Nationwide Building Society in UK explanation ofNo, I do not, not have I ever worked for EBS, or and part of the AIB group.
All the banks had a period where their SVR followed ECB. That did not make them trackers. The only other post I have made in relation to EBS that I am aware of was to reply to another post you had made where I mentioned that just because a rate changed at the same time as ECB did not automatically imply it was a tracker. You have of course posted more details in relation to your situation since that post. You might feel I was negative, but I expressed my views based on the information contained in your post.
My question was in relation to another posters statement that all references to a base rate imply ECB base rate. I have not yet found anything that would support that statement in a legal case.
My reference to AIB was simply an example of a base rate which is defined as something else (and as a side note is referred to in legislation).
Standard and Base Mortgage Rates
When you reach the end of a fixed or tracker deal, you will automatically move onto either our Base Mortgage Rate (BMR) or Standard Mortgage Rate (SMR), depending on when you reserved your original fixed or tracker deal.
If you reserved your fixed or tracker product through Nationwide on or before 29 April 2009, through Derbyshire on or before 30 May 2009 or through Cheshire on or before the 14 June 2009, you’ll move on to the Nationwide BMR. If you reserved your product after those dates, you’ll automatically move on to the Nationwide SMR.
Both are variable rates which we may vary in accordance with our mortgage terms and conditions. The BMR is guaranteed to be no more than 2% above the Bank of England Base Rate, whilst the SMR has no upper limit or cap.
If you choose to switch from our BMR to a new product, it isn’t possible to switch back to our BMR at a later date.
Further details of our BMR and SMR can be found in the table below: