What about Bank of Ireland

[rodger]

I see Aib and PTSB introducing redress schemes. I even hear mention of Kbc.

But what about BOI?

What are they doing?

 

[Black_Adder]

Be patient. The approaches by Banks are due in by end of March.
What will be highly interesting is what the Central Bank know (or don't know).
It would be pure idle speculation on my part [a virtually certainty] to suggest that the Central Bank may know more than they are
letting on - which I am not saying for the avoidance of doubt.

 

[Onceagain]

BANK OF IRELAND CUSTOMER'S

BOI have now set up a mortgage tracker examination section. They are conducting a review, due to be completed by the end of this year.
Details are as follows. People can ring or they say they will be in contact with customer's who are affected directly!!

1890882722 and by post to Bank of Ireland Tracker Mortgage Examination, PO Box 400, Castleisland, Co Kerry.

 

[PadKiss]

This from a lender who assured the Central bank it had captured all tracker cases in 2011 with 2091 accounts restored to their tracker margin. I know that all cases were not captured in this initial investigation and will be working to ensure that all accounts are investigated this time including the 1,800 affected staff. Be certain of it
Padraic

 

[MAX01]

Why is the IBOA not fighting for the 1800 BOI staff who lost their Trackers? I rang them in 2009 and they did not want to know, said it was not a union issue. Every member of the union pays over 300 euro subscription yearly. Larry Broderick is the highest paid Union exec in Ireland. I hope all the staff affected have cancelled their subs, perhaps they might do something then when they see their cushy jobs under threat

 

[Onceagain]

Internal memo to staff.

 

[Onceagain]

Article in Irish Times by Ciaran Hancock on Friday stating that bank of ireland are contacting customers who are due reddress, has anyone received calls letters yet??

 

[mister32]

That's interesting about bank of Ireland.

But didn't make any sense.

The central bank has already said the first step is to restore trackers. Put people back on the correct rate.

Subsequently a process will be discovered to best provide redress.

So what Boucher said makes no sense because first Bank of Ireland needs to identify who lost their tracker.

He didn't even mention that.

 

[Hogmeister55]

There seems to be no information coming from Bank of Ireland at all - has anyone received their tracker back, got a letter or even been told their case is being looked at?

There was a report of 1 tracker being restored as part of the BOI investigation a few months back but no details given of why.

I thought as each case of error was found the tracker had to be restored immediately with compensation to follow later. If an estimated 3300 trackers are expected to be restored why have we heard nothing yet? Surely a few of these 3300 have been looked at by now?

 

[Brendan Burgess]

Where does the figure of 3,300 come from?

Brendan

 

[Hogmeister55]

The Irish Times article on July 29th stated the following:-

"Financial services broker Padraig Kissane, who has pursued cases with the banks on behalf of borrowers, has estimated that about 3,300 customer accounts are affected at Bank of Ireland, including about 1,800 staff, and around 3,000 at AIB. "

I have no idea if this estimate is correct but assuming it is then it is surprising no one has heard anything yet.

 

[todo]

I'd also like to know why Bank Of Ireland do not feel the need to communicate with their customers. As part of the process the central bank should have told each and every bank to provided progress reports to each account that is being reviewed, surely at this point they know what the scope of the review is and have identified which accounts they are going to review.

 

[Gerry Canning]

todo.

BOI don,t feel the need, because their co-incompentants and friends in Central Bank shield them, as they have shielded them for years , whilst pretending they are all really consumer focussed..
BOI and most Banks are largely aided by anyone who still believe Banks have anything approximating to a moral compass, (and that includes posters.)
It continues to astound me on posts that say things like (do banks not realise ) etc. Of course they do and rely on our thought that they are honourable to lull us into accepting them.
It is sad but Banks must not be trusted, and BOI are to be the tracker checkers ! .

Padraig Kissane , would be redundant if there was a semblance of equity in Banking.

 

[Brendan Burgess]

"Financial services broker Padraig Kissane, who has pursued cases with the banks on behalf of borrowers, has estimated that about 3,300 customer accounts are affected at Bank of Ireland, including about 1,800 staff, and around 3,000 at AIB. "

OK. I wonder where he got the estimate from?

ptsb had 1200 customers affected but had a much more systemic issue - a supposed computer glitch which allowed people out of their fixed rate early at no cost.

I am not aware of any similar problem at AIB or BoI.

It could probably be estimated by the provisions they have made in their accounts for the cost of the redress scheme.

Brendan

 

[todo]

todo.

