Last edited: 10 Feb 2019 This guide is for customers of AIB who received a redress letter from AIB with a cheque for €1,615 attached. If you have some other tracker issue with AIB or another bank, this thread is not for you. You fixed your mortgage rate at the start and were entitled to be offered a tracker at the then prevailing rate when the fixed rate period ended. AIB did not offer you a tracker rate and AIB now claims that you did not lose out “because if they had offered you a tracker at the then prevailing rate it would have been higher than the Standard Variable Rate.” They paid you €1,615 in compensation for their “service failure”. The High Court case A small committee has been formed and we have taken legal advice on this issue and we will be taking a High Court action to determine it for once and for all. We will begin fund raising for the High Court action in the coming weeks. If we win in the High Court, we would expect AIB to do the decent thing and give full redress to all 6,000 people affected by this. If they don’t do it automatically and voluntarily, then we would expect the Central Bank to tell them to give full redress. If the Central Bank refuses, we would expect the controlling shareholder, the Minister for Finance, to put pressure on AIB to do the right thing. If all that fails, if you have made an appeal, whether it is successful or not, you will still have options to make a complaint to the Ombudsman. If you do not make an appeal now, you might not benefit from a successful High Court case. So make an appeal now and don’t worry about whether or not you are successful. You have one year from the date of the redress letter to appeal this and you should do so immediately. Most redress letters were sent on 16th March 2018 and so you should make your appeal now. Why you should appeal this By appealing, you are keeping your options open. If enough people make an appeal, AIB and the Central Bank might take this issue seriously. As it stands, AIB has only a handful of appeals, so they expect this to blow over and AIB and the Central Bank will claim that the tracker scandal is over. You have nothing to lose by appealing. Even if the Appeals Panel rejects your appeal, it will cost you nothing. You have a lot to gain if this case succeeds Every case is different, but if you had a €300,000 mortgage and your fixed rate ended on 1 January 2010, you have probably paid about €40,000 in interest more than you would have paid if you had a tracker. You will get this back and a further €6,000 in compensation. And best of all, from now until the end of your mortgage, you will pay a mortgage rate of ECB + 1.25% instead of the 3.15% Standard Variable Rate which AIB is charging at present. If you have a remaining balance of €200,000 you will save around €4,000 a year. You do not need to spend much time on your appeal and you don’t need to pay for professional advice. You do not expect your appeal to be successful. So far, The Appeals Panel has dismissed all appeals with the same standard cut and paste reply irrespective of the arguments made. It appears that they are not even reading the actual documentation submitted by the borrowers. What will happen after I send in my appeal? AIB will make a formal response and you will have the opportunity to respond to their response. We will advise further at that stage.