AIB Is there a maximum compensation payout amount AIB are prepared to give?

zxcvbnm

Frequent Poster
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331
I'm trying to figure out if there is a maximum limit which AIB will pay out to a customer in compensation?
Do I recall someone previously saying €300k? I can't locate it now. What is the rationale behind having a ceiling ?
 
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Brendan Burgess

Founder
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40,632
If the Independent Appeals Panel awards over €300k, the board of AIB has to approve it. They can either pay it in full or offer to limit it to €300k in full and final settlement. (It is similar for all the banks' redress schemes)

If they limit it, the borrower is fully within their rights to reject it and go to the Ombudsman or the Court.

But if it arises be very careful. I saw one case where AIB limited an award of €350k to €300k. AIB must have hoped that the guy would appeal it because the Appeals Panel decision was bizarre and their calculations were just plain wrong - they did not understand mortgages.

If the borrower had rejected it, I feel fairly sure that the Ombudsman would have awarded him nothing.

Brendan
 

zxcvbnm

Frequent Poster
Messages
331
Ok. That’s interesting. Thank you.
It’s just a curiosity fir now. I will wait to see what AIB award me in the first instance. I lost my PPR because of the prevailing rate issue.
 

Brendan Burgess

Founder
Messages
40,632
I lost my PPR because of the prevailing rate issue.
You may well have but as I have said many times:

Many people who lost their trackers lost their homes.

But very few people lost their homes because they lost their trackers.

Most people who lost their homes lost them because they were unable to pay anything. It would not have mattered if the interest rate had been 0%.

Brendan
 
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