Ptsb 3.35% above and aib 3.69 %

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robe

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Hi just wondering about the prevailing rate from aib and ptsb .
Firstly are these two the only banks that have the prevailing rate.
Secondly have both banks taken the same stand on the issue ? As in do they both have the same interpretation of the prevailing rate ?
I thought in general that Bernard Byrne spoke well ... but he really didn't want to discuss the prevailing rate issue .
 
Very much wondering the same. Is it the end of the line for the the prevailing rate fight?
 
There is a huge difference between the two banks.

PTSB stuck to their contract. When people came off fixed rates, they were offered a choice of SVR, Fixed or the "then current" tracker rate of 2.25% or 3.25% depending on the date. Borrowers may not have liked it, but ptsb stuck to their contract.

AIB broke their contract. They did not have a prevailing rate and they did not offer their customers one. They set the prevailing rate 8 years later. In my view, this is unacceptable.

It's not the end of the line. 4,000 AIB customers have received €1,000 each + €650(?) - they should pool this money and take a High Court case to determine the meaning of "prevailing".

Brendan
 
Re: PTSB "Discounted Tracker" Cohort: PTSB have not adhered to their contract.

Their Letter of Offer stated within the relevant clause regarding margin: "on expiry of the discount period, the then prevailing PTSB Tracker rate will apply".

What actually happened was as follows: Borrowers were written to after 11 months with an inaccurate letter stating: "your current rate option will expire on x/x/xx" and a choice must be made from a range of rate options.

This options letter was in no way consistent with the contract in my opinion. The contract should have clearly stated that the Borrowers would be required to make a long term rate selection after the discount period.

I appreciate this cohort is different to those coming off fixed rates, but the "prevailing" tracker rate issue is still at the heart of the issue.
 
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