Finance Committee meeting Padraic Kissane re Tracker Progress

Its over as all members asked their questions - Padraic is not back at 3.30 someone from the oecd is
 
@Apples82 I didn't see it myself but I have been told that there was an interesting point made by Padraic re: prevailing rate. Apparently, he said that Springboard people have all been restored to the correct rates and they're contracts are identical to the rest of us. Again, apparently, he said that he knows that he's right and will continue to fight them.
 
Padraic did an excellent job! He touched on many different issues in relatively short span of time.

He did mention UB. He said bulk of the accounts still deemed not impacted by banks are related to EBS (around 3000) and former FA customers now with UB.
 
Yes I heard him . He was adamant that he's 100% right with the ptsb prevailing rate issue.
He spoke extremely well and every point he made he explained very well.
I think it should be available tomorrow on the listen back.
It is well worth hearing , and definitely he has lifted my spirts .
 
@Wardy7 That is indeed very encouraging!! Lifts my spirits for another while! Is your understanding that the springboard mortgages had no rate specified? I thought i heard Padraic mention before that he has copies of identical contracts with no rate specified but all restored to between 1.1% and 3.25%?
 
@Apples82 TBH, I don’t know. I wrote exactly what my pal sent me in a message.

I can tell you though, that Padraic has told me in the past, that another of his clients has an identical contract to me (no rate specified) but has been given the correct rate! No consistency!!
 
I attach his opening statement.

I am disappointed that he made no mention of the biggest outstanding issue - the AIB 3.67% prevailing rate borrowers.


AIB/EBS:

The main group remaining outstanding here is EBS homeowners who have not been returned to the tracker rates. This could number somewhere around 3,000 cases.


There is a key matter with this cohort and it remains that no customer was

told they were foregoing the variable basis of their loan by applying a fixed rate for a period of the loan.


There is also the area of the ‘Variable Base Rate’ that tracked ECB perfectly until July 2008 and then magically transformed into a ‘Standard Variable rate’. There are outstanding issues here also that must be dealt with by EBS in a satisfactory manner.


Are AIB/EBS sorry for how these customers are being treated.
 

Attachments

  • Padraic Kissane Opening Statement to Oireacthas Finance Committee 8th March 2018.docx
    30.9 KB · Views: 323
Padraic was asked about KBC on Newstalk this afternoon and he believes the application date shouldn't allow KBC to leave you out of redress. He is pursuing this it seems for clients

Hes an impressive individual, its incredible though that in reality hes ploughed a completely lone furrow on this for so many years.
 
That’s great news. I’m a former Danske customer, sold to the vultures! Have had no communication from Danske since November, even though they confirmed they remain liable under the review (they are not responding to letters). Also corresponding with the CBI, but they won’t respond on individual consumer cases outside of saying that they have passed on corrrspondence to the relevant supervisory team. Complaint with FPSO on hold as they won’t review until CBI review finished. And I have absolutely no idea when this will happen.

Surely there are other Danske customers out there impacted???
 
That’s great news. I’m a former Danske customer, sold to the vultures! Have had no communication from Danske since November, even though they confirmed they remain liable under the review (they are not responding to letters). Also corresponding with the CBI, but they won’t respond on individual consumer cases outside of saying that they have passed on corrrspondence to the relevant supervisory team. Complaint with FPSO on hold as they won’t review until CBI review finished. And I have absolutely no idea when this will happen.

Surely there are other Danske customers out there impacted???

How are people corresponding with the CBOI? Is there a specific email address or postal address? @Duggie
 
Last edited:
Danske bank has sold its loan book to Pepper. I was wondering whether anyone will take a legal challenge to the paltry 1000 euro payment re the AIB tracker product with no tracker margin indicated in the original loan offer? On another point, charging other AIB customers 3.67 above the base rate is opportunistic to say the least. Seeing that there was no prevailing base rate available when they exited from their fixed term period of their mortgage (as AIB had withdrawn tracker products) then the rate that these cohorts should have been placed on (contractual option), was the last available prevailing tracker rate quoted at the point in time when AIB withdrew tracker mortgages from the market, this is only common sense. The CBI appears to accepted the guff that AIB would have to pay 3.67% above base rate at the point in time if the customer was to choose a tracker rate. However, no one is looking at what prevailing actually means. If the tracker mortgage product is withdrawn from customers, the tracker rate is no longer prevailing!.
 
Back
Top