I have copied this from a thread on ptsb, but it applies to all banks. I think it's a very good explanation of the powers of the Central Bank and of their limitations - Brendan
Just to be clear, I don't think the CBI 'signed off' PTSB as it were.
1. CBI claimed that despite all the legislation that they did not have the powers to force at bank to restore trackers prior to 2013.
2. CBI therefore presented cohorts of similar fact cases to each and every Bank.
3. Some were so shockingly obvious that they were agreed fairly quickly.
4. Others were argued at length and eventually some Banks decided that based on some measure of fairness, they conceded.
5. Others dug their heels in and PTSB is one of these. Despite the various arguments on Discounted Tracker that should have killed PTSB stone dead, they simply resisted and to use barrack room slang it was 'foxtrot oscar' to CBI.
6. But this possibility was well flagged by CBI already.
7. Why are we surprised with the judicial criticism in many cases ad nauseam where several judges made excoriating criticism of PTSB.
8. PTSB obviously believe that none of you will fess up and allow Mr Kissane (for it is he who seems to have most knowledge on this) to give them a severe bloody nose.
9. The other issue that emerges from this is that compared to UK when they implemented Unfair Terms in Contract, it was simply this in the UK Supreme Court "...my conclusion that the non-disclosure of the amount of the commissions made Paragon's relationship with Mrs Plevin unfair is enough to justify the reopening of the transaction.." and that was PPI in the bin.
10. So what we should be saying to PTSB "..well punk, do you feel lucky?.."
Just to be clear, I don't think the CBI 'signed off' PTSB as it were.
1. CBI claimed that despite all the legislation that they did not have the powers to force at bank to restore trackers prior to 2013.
2. CBI therefore presented cohorts of similar fact cases to each and every Bank.
3. Some were so shockingly obvious that they were agreed fairly quickly.
4. Others were argued at length and eventually some Banks decided that based on some measure of fairness, they conceded.
5. Others dug their heels in and PTSB is one of these. Despite the various arguments on Discounted Tracker that should have killed PTSB stone dead, they simply resisted and to use barrack room slang it was 'foxtrot oscar' to CBI.
6. But this possibility was well flagged by CBI already.
7. Why are we surprised with the judicial criticism in many cases ad nauseam where several judges made excoriating criticism of PTSB.
8. PTSB obviously believe that none of you will fess up and allow Mr Kissane (for it is he who seems to have most knowledge on this) to give them a severe bloody nose.
9. The other issue that emerges from this is that compared to UK when they implemented Unfair Terms in Contract, it was simply this in the UK Supreme Court "...my conclusion that the non-disclosure of the amount of the commissions made Paragon's relationship with Mrs Plevin unfair is enough to justify the reopening of the transaction.." and that was PPI in the bin.
10. So what we should be saying to PTSB "..well punk, do you feel lucky?.."
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