AIB Will the new Chief Executive of AIB do a Francesca McDonagh on it?

Brendan Burgess

Founder
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38,102
Statement from the AIB Tracker Campaign Committee on the confirmation of new Chief Executive of AIB


The AIB Tracker Campaign Committee welcomes the confirmation of Colin Hunt as the new Chief Executive of AIB and calls on him to take a leaf out of Francesca McDonagh’s book.

When Francesca McDonagh took over as CEO of Bank of Ireland 18 months ago, she acknowledged that BoI had been too slow to resolve the tracker issue and brought another 6,000 customers into the redress scheme. Up to then, BoI had been denying that these people had been impacted.

Bank of Ireland CEO says bank was too slow on tracker issue

Coincidentally, 6,000 is the same number of customers, which AIB has denied trackers to despite their having a contractual right to trackers.

These customers started on fixed rates but had a contractual entitlement to a tracker at the “then prevailing rate” when the fixed rate period ended. But AIB unilaterally decided to break these mortgage contracts and did not offer them tracker rates when the fixed rate period ended.

In March 2018, under pressure from the Central Bank, AIB finally admitted that they were wrong not to offer these customers trackers, but then went on to argue that if they had a prevailing rate at the time, it would have been higher than the Standard Variable Rate and so these customers did not lose out.

They then offered these customers €1,615 for what they described as a “service failure” in not offering them trackers. The customers have a right to appeal to AIB’s Independent Appeals Panel and should do so immediately. The Campaign Committee has produced a

Step by step guide to making an appeal on the AIB €1615 tracker
A group of the affected customers is planning to take a High Court case on the issue so that AIB will be forced to redress all these 6,000 customers fully and fairly.

Brendan Burgess, coordinator of the group, today called on Colin Hunt to make resolving this issue a priority so that the High Court action will be unnecessary. He said “AIB’s current advertising campaign is based on the idea that they offer “fair mortgages”. But this has not been the experience of these 6,000 tracker customers whose treatment will remain a stain on the reputation of AIB until it is resolved. The time to resolve this is now.”
 

verywhys

Frequent Poster
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108
Statement from the AIB Tracker Campaign Committee on the confirmation of new Chief Executive of AIB


The AIB Tracker Campaign Committee welcomes the confirmation of Colin Hunt as the new Chief Executive of AIB and calls on him to take a leaf out of Francesca McDonagh’s book.

When Francesca McDonagh took over as CEO of Bank of Ireland 18 months ago, she acknowledged that BoI had been too slow to resolve the tracker issue and brought another 6,000 customers into the redress scheme. Up to then, BoI had been denying that these people had been impacted.

Bank of Ireland CEO says bank was too slow on tracker issue
It was great to see that Bank of Ireland took responsibility for their mistakes and looked after their customers. It will be interesting to see if Colin Hunt can lead AIB back to being a truly customer focused bank that operates in line with their principal brand value "we put our customers first" .... https://group.aib.ie/content/dam/aib/investorrelations/docs/our-customers.pdf

AIB really need to take responsibility for their mistakes and put these 6000 customers on to the correct "prevailing rate" that they are entitled to as stated in their mortgage contracts.
 

TMH2017

Frequent Poster
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61
just a point of clarification that BOI hasnt looked after its staff customers and is still denying our group and even those they eventually put back on tracker rates were at higher rates than they originally promised !

https://www.independent.ie/business/personal-finance/property-mortgages/bank-of-ireland-resists-calls-to-give-200-staff-tracker-rates-it-promised-37807133.html

best of luck to the aib group - hope you get the redress you deserve, great press release.

it still amazes me that after 10 years, nearly 40,000 cases that their are still significant groups still fighting cases where the weight of evidence is so much in favour of the customer and the central bank remains as passive as ever !
 

Brendan Burgess

Founder
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38,102
Good coverage in the Examiner

AIB 'should add 6,000 customers' to tracker mortgage bill

A mortgage rights campaigner has called on the newly-appointed AIB chief executive to add 6,000 customers to its tracker mortgage redress and compensation scheme.

Brendan Burgess of Askaboutmoney.com claims Colin Hunt should start his tenure by adding more customers so far excluded from the bank’s tracker scheme.

Disputing the claim, AIB has said that “the customer grouping in question did not hold a tracker mortgage”.
 

verywhys

Frequent Poster
Messages
108
Good coverage in the Examiner

AIB 'should add 6,000 customers' to tracker mortgage bill

A mortgage rights campaigner has called on the newly-appointed AIB chief executive to add 6,000 customers to its tracker mortgage redress and compensation scheme.

Brendan Burgess of Askaboutmoney.com claims Colin Hunt should start his tenure by adding more customers so far excluded from the bank’s tracker scheme.

Disputing the claim, AIB has said that “the customer grouping in question did not hold a tracker mortgage”.
AIB seem to forget the wording on their mortgage contracts when it suits....which states that these 6000 customers are entitled to a “tracker interest rate Mortgage Loan” at the bank's then prevailing rates when coming off a fixed rate...it is not relevant whether these people were ever on a tracker before...AIB needs to step up and accept they made a mistake and honor their mortgage contracts.
 

Neverever

Frequent Poster
Messages
72
@verywhys , yup - Aib caught up in a ball of lies trying to defend themselves and as such their defences actually contradict themselves.

The defence you noted is they say we were not on a tracker.
This is actually a pro to our argument.....

We would have been on a tracker if Aib had not wrongly denied from us
 
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