Bank of Ireland Update on Bank of Ireland staff who lost trackers

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Linten

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The confirmation that BOI have completed their Tracker Examination and anyone impacted would now have been returned to Tracker rate, is not good news for staff who switched into the Variable BIK linked rate in August 2006, before taking up the 2 year fixed and ultimately losing option to revert to Tracker.


To pursue our action we need strength in numbers. Padraic Kissane, who has been to the forefront of working tirelessly for people in getting their Trackers restored, has also been acting on behalf of many staff. I believe that he represents the best chance for us in engaging with Central Bank and pushing our case for rightful restoration of our Trackers. Staff will not act independently, given employer/employee relationship, the lack of trust that now exists and the complete lack of communication from the Bank on the issue, given the large number of their staff severely financially impacted by their decision.I would encourage everybody affected to engage with Padraic in respect fo their individual situation, as the more information he has the better the case he can build.
Let's not give up on this.....



There is some evidence to confirm that staff who switched directly from Tracker to the same 2 Year Fixed rate have had their Trackers restored (there are also some who have not been restored), so the issue appears to lie with the Staff Variable that we switched to in August 2006. There was confusing and contradictory communications from the Bank in respect of the 2 year fixed product, but unless we can square off on the issues linked to the Variable Product, we are going nowhere.
BOI obviously believe they have a cast iron case that the communications to staff in connection with this Product met the requirements of CPC 2006 and that sufficient warning was provided as regards loss of right to revert to Tracker and that attention was drawn to this in the correspondence. We know that was not the case and the Product was effectively marketed to staff with no warnings of possible loss of rights to Tracker in the future. SO why do we not have our Trackers back...
BOI carried out a Review of Mortgages that switched from Tracker to Fixed in 2010, that resulted in 2096 mortgage customers having their Tracker restored in order to comply with CPC 2006 on the part of the Bank. This review covered only customers who switched from Tracker to Fixed, even though the CBOI letter of 19/8/2010 (available on CBOI website) clearly stated that Banks should review switches from Tracker to an alternative interest rate, namely Fixed, variable and other rates. Why did BOI not include switches to variable rate under the review? Could it be that they knew the only mortgage customers effected were staff? Obviously if we were included under that Review, then you would have thought that it would have resulted in a positive outcome, given what we know about the level of warning of loss of Tracker/clarity in that correspondence.
 
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Brendan Burgess

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Moderator's note: Anyone who wants the full background should read this thread.
Bank of Ireland Staff- Lost Tracker



Padraic is rebooting this campaign.

Bank of Ireland failed to restore staff's tracker mortgages claim

Padraic Kissane, a financial advisor, said he was concerned that Bank of Ireland had chosen not to restore the staff members to their trackers.

The development comes as the Central Bank continues its investigation into the tracker loan scandal, which saw thousands of mortgage holders wrongly moved from low interest tracker rates by a number of banks.

In a statement a spokesman for Bank of Ireland said: "In line with the terms of the tracker mortgage examination, we examined all mortgages in scope, and identified all impacted customers whether staff or otherwise."

"The documentation I have reviewed raises some of the most serious concerns with how Bank of Ireland has dealt with the matter from 2008 to date," Padraic Kissane said.

and The Irish Times

Bank of Ireland ‘blocked’ staff from reverting to tracker mortgages





 

LadyHB

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I contacted the BOI tracker helpline today and they confirmed that their tracker examination is on-going and that not all impacted customers have been restored to tracker rates and not all impacted customers have even been communicated with. They referred specifically to the articles in the Times and Indo and stated that the claim re the examination having concluded was incorrect. They reiterated that they do not expect it to conclude until near the end of the year. The saga continues...
 

Onceagain

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Well I got a letter from the FSO detailing several letters between themselves and BOI stating that while my mortgage was deemed to be inscope, it is not effected by the current tracker review. So according to the FSO they will now take up my complaint. Which is incorrect as it's up to the Central Bank to rule now on what they deem to be case. I have heard nothing officially from BOI, the last time I called the helpless line I was told to ring mid September and she would have a list of those effected. Will give a call for the crack tomorrow, 2018 looms and we are still here.
 

Hogmeister55

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The only thing that matters in this review is what the Central Bank think. Have they ruled on one of these cases yet?

They must have seen one by now.
 

Linten

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I have also heard of similar letters from FSO saying that they are now going to take staff cases forward as BOI have told them that they are not impacted by the review. This suggests that the decision has been made and I would be inclined to take anything the Helpline says with a pinch of salt! It's just a stop gap, with no real information on the Review.
The piece posted by David Murphy on RTE Online last week had confirmation from official source, presumably Group Communications that the Review was complete and anybody impacted would have been back on Tracker by now.
 

Hogmeister55

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BOI always denied the staff claims so something has changed that these are now being sent to the FSO. I expect that means the central bank agrees with BOI. Will the FSO contradict that view. Unlikely in my opinion.
 

LadyHB

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Just to clarify that my conversation with the helpline was not specific to staff mortgages just the examination in general. Hopefully there might be a bit more clarity on September 21st when they're before the Finance Committee.
 

Underdog

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Nothing despite numerous enquiries to Tracker Review Team. Shocking lack of communication..
 

Onceagain

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I rang the helpless helpline today, and the chap aaked me did I ever have a tracker.?? Sounded like a newbie put on the phones, if effected will be sorted by the end of the year. Oh and if you dont get a letter then you arent effected, did you ever hear such horse shite.
 

Foxy locks

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Hi, I'm just wondering what's the best thing to do here..... the last communication I received in writing from the BOI mortgage tracker team informed me they will be in touch in September and I haven't received or heard anything since.
I have sent all my documentation to P Kissane also.....this was a year ago.....should I now just send a letter to FSO or directly to CB? Just not sure what to do.....they seem to be dragging this out forever. Thanks
 

Fished

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Looks to me the CB are pushing BOI bigtime at the moment. The report issued today is vague but BOI must be one of the two banks mentioned.
 

Elizabeth t

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The helpline have advised me it will be the end of the year..As far as I know no staff have heard anything..
 

belizebaby

Registered User
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Trying to get in touch with P Kissane to send him the original insite ad ... no reply on email and his voicemail is full ... anyone know if he still posts on here ?
 
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