Not sure. A lot will depend on the FSPO & the questions they are asking of EBS. If EBS admit there was no definition of the variable base rate at time of contract issue then we stand a very good chance in my opinion. Ultimately that will answer the question posed in this thread. If they admit to not having a definition then no one could have known what the term “variable base rate” meant at that time(2004-2008).Delighted for the AIB lads !! Do you think we’ve a chance now to get our money back ?
I recall reading information on how FSPO make decisions and the importance interpretation of contract T&C’s at time of issue. Retrospective interpretations are meaningless if there isn’t clarity or there is ambiguity at time of loan contract issue .