Trackers on Prime Time tonight

Brendan Burgess

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Prime Time will be covering the loss of trackers by customers of ptsb, AIB and BoI tonight.

I will be involved in the studio discussion afterwards.

Brendan
 
Hi Gerard

They have recorded a 20 minute piece with case studies. I have not seen it yet. They chose the case studies. I can only comment on the principles involved.

Brendan
 
Brendan

Do you watch the piece live and then have to comment on it live?

Very difficult.

Miriam O'Callaghan wasn't great - She doesn't seem to understand the issue.

Well done.
 
I'm completely confused now.

RTE clearly indicated that Thomas Ryan was contractually entitled to revert to a tracker at a specific margin over the ECB rate.

Did they get it completely wrong?
 
His letter of offer had the 1.1 % over ecb.
But his contract had no set rate. Think this is where Rte got mixed up and what Brendan was trying to explain.
He should still get low rate on appeal!
 
Shocking & both revealing. Thomas Ryan has contested his case to the high courts & still PTSB treat him with contempt.
I truly hope this primetime will put pressure on the banks & the state.
 
His letter of offer had the 1.1 % over ecb.
But his contract had no set rate. Think this is where Rte got mixed up and what Brendan was trying to explain.
He should still get low rate on appeal!
Will Central Bank now investigate 1800 BOI staff who lost their Trackers?
 
I'll have to watch the programme back again but I certainly got the impression from the initial piece that Mr Ryan's case was crystal clear - that he was contractually entitled to revert to a rate of 1.1% over the ECB base rate on expiry of his fixed term - whereas Brendan seemed to suggest that he was actually only entitled to revert to the tracker rate prevailing at the end of his fixed term (whatever that might be).

They are two very different things.

The overall impression I got from the programme was that certain banks were continuing to ignore the terms of their own mortgage contracts, notwithstanding the Central Bank's intervention. Now I'm not so sure.
 
I watched the recorded piece as it was broadcast - I had not seen it beforehand.

It was simply wrong to say he had a rate specified in his contract. Those who had a rate specified, got them. The 300 or so borrowers who were put on the higher rate had the wording "the tracker rate then prevailing" as discussed at length in this thread
PTSB - on expiry of fixed rate, tracker rate not specified

I tried to explain that and correct the error made in the report, so, of course I came across as "dressing it up" on behalf of ptsb. But I don't go on these programmes simply to ignore the facts and abuse banks.

The AIB case has a rate specified as far as I know, and I understand that the FSO has ruled against them. I don't know what AIB's defence is, but I suspect it is clutching at straws.

Brendan
 
That PTSB case beats all.

So now PTSB is saying that if a customer didn't fix that customer will be on 1.1%

But a customer who did fix then that customer is like rolling a dice to see what rate he gets?

Sounds ridiculous.

There is something called the spirit of the law. When they signed up for a tracker they signed up at 1.1%

That is the margin. The margin should not vary.

If course PTSB would prefer it was different but that's what a tracker is by definition. What PTSB is trying to do is have it both ways. A kind of variable tracker that suits them.

Looks like Thomas Ryan has to go to court again.

Hats off to Thomas Ryan. As gentleman deserving of everyone's admiration.
 
Was it just me or was Miriam treating Brendan like he was some evil banker instead of someone who was trying to objectively speak about the issue?

Miriam tried to present Brendan as a spokesman for the bank & herself as the champion of the people!
 
Will Central Bank now investigate 1800 BOI staff who lost their Trackers?

Yes, they are currently investigating this. They swapped out of trackers to a special staff fixed rate which was cheaper. 1,800 professional bankers either did not appreciate the value of trackers or they did not understand that they were going to lose them.

If there is evidence that the Bank of Ireland deliberately encouraged them to give up their trackers, then they should be given back their trackers.

Brendan
 
I watched the recorded piece as it was broadcast - I had not seen it beforehand.

It was simply wrong to say he had a rate specified in his contract. Those who had a rate specified, got them. The 300 or so borrowers who were put on the higher rate had the wording "the tracker rate then prevailing" as discussed at length in this thread
PTSB - on expiry of fixed rate, tracker rate not specified

I tried to explain that and correct the error made in the report, so, of course I came across as "dressing it up" on behalf of ptsb. But I don't go on these programmes simply to ignore the facts and abuse banks.

The AIB case has a rate specified as far as I know, and I understand that the FSO has ruled against them. I don't know what AIB's defence is, but I suspect it is clutching at straws.

Brendan
Is the Aib customer on ecb +3.97 aware of the fsob ruling?
 
Yes, they are currently investigating this. They swapped out of trackers to a special staff fixed rate which was cheaper. 1,800 professional bankers either did not appreciate the value of trackers or they did not understand that they were going to lose them.

If there is evidence that the Bank of Ireland deliberately encouraged them to give up their trackers, then they should be given back their trackers.

Brendan
The last line is interesting,If there is evidence?..There seems to be an abundance of evidence on this programme and others that a lot of the banks are guilty of sharp practice at best.
 
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