abuse their own customers.

Best wishes,
BW
 
Those who couldn't listen to the finance committee session yesterday, below is the link to listen back. Also attached is Padraics' opening statement at the meeting.

www.oireachtas.ie/viewdoc.asp?DocID=38012&&CatID=127

Padraic will also be live on Newstalk today at 1pm 106-108fm Radio.
 

Attachments

  • Padraic Kissane Opening Statement to Oireacthas Finance Committee 8th March 2018.docx
    36 KB · Views: 339
I won't be cracking open the Dom Perignon just yet but this is certainly a positive development.

Hope for everyone's sake, EBS is now forced to properly engage with this issue.
 
Truffade said:
I won't be cracking open the Dom Perignon just yet but this is certainly a positive development.

Hope for everyone's sake, EBS is now forced to properly engage with this issue.
Click to expand...
Agree. I do think it’s positive he has actual numbers from EBS and it’s somewhat lower than I thought. This might suggest some level of dialogue with EBS including potential costs of payout.

He’s also highlighting how the variable basis of these loans was changed by EBS from Variable ECB Base to SVR without the knowledge or approval of customers. Think this is important for both cohorts.
 
Truffade said:
I won't be cracking open the Dom Perignon just yet but this is certainly a positive development.
Click to expand...

Totally agree. In my opinion, from how EBS/AIB have behaved and handled this issue so far, they will do everything to come up with answers/explanations to defend their position, show they have done nothing wrong and convince the finance committee. Padraic didn't have time to go through issues related to our cohorts in great details yesterday. So, I believe it's important that everyone of us contact/write to the members of finance committee so they have a better understanding of the issues and can pose the right questions when EBS are brought in front of them.
 
Oh I wonder would, could Dara Deering of EBS and now in a SENIOR position KBC be asked to go the committee to explain why she said this in 2008 to Charlie Weston....

Head of membership business at EBS Building Society Dara Deering has accused her rival banks of "using standard variable rate mortgages as a lever of profitability."

would that be a bank who's loan offer put every fixed rate customer onto a SVR at the end of their fixed rate period -not making much sense there - anyway you look at it now.. its a v.dodgy looking statement

see
https://www.independent.ie/business/personal-finance/property-mortgages/over-the-odds-26426033.html
 
Hi all- I'm new here, just joining this thread as I'm in the same boat with EBS as the rest of you - the wording in my paperworks seems almost identical to what's been written here. Fingers crossed and hoping for the best in the coming months, it's one of the tougher cases compared to the other banks it seems.

Cheers
 
It all seems to have gone very quiet since Padraics' session at the finance committee on 8th March! I remember reading somewhere that the Central Bank update on the tracker review is due end of March. Has anyone heard anything?
 
RajR said:
It all seems to have gone very quiet since Padraics' session at the finance committee on 8th March! I remember reading somewhere that the Central Bank update on the tracker review is due end of March. Has anyone heard anything?
Click to expand...

Latest news I heard was that Des Fitzgerald wasn’t replying to phone calls or letters requesting that he attend the oireachtas
committee.
 
where did you hear that from? thought EBS are being asked not requested to appear before the committee!...nearly a month and they are still avoiding!! am sure they are busy cooking up their version of the story to convince the committee and CB that they are correct...

Tracker examination page on CB web site (link below) says "A further progress report will be submitted to the Minister for Finance at end-March 2018." But, I haven't seen or heard anything on this in the media... not sure if this will be made public.

https://www.centralbank.ie/consumer-hub/tracker-mortgage-examination
 
RajR said:
where did you hear that from? thought EBS are being asked not requested to appear before the committee!...nearly a month and they are still avoiding!! am sure they are busy cooking up their version of the story to convince the committee and CB that they are correct...
Click to expand...
I think the wording used by committee member Kieran O’Donnell was “invited.” As I said, last I heard from the most reputable of sources is that EBS hadn’t replied to that invite. That was on the 20th of March so things may have changed since then.
 
Posted in the Independent today... some very promising news, especially the last sentence:

"And the Central Bank said it was now taking enforcement proceedings against EBS, in addition to AIB, Ulster Bank, Bank of Ireland, KBC and Permanent TSB."
 
reading articles in Irish times etc., it seems those 3400 additional accounts are from UB & AIB (prevailing rate cohort)..none from EBS!
 
Hey Raj,
Heard Mr Kissane on Newstalk. He was saying that the prevailing rate problems is still a live issue which would suggest the new 3400 accounts does not include that cohort.
 
Guys I went to the AIB AGM today to raise the AIB Prevailing Rate issue. There was one other borrower who spoke from the floor and did interviews with RTE outside.

I am amazed that none of you came along and raised the EBS issue.

Brendan
 
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