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

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TMH2017

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agree , not looking good - have sent on docs to padraic kissane as he is probably best route to get any response
 

Tracks123

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What docs did you send . My only proof is the internal change on the screen moving my roll to rate off tracker . Sad we are not included in the redress
I have been pushing on this for years.
Was told yesterday that they are still adding accounts to the list but was told last week that the list is finalised.
It depends on who answers the call.I know some one that works in the redress section(ie refunding overcharges) and those departments have worked last weekend and this weekend trying to get refund letters out.The same I understand is happening with the people that identify who is impacted.Either way if we don't get correspondence by Friday week its going to be back to the drawing board in January
Do you think I have a case based on information provided in posts?
thanks in advance
 

TMH2017

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sent on original loan offer, mfa to move to 2 year fixed along with internal correspondence re staff tracker options (from oct/nov 08) including the rate change screen, I had email from boi mortgages in oct 08 saying I would automatically roll to staff tracker too , will see what PK says

on lists ; per call I had with them yesterday there have been no new accounts added in last while but they were as usual not very clear on whether any new accounts would be added other than process is ongoing etc. etc.
 

Pewter

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Hi, Just an update on my case. Finally got a call late last week from someone to say I'm definitely not on the list of 6,000 (I had been getting mixed messages before). I think it's really important that those of us who were on the two year rate make contact with Paraic Kissane to engage him and also to ensure that the Oireachtas Committee continues the line of questioning from a number of weeks back. As mentioned here already, the Bank is back in before the committee in January.
 

SB2017

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Hi, 1st time posting. Really appreciate all the work that's been done by others on here for Staff impacted by this issue. I received a letter dated 28th Nov advising that our account has been included in the investigation and a subsequent letter 2 days later advising of our new tracker rate and revised repayment. I contacted the investigation team and they advised that, yes, we should have been given the option to switch back to tracker in Nov 2008 when we came off a 2 year FR. Am I correct in assuming that the redress will have to cover overcharged interest in '16 and '17 also? They couldn't tell me when we would receive our redress letter...it could be a few weeks. I'll post here when I receive it. Thanks again to Padraic Kissane and all who have campaigned on this.
 

MAX01

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To the staff that has not got their trackers back, do not lose hope. Get Padraic Kissane to represent you and send him all your loan docs - request all your data from the bank. I am aware of a staff member who has now got a tracker despite the fact that their mortgage was never on a tracker. Do not give up, keep on fighting, write to the Central Bank, contact John Mc Guinness, Pearse Doherty, Michael Mc Grath and your local TD. Good luck everyone.
 

Variable Mug

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Important update please read.

From my research (and being impacted also) this is not a simple matter of the bank doing the right / moral thing. It is simply a contractual point. For those of you who were on any mortgage pre 2010 I would encourage you to check the special conditions of the mortgage offer letter. This lists the terms and conditions of the offer. Many of us staff or ex-staff whether on variable, fixed or never on a tracker may find that there is a special clause in there stating that the rate will never be more than x% of the ECB repo rate. From what I have researched this is the most fundamental point of any contractual obligation for the bank to reinstate trackers and payback affected parties. Examples include:
If you were on a tracker and moved to variable. If the above clause was included you should be on the list.
If you were on a tracker and moved to fixed. If the above clause was included you should be on the list.
If you were never on a tracker but the above clause was included you should be on the list.

The redress process involves the bank staff trawling through contracts checking if they have breached contract. I previously thought it was because the bank were doing the morally right thing (as directed by the CBI). Many of us feel we were tricked to move from trackers. The bank is assessing where the contractual liability is.

CHECK your mortgage offer letter. My research suggests your answer lies in the special clause section... Good luck
 

Tracks123

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I spoke to the tracker unit this morning.
The list is being continually updated and there is "a significant" number of cases to be added in the next few days.
Conflicting information from previous calls but this man was very definite about this.
We live in hope!
 

Deckchair

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...'the language used by us in communications to you may have been confusing and/or misleading'... You think!
 

Linten

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Many Bank of Ireland staff are currently receiving redress correspondence and will shortly have overpayment and compensation paid to their Bank Account. I sincerely hope that regardless of whether staff engaged Padraic Kissane to act on their behalf in the course of this long running saga, that they make a financial contribution to him in recognition of the work he has put in over many years in getting a satisfactory resolution to the issue for so many people.
I am convinced that without his doggedness and resilience, we wouldn’t have had a prayer of getting our trackers back. Let’s remember that and compensate him accordingly.
 

TMH2017

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spoke with helpline this morning and my account still not deemed impacted - did say that the list was updated last Friday but that it was more sequencing of adding accounts and no specific cohorts added, he said he knew of many staff in my situation (i.e. not on tracker but was to roll to one) and that a decision has not been definitively made on these cases as yet as teams are still going through cases (no-one has been written to saying they are not impacted as yet), did say he thought likely investigation would be extended but seems like a slightly different story each time u ring up depending on who you talk to, he thought they had until end of Dec to go back to CB with final numbers (but I had read they had to go back to CB today?), anyway saga continues ...
 

Pewter

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@TMH2017: Sorry I didn't reply to your posting last week. I had missed it and meant to rely over the weekend. I did get to speak to Paraic and he is certainly going into bat for our cohort. He totally gets the extent (do correct me Paraic if you're reading this and I'm taking you up wrong) to which expectation of rolling onto the tracker had been built for those of us who were on the 2 year rate (regardless of whether we had been on a tracker or not) up to and including the insite publication. He believes that that expectation reasonably led us to believe that we didn't have to break out of the rate to get on a tracker in 2008 and that we should therefore be deemed to be impacted. However he believed that if the bank was to continue to argue on the purely contractual (and got away with ignoring the expectation created) then ours would be a harder fight.
I fear that Variable Mug is right and despite the nice words that all gave us hope, BoI is continuing to go the contractual route and is trawling through those who were on a tracker at some point. I believe that there is a more customer friendly reading of those contract details now being implemented thus leading to the extra 6,000. Our argument doesn't seem to be getting a hearing though.
 

TMH2017

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thanks @Pewter , have signed up with Paraic too and due to speak with him this week and will try encourage others to do same so our voice gets heard , will be interesting what CB update on BOI states this week
 
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