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Hi Ides & Elac,
Seems to be a bit of confusion here!
Ides, to be sure to be sure, are you saying that:
- (a) Ger Deering would look at all tracker complaints (so long as the €3m ceiling isn't breached), or
- (b) All tracker complaints (so long as the €3m isn't breached) should fall into the redress scheme irrespective of the property involved.
I'm reading your post as a confirmation to (a) above - whereas I'm really enquiring about (b)!!
Hi All,
The only question I have is whether non-residential properties are covered in the redress scheme or not.
To me, it seems that the term "buy-to-let properties" implies residential properties. Ides hols a different view. Which one is correct?
Jim - I don't understand why you have said "all claims that relate to a breach of contract" are covered. There is specific criteria for the cases that are included in the redress scheme - the redress scheme does not include all cases were a breach of contract is being disputed.
Interesting. Any basis for that claim?Non residential properties are covered by the tracker redress.
Interesting. Any basis for that claim?
It's certainly true that the interest charged on a lot of commercial (non-residential) loans is linked to EURIBOR. However, it doesn't necessarily follow that they are included in the Central Bank's redress scheme.Most commercial loans, as Red Onion has previously stated, track the euribor rate. This rate is a publicly quoted rate that both the borrower and the regulatory body can track, so it comes within the description of what a tracker interest rate is within the CBI guidelines. (See 3.4.1 of CBI December 2015 framework guidelines)
It's certainly true that the interest charged on a lot of commercial (non-residential) loans is linked to EURIBOR. However, it doesn't necessarily follow that they are included in the Central Bank's redress scheme.
I didn't say they were.With all due respect it does not say that these loans are excluded.
I didn't say they were.
You are asserting very baldly that non-residential loans are within scope. I didn't try to contradict you - I just asked you what was the basis for your claim.
So far you've just offered us your opinion as to why you think these loans should be in scope.
Again, I didn't say that they were excluded.What is your basis for concluding that these types of mortgages are excluded ?
Again, I didn't say that they were excluded.
I just asked you to back up your claim that they were in scope. You haven't so far.
The scope is limited firstly to mortgages, and within that to those which track an externally determined rate.
If it's not a mortgage, it's not in scope of this examination.
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