Surely they'd have sent such communication directly to the customer?
Why would they have sent the flyers directly to customers? Who are the customers in this case? Every person in Ireland who had not yet signed up to a KBC mortgage? Those who signed up it is irrelevent
Those who were already KBC mortgages and were fixing at the time should have received a document around what they would roll over onto. If they asked about trackers and were told they would roll back onto one, then this is another matter. If they never asked, I dont see how the bank was expected to know their desire to roll back to one.
The communication states its for "loan amounts" over/under 150k. That would suggest to most people that its new loans .
I am sure there are lots of people with KBC mortgages >150k even now never mind then. Its easy to envisage an existing KBC customer with a mortgage of that size in the boom times
Personally I think this is an extremely weak argument and I can't see the central bank accepting it.
I agree with this statement - unless of course the change was made by a broker rather than directly with the bank.
We have to keep in mind that at the time interest rates were rising, and so too were trackers. Lots of people can off trackers of their own accord to stabilise their repayments
I just think this is not an argument that will work. The first question any legal person will ask is what I say above - If this was aimed at customers that already had a mortgage, would it not have been sent directly to them and not the brokers?
Correct - if KBC wanted to encourage existing customers onto a product, they would contact them directly rather than via a broker. A broker is designed to obtain new business - either new mortgages or switching. The flyer was sent to brokers only
You forget 2005- 2009 very few people had email then KBC had no regional offices communication is not the same as now
The post man done a great job back then and delivered letters on nearly a daily basis.
I would disagree that very few had it - less than today I accept, but hardly very few. Most people under the age of 35 would have had an email then, and many older than it. My mother even had one back then !
Its amazing how contradictory some of the conversation flows are. On one hard you head the website said x in 2008, and another says very few had emails at the same time. We all tend to 'create' arguments to suit our own narrative (myself included). But the reality is - if KBC wanted to promote a product in 2005-09 to existing customers, there are better ways to do it rather than a flyer to brokers. They could ring each and every customer via a automated dialer, they could send them all a direct letter, they could include a leaflet with their mortgage statement or they could take out an advertisement in a few papers. Sending the communication to brokers is not one of them, unless they were willing to offer decent commission to brokers for this task...