They are starting now
Paul Stanley - Chief Financial Officer
Elizabeth Arnett - Head of Corporate Affairs
Just under 3,500 have been identified
The delay in identifying them is unacceptable and apologise.
We started in March 2016 which added 3 months which could have been avoided.
We have 200 full time people working on the programme
Let me explain the challenges
We started with 300,000 customers in scope
64,000 started on trackers and are still on trackers
We conducted in in depth review of over 7,000 cases.
We had 5 mortgage systems across 2 banks.
We found over 1,600 customer journeys and some customers with 20 different points on the journey.
The vast majority of the 3,500 were affected by ambiguous contracts
We did not meet the standards of clarity. We are putting this right, accepting that the pace is frustratingly slow.
88% - due to ambiguity
12% - operational errors and
Around 2,500 are still with UB
For those who have left - we are committed to fixing by end of Q2
For those who have lost their home as a result of losing their tracker
- €50,000 offered up front
- A single point of contact
- A meeting
1,200 customers paid so far.
The letters can contain up to 30 pages but also a summary
They require manual calculations which can't be systemised.
There is no advantage to us in dragging our feet
We are still finalising the numbers but don't expect it to be on the same scale.