Sarenco, you are talking out both sides of your mouth. Lucky for me I can well afford to cope with 'what turned out to be a bad decision' - however, your attitude (in my opinion) is naive. As everyone is very much aware at this stage, banks in Ireland operate to the highest standards and always put the customer first.In that case why did banks continue to offer trackers, at increasingly competitive margins, right up until Q4 2008? If banks wanted to remove any possible cap on their margins in 2006 wouldn't you have expected them to stop offering trackers in 2006?
Nobody could possibly have anticipated in 2006 that the spread between standard variable rates and tracker rates would develop in the way that it did after the financial crisis. Banks certainly didn't - otherwise they would have stopped offering trackers much, much earlier.
The notion that any bank official consciously decided at any time in 2006 that they would consciously lure borrowers off trackers seems wholly fanciful to me. It simply flies in the face of logic.
I appreciate that you feel aggrieved that you signed a contract back in 2006 that turned out to be a poor financial decision with the benefit of hindsight. However it doesn't necessarily follow that there was any deception, misrepresentation or bad faith on the part of your counterpart. You just made, what turned out to be, a bad decision.
Such is life.