EBS EBS update Dec 2017

Brendan Burgess

Founder
Messages
38,655
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
 

RajR

Frequent Poster
Messages
56
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.
Per article in Irish times, AIB identified an additional 1800 accounts under the "prevailing rate" cohort. The issue of "prevailing rate" itself is still a live issue.
 

RajR

Frequent Poster
Messages
56
Hi Brendan,

thought one would have to be a shareholder or have nomination from a shareholder to attend the AGM?
 

B26354

Frequent Poster
Messages
259
Per article in Irish times, AIB identified an additional 1800 accounts under the "prevailing rate" cohort. The issue of "prevailing rate" itself is still a live issue.
Do you have a link to this article? Can’t seem to find it or anywhere that AIB have confirmed this new group of affected accounts is to do with issue of prevailing rate.
 

Maretta

Registered User
Messages
13
My niece has mortgage with EBS taken out in 2004. Is there a form of words to use when requesting your mortgage records from the EBS? I would really appreciate some help on this. She is in negative equity. She was on a fixed rate for a period and then went onto a variable rate I think. Help appreciated.
 

Bikini Widow

Frequent Poster
Messages
78
Hi all,

Can anyone remember the series of milestones that led to AIB finding their additional impacted last December?
- Just wondering if the enforcement action played a key part in them suddenly finding that cohort?
- My thought being... now that EBS has received its very own enforcement action maybe CB will begin to apply same approach

Many thanks,
BW
 

Truffade

Registered User
Messages
45
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
Sure we had you there to advocate for us! I have a job so couldn't attend.

Was there any specific mention of the EBS issue?
 

Brendan Burgess

Founder
Messages
38,655
Sure we had you there to advocate for us! I have a job so couldn't attend.

Was there any specific mention of the EBS issue?
There are many issues to raise. I focussed on the 4,000 AIB prevailing rate issues.

You should have arranged to buy a nominal shareholding or else got proxies to raise your issues.

Brendan
 

B26354

Frequent Poster
Messages
259
There are many issues to raise. I focussed on the 4,000 AIB prevailing rate issues.

You should have arranged to buy a nominal shareholding or else got proxies to raise your issues.

Brendan
Many issues indeed.

Brendan-I recall seeing a post by you a few years ago where you stated that EBS had the lowest proportion of tracker mortgages on their books in comparison to other banks. EBS/AIB first started publicly relaying this message in mid/late 2008 when the EBS released their 2007 annual report; in that report EBS Financial Director Alan Merriman stated that their exposure to trackers was only 25% of their loan book and he has since admitted that they heavily pushed fixed mortgages during the period in question (05-08). In the 2007 EBS annual report Merriman wrote that 45% of new customers started on a fixed rate.

On foot of the evidence provided across forums on here do you still believe that EBS were the only bank in the whole system to not have 50%+ exposure to trackers on their loan book? Do you believe that EBS were the only bank who didn’t sell tracker mortgages en masse &/or try to take trackers back from customers like every other bank in this whole scandal? A penny for your thoughts as EBS seem to be getting a very easy ride (in the media anyway) compared to other banks.
 
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RajR

Frequent Poster
Messages
56
Do you have a link to this article? Can’t seem to find it or anywhere that AIB have confirmed this new group of affected accounts is to do with issue of prevailing rate.
The article seem to have been updated since. I am sure I read that on the article in either Irish times or Thejournal.ie in the afternoon. It specifically said, a statement from AIB indicated that it has identified an additional 1800 accounts on top of the 4000 already identified during Dec update under the "prevailing rate" cohort and vast majority of these have already been paid compensation. The article still has reference to the UB statement on the additional numbers they have accepted (1500-2000), but the details on AIB accounts seem to have been removed. The update on the Central bank web site also doesn't give exact break down of what makes up the additional 3400 accounts.
 

TigerDebt

Registered User
Messages
21
Hello,

I took a mortgage out with EBS in 2006. The first year was on a tracker rate and it then reverted to a SVR in the second year. This switch of rates as far as I can recall was stated in the initial loan agreement. Subsequently I sold the house under a voluntary sale for loss scheme. Would anyone know whether being switched from the tracker to the SVR falls under the tracker redress scheme or anyone in a similar circumstance?

Thanks
 

IdesofMarch

Frequent Poster
Messages
290
Hello,

I took a mortgage out with EBS in 2006. The first year was on a tracker rate and it then reverted to a SVR in the second year. This switch of rates as far as I can recall was stated in the initial loan agreement. Subsequently I sold the house under a voluntary sale for loss scheme. Would anyone know whether being switched from the tracker to the SVR falls under the tracker redress scheme or anyone in a similar circumstance?

Thanks
Get a copy of your original loan facility, then ask the questions.
 

Bikini Widow

Frequent Poster
Messages
78
hi all,

I was travelling and missed this article, hopefully the recent enforcement action will allow CB to open EBS a bit more and start to apply meaningful pressure.


https://www.independent.ie/business/personal-finance/property-mortgages/aib-fails-to-refund-cash-and-lost-trackers-to-thousands-36814542.html

"EBS has not put any homeowners back on trackers since last July. I don't know why the Central Bank is allowing this.

"I would challenge EBS to show me one customer who was warned, in writing or verbally, that they would lose their tracker if they opted for a fixed rate," Mr Kissane said.

best wishes,
BW
 

B26354

Frequent Poster
Messages
259
hi all,

I was travelling and missed this article, hopefully the recent enforcement action will allow CB to open EBS a bit more and start to apply meaningful pressure.


https://www.independent.ie/business/personal-finance/property-mortgages/aib-fails-to-refund-cash-and-lost-trackers-to-thousands-36814542.html

"EBS has not put any homeowners back on trackers since last July. I don't know why the Central Bank is allowing this.

"I would challenge EBS to show me one customer who was warned, in writing or verbally, that they would lose their tracker if they opted for a fixed rate," Mr Kissane said.

best wishes,
BW
There is no clarity on how many EBS customers have been affected or redressed. The only figures released have been from AIB and it looks like they subsume the EBS cases. So we’ll never know if EBS customers specifically are redressed and what EBS customers have been redressed e.g. variable base cohort, prevailing cohort.

AIB clearly have a strategy to keep EBS in the shadows including withholding any details about redress to EBS customers.
 

B26354

Frequent Poster
Messages
259
not a word....EBS I feel will need to be dragged kicking and screaming to redress.

Have EBS settled any cases?
Some buy to let cases are in redress. No others as far as I know.

EBS, Central Bank & KPMG discussing variable base rate cohort & specifically the wording in the contracts & documentation. This “discussion” between 3 financial institututions has taken 6-7 months (at least) so one could conclude there is an issue of ambiguity re:contract wording. Even though I know additional documentation has confirmed they are trackers.

Told to expect some answer before end of June but it could drag on longer.
 

tonymac

Frequent Poster
Messages
208
Michael McGrath has previously advised me that his committee will be calling in among others both AIB and EBS in july. AIB tried to avoid getting EBS brought in by saying theyd be looking after the EBS stuff but that was rejected by the committee who in fairness insisted that EBS turn up also so hopefully the qjestions of EBS wlll be asked then, anyone interested in this issue please email finance committee members, ive already been in touch with Michael McGrath and Peter Burke.
 

John1973

Registered User
Messages
2
We received the standard (non-)update letter yesterday, to confirm our account remains under review. For the first time the letter mentioned that our request may take a number of more months to be adjudicated on; this was the first mention of timeframe and positions the EBS review to run well past the end-June deadline
 
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