AIB Padraic Kissane no longer handling AIB cases with offer after October 2008

[Pearl]

Circular just received from Kissane's office states that he will not move forward with AIB cases

"where the first Letter of Offer issued after October 10th 2008. If you are one of these, then I will not be taking your case forward because I believe
despite the sloppy drafting of important documents by AIB, it was clear to everybody that Trackers were definitely gone. That is not to say that others may take up that challenge but as you will appreciate I think those cases are more in legal arena and that is where that battle should be fought."

My Letter of Offer was issued in Feb 2009.

 

[Brendan Burgess]

I am part of the AIB 3.69% group who received the letter with cheque. No darts being thrown here.

OK, so you had a letter saying that at the end of your fixed rate period you would get a tracker at the "then prevailing tracker rate"?

If so, I don't understand what the date of the letter has to do with it?

If you were entitled to a tracker, and AIB now accepts that you were, then you should have been offered a tracker.

Brendan

 

[Shaquinn4]

AIB is applying the finding to other customers in the same cohort.

The Ombudsman insists that only he can publish the decision.

But this is a summary of what he found.

AIB did breach the contract and should have offered a tracker mortgage to Karen.
AIB was wrong to say what the rate would have been - their report could, at best, conclude what it should have been.
He could not decide what the rate would have been either.
He felt that, under the circumstances, it would be unfair to AIB to give Karen a tracker for the remainder of her mortgage.

As a fair balance, he ordered AIB to write down the balance of Karen's mortgage by 12% of the balance on the day she rolled off the fixed rate and should have been offered a tracker in 2010.

And to pay her, into her nominated account, the interest charged on that write off since 2010. That amounted to roughly a further 4% of the balance as of October 2010.

Hi, I am wondering if you could help me. We received the payment in early 2018 for compensation for not being offered a tracker mortgage at the time. We drew Down our mortgage in Dec 2008 and went on a fixed rate. Do you think we will be in this next cohort of refunds. Thank you

 

[Brendan Burgess]

As I have said, I disagree with Padraic on this.

Your contract was clear.
AIB broke it.
They can't claim that you should have been monitoring their press releases.

If you got the €1,615, you will get the next stage of it in July or August.

Brendan