Brendan Burgess
Founder
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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.”
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.”