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

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Fozzyfarrell

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Hi,
Just a quick one. I switched to the staff rate back around 2007/08 but have since left back in 2012.
But still on staff rate. Anyone know the rate should have went back to tracker as I started on ?
 

Tracks123

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hi fozzyfarell
I drewdown as a tracker and left boi in 2006 .For some reason they put me on a staff mortgage the week I left and over the next few years brought me all the way to 5.65% on an BTL property .
Have written and asked to be re instated to my original contract.
have spoken and me P Kissane who believes we have a valid case.Problem is most staff are afraid to go the distance with boi (as boi pay them).
I have not got that problem any more and will wait to see outcomes over next few months.My own view is if you had a tracker at drawdown you should be allowed return to it regardless of what you are on now.The banks have gotten away with it for too long and its time the state stepped in and use legislation of necessary.Otherwise this could bring down a government .The anger is building daily and everyone has been bullied by the banks over past 10 years#backing brave #for littlestepsforsmall steps for life#for helpfor what matters ....nice slogans but the culture has not changed.
rant over
 

Sarenco

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Are you absolutely sure you didn't sign anything before you were moved to the staff rate?

If you didn't sign anything, and BOI unilaterally moved you to the staff rate, then BOI are in breach of contract.

Sue them.
 

Ducky10

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I am a staff member affected too. Case with FSO not holding out much hope from what I read on these threads, considering similar case already rejected. I send Pauric Kissane an email to be included in a group I reckon we have more power as a collected group.
 

Mollie28

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I’m Also an affected staff member, I switched from a tracker to a staff SVR, signed up to a staff fixed rate following heavy endorsement internally for staff benefit only to be denied reversion to a tracker. I sighted a screen shot at the time in an internal system that showed my roll to rate as Staff Tracker ECB + .75% only to see the same screen show Staff SVR a month later. Where are the internal records of this internal system and how have these records vanished from all internal systems??? Where have the systems logs gone? Where’s the internal memorandums which confirm all of this? Surely the old Lotus notes records can be summoned? Where are all the internal advertisements and minutes Of senior executive meetings where these executive strategic decisions were made. Surely somewhere in the chain it can be proven that the system logs were altered????? How were some staff be called on deadline day and told by management to sign new MFA’s to ensure their trackers were safe vs those of us who trusted the system (and didn’t get that heads up from management) as we sighted our own accounts on a live system that categorically confirmed roll to Staff tracker only to see our accounts default to astaff SVR???????

I’m now desperately trying to retrieve my file for 2 months now only to be told oh that’s mark d as done but yet 8 weeks in advance still have no documents
 

DamC82

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This staff case has to the worst of all and shows no sign of being resolved?

Absolutely disgusting that a company will take advantage of 'team ' members to such a degree, surely ranks will be broken massively in the coming weeks if a resolution shows no signs of coming
 

Banking17

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I'm not fully aware of BOI staff issue.

It appears to be a significant number who have got no media or public attention. Can any retired BOI highlight in media❓
 

Pelican

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In reply to Mollie28, attached is the communication in November 2008 from Bank of Ireland's Head of Mortgages and Loans, Consumer Banking where the Bank admit that they caused CONFUSION...... the original communication gave staff a commitment that staff were entitled to return to a tracker. Banks should not cause confusion.... if they do, the responsibility for that confusion lies with the bank to make amends.
 

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Mollie28

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Thanks @Pelican I wonder has anyone a record of that Insite publication theres another record log that has vanished into thin air conveniently enough. I just received my file today so I’ll be straight into Padraic Kissane’s office tomorrow now. Thanks again for sending that on
 
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Mollie28

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Hi @Pelican, I wonder did you just receive this correspondence because you rolled off the staff fixed rate in 08? I’ve justvthrawled through my file and the MFA at roll over is there but no copy of the cover letter etc..on my file I never received this one that you published? But I have the staff rate of 4% now on my entire loan cause I’m part of the affected cohort
 
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Ducky10

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Has anybody being able to locate or get a copy of the original on-site offering... fixed rate to roll to tracker? My case is with fso and I too have contacted padraic Kissane. If the fso rule in favour of one of our cases then the cb will have to put pressure on boi to relook at this staff issue. Thank god this is taking legs...
 

Ducky10

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I think we all thought it was only a few who were affected I was shocked to find out yesterday that there might be 1800 of us. This gives me some hope as together we are stronger as a group. Myself I was afraid of complaining, afraid to taking an fso case, afraid it would affect my promotion, afraid of being transferred to a location that I didn't want. I almost became paronied. I just couldn't believe that they would do this. Offer , promise and then deny and legally find a loophole to back their decision. Every year we have to complete a code of conduct that includes ethics and I honestly laugh as the course inform us that we as a bank put the customer the centre of every decision...
 

MAX01

Registered User
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All BOI staff need to write to our new CEO Francesca Mc Donagh expressing their dismay and shock that she never mentioned the 1800 staff in her statement yesterday.
How she deals with this scandal will define her leadership in the bank. Is she going to be another Richie or will she change the culture that exists which has allowed this scandal of epic proportions to happen?
 

Brendan Burgess

Founder
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I don't have time to read this entire thread again, but someone said to me today that Bank of Ireland's refusal to give back the trackers to these people was because they were staff and not customers. Is that correct?

I fully understand the argument that bank employees could be expected to have a better understanding of mortgage documentation than unskilled workers, but if the bank was wrong not to return trackers, then it should be irrelevant that they are staff.

Brendan
 

Ducky10

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Brendan because we are bank staff does not make us an expert in legalise language and I think this is a lesson we learned the hard way. We took the Bank at their word its called "trust" they offered a fixed rate with a roll to a tracker. 2 months before those fixed rates expired the Bank withdrew tracker options to all new and existing customers fair enough a business decision. The argument is this - they had offered this to staff and knew that approx 2000 were due to retrun to tracker (within 2 months) which of course we could have taken up and so they tried to minimise their obligation by looking at the legal doc's and mfa's we signed. I have no doubt that the legal advice they received was that nay they did not have a strong obligation and could contest it and so set about amending computer data, removing documentation from internal internet system that showed what the offering was and what our mortgage accounts were to roll upon maturity. Ethically this is highly questionable. Can a retailer offer a product for a specific sum and conditions and midway say sorry I'm moving the goalposts as they don't suit us anymore.
 

Sarenco

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We took the Bank at their word its called "trust" they offered a fixed rate with a roll to a tracker.
That's interesting.

So you're saying that BOI staff that were on a (discounted staff) variable rate were promised that if they fixed at a (discounted staff) fixed-rate they could subsequently roll to a tracker rate after the fixed-term period.

Is that what you're saying?

If it is, was that promise committed to writing anywhere?

I know that the ~1,800 BOI staffers feel very strongly that they are entitled to trackers but I've never understood their argument.
 
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Ducky10

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These staff were all originally on trackers, prior to variable and fixed rate. Promised in writing yes on the internal staff on-site. Why then remove these files from onsite? why removed data from a mortgage system that showed what the product was to roll to?
 

Sarenco

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These staff were all originally on trackers, prior to variable and fixed rate.
Yes but the staff members deliberately and consciously switched from trackers to discounted staff variable rates before they fixed. I don't blame them - it looked like a fantastic deal at the time.

i couldn't see anything in any of the MFAs posted on here to suggest a contractual entitlement to roll to a tracker on expiry of the fixed term. Can you?

I would be very interested to see the wording of any relevant internal staff advertisement - do you have a copy of the onsite promise that you are referring to?

I'm not sure that it would trump the wording of the MFA itself but it might give some grounds for argument.
 
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