Why are these guys getting trackers?
The Central Bank insisted that had AIB complied with the terms of their contract, they would have increased the tracker rate instead of withdrawing it in October 2008. However, based on the experience of previous changes to tracker rates, it would have taken AIB 12 weeks to implement that change.
So the Central Bank insisted that AIB give all those customers the tracker rate which would have existed during that 12 week period
Brendan
Thanks for the updates Brendan.
Just re the above, do you know if the CBI reached the above conclusion pre or post the FSPO decision?
It is a fascinating conclusion in that they retrospectively corrected AIB's error in effect (and maybe it is a fair conclusion to draw), there must have been a great temptation on AIB's part to stand behind the 12 week implementation only and let the rest of the cohort sing. Fair play for the 300, an amazing result for those people, and still a brilliant one for the rest of us given that CBI interpretation above.
(not to mention it might be an insight into why the FSPO didn't go the whole way and award tracker to Karen).
Last edited: