Failed by banks, ombudsman, regulator and Central bank

roan said:
Mr Lane and the central bank are wimps!!
Once more in Paddyland the little people are left high and dry!!
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I don't think name calling is warranted - might suit other websites, but thankfully AAM is usually free of such behavior.

Maybe understand that until Philip Lane took over at the CB the banks had walked away from the issue and were effectively hoem and dry. It was his delving into the issue and his deciusion to face the banks head on that has got us to this stage.

If anything, he is the forst CB head that went against the banks and most people who have followed this for years would be congratulating him whulst wishijng it could be done quicker.

Remember the banks have the very very very best legal teams in the country and they have fired a lot of shots at the CB and yet they the CB have fought back.

So unless you have real insight to what has been going on behind the scenes and can give examples of "wimpness", your comment is totally unwarranted
 
I think people are upset, angry and very very anxious for news!

I wouldn't use the word "wimp" but I think it has to be agreed there is a degree of "weakness" in the Central Banks dealing with the matter.

Let's see what happens at the end of the month to see if he has made the right call!
 
Well done Paraic on the 6 o'clock news this evening. Once again you led the charge on behalf of the people! however deeply concerned for the 13,000 already confirmed impacted who it appears now have a battle ahead! " The banks will try every means to remove those accounts from the option of getting their tracker back ! It will be debatable!!"

"The Atmosphere at the time, marketing material, promotionional material the STANDARD VARIABLE RATE this period" was the "TRACKER RATE"

KBC like the other banks are still resisting! NO CHANGE IN THE BANKS ATTITUDES. The resistance is all still there! "This evening"

Padraic has made a lot of progress with AIB which is the only bank that seems to be cooperating.

"They have destroyed Their reputations

Their words are futile "the bank of you".. (mentions others)

"If there is any confusion there are laws in place since 1993 if there is any confusion the law favours the lessor party"

At least 26,000 accounts impacted and the scope widening!

"Ireland is now being looked on by the financial services industry. Their reputation in Ireland is being destroyed right at a time when Brexit is occurring. There is a lot of banks looking at coming into the country they are seeing what is going on here"

It's astonishing that the banks are threatening legal action against the Central Bank
 
Is anybody interested in signing an online petition? If we were all to get our friends and family to sign, then share on social media, we should garner a significant number of signatories to present to the Finance Minister & the Central Bank?
 

I wouldn't be overly concerned about our banking reputation. Basically this corruption is pretty much global, or at least in the West.
Just do a search on banking scandals for Deutsche, HSBC, Wells Fargo, JP Morgan, Goldman Sachs etc, etc
This is the system. Ireland is in no way unique, our banks are simply part of the cartel, playing by the cartels rules.
Fintan O Toole has a piece on it in today's IT.
 
Lightening said:
It's astonishing that the banks are threatening legal action against the Central Bank
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I also find it astonishing that the Central Bank (with all its resources both financial and legal) appears to be reluctant to be drawn into legal action against the banks... yet the Governor goes on record to say that customers unhappy with the process can resort to legal action?
What support will the Central Bank give to such customers?
Nada?
 
SaySomething said:
Is anybody interested in signing an online petition? If we were all to get our friends and family to sign, then share on social media, we should garner a significant number of signatories to present to the Finance Minister & the Central Bank?
Click to expand...

I think this is a very good idea!

I read recently about an Irish Lady who started on online petition for the French Lease Back Scheme.
Irish people that had been mis-sold french properties.
I believe they have 3,000 Plus signatures and now the CCPC and Brian Hayes MEP has taken it to the European Parliament and European Commission. It is being investigated at the highest level.

I was surprised to see no customers standing outside the Department of Finance yesterday with banners etc.!!
 
The boards of directors I believe have customer representatives? And there are directors with responsibility for corporate governance and ethics?

In a situation where the customers are forgotten, disregarded these representatives must take some responsibility. They should be removed.

@SaySomething
Can we identify these directors and have a petition to have them removed?

In reality of course it's the chief executive and chairman who drive policy. They are responsible.

Quote from Bank of Ireland code of conduct:


Customers

‘We treat customers fairly.’

Customers are at the heart of what we do.

We act with integrity in all our dealings with customers. We aim to maintain long-term relationships with customers. To do this, we take time to fully understand their needs and help them make informed choices. We make it clear what the risks are of choosing specific options and are open and honest about our prices, fees and charges.

• We design products that are easy to understand and simple to use, and charge for them in a fair and reasonable way.

• We consider the effect on customers at the earliest possible point in all our decision-making, and act accordingly.

• We communicate with customers in a clear, open and honest way so that they can understand what we mean in all our communications with them.
• We listen carefully to what customers say to make sure we give them products and services that best meet their needs.
• We always try to be easy to do business with in person, over the phone and online.
• We protect the confidentiality of customer information collected by us and make sure it is only used for the purpose we collected it for.
• We take responsibility for putting things right if we don’t meet a customer’s expectations first time, and promptly let customers know what we are doing in response to complaints they raise.
 
Is it fair to say it's the non executive directors who are the overseers of fairness and ethics?

Aib board


BOI board

 
To be fair I don't see that a petition to remove directors will work because not all affected customers are with Irish owned banks. What about KBC & Ulster Bank customers?
Listening to Minister Donohoe in the Oireachtas right now.
Suggest that a petition to hold a public enquiry might be better?
 
I will consider writing to each director reminding them of their responsibility to customers

Apparently directors can be held personally responsible for company actions

Corporate Governance: Principles, Policies, and Practices
By R. I. (Bob) Tricker, Robert Ian Tricker
 
 
@SaySomething thanks from me too! You were superb on Today with SOR! Here's the link for anyone who hasn't had the chance. You were so clear and precise about the compensation issue - and about the fact that we want our money repaid now, and they can figure out the compensation issue after that.

[broken link removed]
 
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