kb_whatsgoingon
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I think its an important take from these articles that the CBI was never a friend to the irish mortgage holder - only by pressurising TDs etc did the CBI do anything - even though what the banks did was so obviously wrong the CBI did nothing
there is something very disturbing about this -
It is not the job of the CBI to be the friend of the mortgage holder nor anyone else, it is there to act independently.
You will have to wait and see if the people heading for the High Court get treated better in the Courts than by the CBI,Jim2007
Not a friend to the Irish mortgage holder is the understatement of the day - people held contracts with banks and the banks simply did not honour those contracts - in fact they worked around' the terms and conditions set out in those contracts as it pleased them - and the CBI DID NOTHING for the best part of at least 6 years
the banks created contract with ambiguous terms and decided by themselves to interpret those terms to suit themselves - and the CBI DID NOTHING for the best of of at least 6 years - in fact in most of these instances they are still not doing anything
their inaction to regulate properly/ in any meaning way, is of course only of benefit the banks not to the mortgage holders- and the CBI solution? oh yes they expect that people who have had their heart broken paying unregulated and overpriced variable rate mortgages to the banks now have the energy and resources to go legal ( oh yes head down to the courts and break your heart in another broken irish institution)
INDEPENDENT my AR**
But look at France. It did not have a financial crisis like we did and banks there could borrow at ECB rates and raise bonds close to ECB rates, so because their cost of funds were nowhere near what Irish banks had to pay for a couple of year they were well able to keep rates down.So i read in another thread on here that in France for example the consumer protection agency monitors variable rates and no bank/lending institute can charge a customer more than e.g 2.4%
Compare that to here where the variable rates went through the roof after the recession - it took a lot to get them to pull them back - and when they did no one saw a problem - no one got refunds ? I think PTSB went up to 7% at that time ??
Then low and behold the banks start doing well and offered new customers cashback and lower interest rates - i mean wow how sickened I was by that.
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