EBS Not part of the Examination

kb_whatsgoingon

Frequent Poster
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52
I would go back again and ask again as part of an offical foi request - They might have been a bit spare with the truth of any recodings in 2015 - but now I am not sure.....especially as there is so much talk of making people in these institutions personally liable for what they do and say
 

Jennybaby

Registered User
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44
Kb_whatsgoinon
I rang EBS helpline this morning and was told they didn't record customer calls. So no luck on this point.

I also noticed that when I received my documents from the ombudsman AIB actually sent in their definitions for various rates not EBS.
 

Jennybaby

Registered User
Messages
44
Also noticed that when my mortgage was on a fixed rate, it followed ECB rate as attached. When my fixed term was up it went to Standard Variable Rate.IMG_20190320_091454.jpg IMG_20190320_082128.jpg
 

kb_whatsgoingon

Frequent Poster
Messages
52
Hey Jennybaby
There is something weird about your details - in 2009 your variable rate should have been going up - from the detailed you have posted it seems to be just loads of drecreses?
also when on a fixed rate - the rate stays the same - so i don't follow your logic?
 

Jennybaby

Registered User
Messages
44
Thanks kb_whatsgoinon for your interest.
When I asked EBS for my calls and correspondence they sent me out the page attached for when my mortgage started in 2007.
Even though my mortgage was fixed, the variable Base Rate was following the ECB with decreases.
When my fixed rate term was up they then changed the variable Base rate to SVR.
Can they do that? As Variable Base Rate is on my loan offer?
I spend many sleepless nights looking over documents just to make sure I'm not overlooking any detail.
Thanks again
 

B26354

Frequent Poster
Messages
248
Thanks kb_whatsgoinon for your interest.
When I asked EBS for my calls and correspondence they sent me out the page attached for when my mortgage started in 2007.
Even though my mortgage was fixed, the variable Base Rate was following the ECB with decreases.
When my fixed rate term was up they then changed the variable Base rate to SVR.
Can they do that? As Variable Base Rate is on my loan offer?
I spend many sleepless nights looking over documents just to make sure I'm not overlooking any detail.
Thanks again
When did your fixed rate end? They would not send you rate change letters when you were on the fixed rate. I’ve attached the rate change letters that were sent to variable base customers who had come off their fixed rate prior to 2008 & tracker customers who did not fix from the start of their loan.

A variable base customer on this site documented when the wording on these rate change letters changed to letters simply stating the variable rate has increased/decreased (sometime after 2008). Of course this indicates that the variable basis of their loan had changed from the ECB base rate (tracker) to a rate that could be changed at EBS’ own discretion (SVR).
 

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Jennybaby

Registered User
Messages
44
I came off the fixed rate in 2010.
That page was sent out by EBS to ombudsman for mediation.
I then received it from the ombudsman.
It then went from Variable Base in 2010 to Standard Variable Rate.
 

kb_whatsgoingon

Frequent Poster
Messages
52
HEY b26354
On that image you posted and the wording - I wonder did people the with had ebs loan agrrements with actual the term tracker in their loan get the same updates in 2007 /2008/ with the wording of the letter you posted
 

B26354

Frequent Poster
Messages
248
HEY b26354
On that image you posted and the wording - I wonder did people the with had ebs loan agrrements with actual the term tracker in their loan get the same updates in 2007 /2008/ with the wording of the letter you posted
I think this was looked at elsewhere in this thread or another EBS thread. I think the wording was nearly identical for the 2 cohorts pre 2008.

In rate change letters sent after 2008 the wording changed a lot on the variable base letters whereby it completely omitted the reference to the ECB base rate and they just stated they were increasing/decreasing the variable rate. However on the original tracker rate change letters (after 2008) it continued to reference the ECB rate and they changed the wording to state that EBS was passing on the increase or decrease on its “tracker loan rate.” Another slight of hand magic trick by EBS!
 

B26354

Frequent Poster
Messages
248
As a means of demonstrating how EBS changed the variable base rate into a SVR one only has to look at the wording on these letters. Notice how the wording changed regarding link to a specific index or indices i.e. ECB Repo/Base Rate. Also remember that AIB/EBS have confirmed that their SVR is now not linked to the ECB base rate:

Variable base & tracker rate change letters pre 2008: “ Due to an increase in European Central Bank interest rates, the rate on your EBS loan account will rise by 0.25%”

Tracker rate change letters post 2008:
“Due to an increase in the European Central Bank rates, EBS will be passing on the increase of 0.25% on its tracker loan rate.”

Variable base rate change letters post 2008:
“We wish to inform you that the interest rate on your loan will increase by 0.25%.”
 
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