BOI don,t feel the need, because their co-incompentants and friends in Central Bank shield them, as they have shielded them for years , whilst pretending they are all really consumer focussed..
BOI and most Banks are largely aided by anyone who still believe Banks have anything approximating to a moral compass, (and that includes posters.)
It continues to astound me on posts that say things like (do banks not realise ) etc. Of course they do and rely on our thought that they are honourable to lull us into accepting them.
It is sad but Banks must not be trusted, and BOI are to be the tracker checkers ! .

Padraig Kissane , would be redundant if there was a semblance of equity in Banking.

Couldn't agree more Gerry, its completely unfair, they can do as they please and we will always be there to bail them out when they need it.

 

[Hogmeister55]

OK. I wonder where he got the estimate from?

ptsb had 1200 customers affected but had a much more systemic issue - a supposed computer glitch which allowed people out of their fixed rate early at no cost.

I am not aware of any similar problem at AIB or BoI.

It could probably be estimated by the provisions they have made in their accounts for the cost of the redress scheme.

Brendan

In July AIB confirmed they have around 3000 cases and have started contacting customers - they also added an extra 85m provision to cover the redress in addition to 102m they already had set aside.
The statement by Bernard Byrne apologised and admitted the bank was "not sufficiently clear with customers or we failed to honour contractual commitments". No details as to whether it was a widespread computer or human error.

BOI have made no provision to date and will only say they are complying with the central bank investigation.

 

[Brendan Burgess]

Thanks Hog

Do you have a link to that announcement? I looked but couldn't find it.

Brendan

 

[Hogmeister55]

Hi Brendan,

I can't post the link as I am a new forum member. I got the information from the Irish independent (Charlie Weston) on 28th July - titled "AIB to tell 3,000 they are getting trackers back"

 

[PadKiss]

Hi Brendan

In reply to above straight forward really BOI Staff informed me of the 1,800 number of staff that are affected and that leaves 1,200 as my 'wild guess'. This figure also comes from the narrowness of the investigation by BOI in 2011 where 2,096 were uncovered which was so narrow that BOI took full advantage of it in terms of who they had to restore to fill the need so to speak of the request from the Central Bank. Mr. Boucher and his merry bunch of executives, must be in some way accountable for this, Then there is the cases I have restored in the past number of years either through the FSO or directly with the bank which leads me to be certain there has to be at least another 1,200 affected customers with similar complaints and entitlement to their tracker margins given the level of loans done during this time.


Another aspect of this investigation is the extraordinary result that all lenders are guilty of some messing with their customers but not one senior manager has been held accountable as yet and this is the aspect of the investigation that is not taking place. It needs to be remembered here that this was in the main family homes they were messing with and it was all deliberate, and I know you don’t believe that but I have to totally disagree with the evidence I hold.

I am certain meetings took place in all the institutions with regards to trackers, as the elephant in the room was tracker loans either commercial or domestic. I'm not sure that it will ever get out but it won't be for the want of trying on my part. I read with anger the interview in the Irish Times today with the Chair of AIB stating


"Richard Pym says legacy problems largely solved and State is free to sell its equity stake"


That’s a lovely way of saying it is now behind us that we ripped off our own customers for the past 6 years or more and it's now largely solved, with not one customer compensated and plenty still over paying on their loans. The arrogance is astounding.

But then again maybe people like Sarenco and you are right and all is well within our septic pools of lenders and they are at least sorting it out and I am just ranting. The resistance that still exists is remarkable even after being caught. What they did is a disgrace and they should be ashamed to call themselves bankers in the traditional sense. But to go for the weakest and most vulnerable of their customers, like families is a crime and was also fraudulent. The people in charge who gave the go ahead for the crime that took place should be held accountable and I have been concentrating on getting it right for customers for the most part but don’t think I am forgetting the other aspect of this which I will be beginning to state a lot more from when the banks have finally drawn up some Redress package. A package and set of rules that will I'm sure be swayed towards the lender first and customer second as the PTSB one is.

But then again "these legacy issues are largely solved". Are they????

Try saying that to the people who have lost their homes in this debacle irrespective of which lender it is, something these families have to live with forever. Some legacy solving that is.
There you go my rant for the day only it's not a rant as I believe in everything I state, and somebody must do so for the customers affected on a daily basis now ongoing for 6 years or more.

But then again there is the Bank view........

'But, no guess what, we are back in profit now so we can sort you out (but we wont make it easy) and sorry about that but you know pillar bank, profit, country, strength and all that'......

Regards,


Padraic Kissane

 

[Brendan Burgess]

Another aspect of this investigation is the extraordinary result that all lenders are guilty of some messing with their customers but not one senior manager has been held accountable as yet and this is the aspect of the investigation that is not taking place.

There are enforcement actions taking place against ptsb and Ulster Bank by the Central Bank. The Central Bank takes ages to bring these to conclusions. They will probably reach a settlement rather than have a public hearing.

Brendan