Failed by banks, ombudsman, regulator and Central bank

Stitcher

Frequent Poster
Messages
136
Peemac,
a very astute observation. I too am reassured that young FG are taking this seriously. I believe the CB too are vehemently on our side. I support them all the way as they are forcing banks to deal with this issue. I think that public pressure will help so let's keep the pressure on. I'd love to picket the banks and maybe we should be considering such public action? We have momentum now. Let's capitalize on it.
 

Timeforaction

Registered User
Messages
11
What angers me on top of everything is that the money the banks are withholding from us, OUR money, is still sitting with the banks. So every month that goes by, they are gaining interest on it. They are the ones gaining interest on the money that should be sitting in OUR accounts
 

Threadser

Frequent Poster
Messages
229
What angers me on top of everything is that the money the banks are withholding from us, OUR money, is still sitting with the banks. So every month that goes by, they are gaining interest on it. They are the ones gaining interest on the money that should be sitting in OUR accounts
This makes me so angry too. The compensation being offered of 10/12 % of the total amount overcharged is a paltry amount. There should be credit card type rates of interest charged to the banks for every month they hold onto our money. That would hasten their repayment plans for sure!
 

ryflava

Registered User
Messages
25
Absolutely, we have to now keep the pressure on while we have all this in the media & while it's at the forefront of everyone's minds..The banks are hoping it will just go away Not a chance
 

peemac

Frequent Poster
Messages
660
What angers me on top of everything is that the money the banks are withholding from us, OUR money, is still sitting with the banks. So every month that goes by, they are gaining interest on it. They are the ones gaining interest on the money that should be sitting in OUR accounts
Its a mute point. But money market interest rates are currently negative, so they are not gaining any additional interest. If anything, they are losing a tiny bit every day.
 

notabene

Frequent Poster
Messages
357
@peemac they are very low, but would the bank be that generous in terms of compensating them were you in arrears to them?

They are preventing you from accessing your money over the last decade and continuing to do so
 

Mark Watson

Registered User
Messages
42
What about instead of fining the banks and institutions the state sets an additional interest rate set at the unapproved overdraft costs from the day that the tracker was removed till the day of restitution. Add that to the promised capital return etc.
However the question still remains. Will Ulster Bank pay up before Christmas or well into 2018?
 

peemac

Frequent Poster
Messages
660
What about instead of fining the banks and institutions the state sets an additional interest rate set at the unapproved overdraft costs from the day that the tracker was removed till the day of restitution. Add that to the promised capital return etc.
However the question still remains. Will Ulster Bank pay up before Christmas or well into 2018?
I like that idea very much. And quite a logical proposal.
 

delsalmon

Registered User
Messages
26
Easiest solution. Government and CB grow a pair. The accounts effected, mortgage slate completely cleared. Let the banks take a good ol hit. The banks wouldn't dare try pull a fast one again.
Failing that, Padraic Kissane mentioned on Pat Kenny's show that the margin should be calculated from before the fixed rate. Rightly so.
 

Lightening

Frequent Poster
Messages
319
Cliff Taylor Irish times quote

Penalising punters

In Ireland, the odds always seems to be stacked against the punter. Consumer protection in Ireland does not protect the consumer. Not far off two years after the Central Bank probe began, most of those affected have not even got the money they were overcharged back, and some have still to be restored to their proper interest rate. A significant number – at least 7,000 – have not yet even been told they are affected. The Central Bank just does not seem to have the ability – or the powers – to get this done in any kind of reasonable timescale. We are in the land of the “process” and the process goes on interminably as lawyers dot their i’s and cross their t’s.
 

roan

Registered User
Messages
14
Daniel McConnell
Irish examiner Saturday 21/10

"My anger, my outrage is directed not just at the scumbags in the banks who as a matter of policy moved people off their supposedly legally-binding tracker mortgages.

Those crooks should be hung, drawn and quartered for what they did, but my ire and that of thousands of people across the land is also directed at the toothless, spineless state officials and politicians who enabled them to do so"

Sign up for free account;
 

tigger45

Registered User
Messages
15
Also like this idea very much
This must be resolved in a way that puts the banks on their arses like it has done to us
We will need to see the banks hit so hard they never contemplate taking action against the consumer again
 

Sophrosyne

Frequent Poster
Messages
1,022
How many on here would agree that ordinary people in Ireland have been failed by the above.
And that wouldn't be today nor yesterday, Bronte.

This article from the Irish Times dated 7 May 2004 shows a history of ethical failure in Ireland’s banking system.

“For many consumers, the most disturbing aspect of AIB's admission on foreign exchange overcharging will be that it comes at the end of a long line of startling prudential and ethical failures in the Irish banking system.”

“The most prominent of these, and arguably the one that brought the Republic into a new era of financial clean hands, was the Ansbacher scandal. This was a messy affair and one that drew in the top brass of Irish business between the early 1970s and 1997, when it was unearthed by the McCracken Tribunal.”

“Soon after Ansbacher had opened the doors to financial scandals in the banking sector, it emerged in 1998 that National Irish Bank (NIB) had marketed an unauthorised investment scheme to more than 400 account-holders, many of whom used the scheme to evade tax. Among the employees involved was Mayo TD, Ms Beverly Flynn. The bank was also investigated for the systematic overcharging of interest.”

“The next big scandal to emerge was the bogus non-resident account affair that came to prominence when it was investigated by the Public Accounts Committee (PAC). This was a story of tens of thousands of ordinary people who opened accounts under the name of an overseas relative and used them to hide money from the Revenue. The PAC found that the banks, including AIB, had in some cases actively encouraged the move.”
 

Lightening

Frequent Poster
Messages
319
David Hall IMO has said on newstalk today that The Central Bank are toothless and are allowing the banks to set the agenda!

"The Governer of the Central Bank is leaving full control with banks over compensation and address"

"It shows a concerning naivety" he says
 

roan

Registered User
Messages
14
Mr Lane and the central bank are wimps!!
Once more in Paddyland the little people are left high and dry!!
 
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