EBS What does an EBS "Variable Base Rate" mortgage mean?

tonymac

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228
I havent heard anything yet, has anyone else heard anything? either positive or negative?
Absolutely zilch so far im afraid. Surely there will be something from the ombudsman in the next group of judgements. Anyone have any idea when those will come out.
 

B26354

Registered User
Messages
308
Still waiting. There was positive news last year and I expected the FSPO to act on foot of this but don’t think they have made a decision on it yet. Hopefully not much longer to wait.
 

B26354

Registered User
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308
So no news in latest release of decisions. Waiting nearly 7 years for an FSPO decision on this is not good enough. If the variable base issue is so straightforward then you would think a decision could have been made years ago.
 

Decade

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2
So no news in latest release of decisions. Waiting nearly 7 years for an FSPO decision on this is not good enough. If the variable base issue is so straightforward then you would think a decision could have been made years ago.
Agreed!
 

B26354

Registered User
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308
E
Came across this article today when looking for something totally unrelated to banking (google is weird sometimes)
https://www.irishtimes.com/business/ebs-announces-lowest-variable-rate-in-market-1.1134199

Its the launch of the EBS tracker

It shows that whilst the rate was identical to their revised Standard Variable Rate but clearly says they two specific rates products - Tracker and Standard Variable
EBS’ problem now with the FSPO & Central Bank is primarily with their fixed to variable base rate product (2004-2008) & not necessarily the products you mention.
 

Themurph

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25
This is really taking a lot of time, to find out what the judgement on what variable base rate actually meant hopefully we will get a response to it soon.
 

whyindeed

Registered User
Messages
15
Is your complaint progressing with the FSPO? Does anyone else here have an active case with the FSPO?
Yes. My complaint is still progressing with the FSPO. The EBS are fighting tooth and nail about the definition. They have been very vague on some points and seem to take it for granted that Variable Base Rate will be accepted by the FSPO as just another way of describing a Standard Variable Rate. I take it an outside agency is being employed by the EBS to fight everything. It's a slow process but hopefully it'll be worth it!
 

tonymac

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228
Hi whyindeed, a slow process as you say indeed seeing as i wrote the first piece on this thread on 31/1/18 but hopefully one that will sort soon with an FSPO finding in our favour. Seeing as theyre being vague and possibly hiring an outside agency as you suspect i would hope that he will see this. At the end of the day they cant be just standard variables seeing as this SVR doesnt appear on our contracts or at least i havent seen it and they just happened to follow the ECB rate for at least the period between 2004-08 but maybe that is just co-incidential. The very best of luck with youre case and i will be very keen to hear how you get on.
 

Themurph

Registered User
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25
As I said before where was the option to go on to a tracker after the fixed rate was over it never existed because VBR was the tracker rate there was no "oh and would you like the tracker rate or the standard variable rate" when your fixed rate expired no we where givin the ambiguous term Variable base rate as in it variates form The base rate. That is the crux of the matter AMBIGUOUS
.
 

tonymac

Registered User
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228
Exactly but for something so blatantly obvious its taking along long time to adjudicate on. It can only be the amount its going to cost EBS if they do lose this one.
 

B26354

Registered User
Messages
308
Yes. My complaint is still progressing with the FSPO. The EBS are fighting tooth and nail about the definition. They have been very vague on some points and seem to take it for granted that Variable Base Rate will be accepted by the FSPO as just another way of describing a Standard Variable Rate. I take it an outside agency is being employed by the EBS to fight everything. It's a slow process but hopefully it'll be worth it!
Hopefully we can get some good news over coming months. I think EBS have run out of road with their line of argument & just maybe the FSPO will see through their strategy to avoid paying out to all customers who had this mortgage product.
 

DARKMATTERS

Registered User
Messages
38
The FSPO has only six full time legal officers that are totally overwhelmed by the volume of complaints that they have to deal with. I suggest you email your local TD’s to express concern about the time it takes for a complaint form being initially submitted, to being adjudicated upon. The Ombudsman appears to be a quite circumspect and pragmatic man, using reason and common sense in his case summaries of his judgments to date, but it is clear he needs more staff to make this statutory body fit for purpose.
 
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