Just to summarise
In some cases, borrowers were clearly entitled to a return to tracker after the fixed rate ended and the lender clearly and incorrectly did not offer them. In these cases, the lenders have given them back or will be giving them back.
Examples: AIB refusing trackers on the grounds that they did not do them anymore and ptsb claiming that people who broke their fixed term contracts early were not entitled to avail of the "You will be offered a tracker at the end of your fixed rate period."
But the fact that some people were clearly entitled to get their trackers back, does not mean that everyone who ever had a tracker should get theirs back.
When people fixed their rates and the documentation was clear that they would not be getting their tracker back, they will not be getting their tracker back. They can go to the FSO, the courts and the European Court if they want to. But they will not be getting their trackers back.
It's very important that people realise this. It's clear to me that some posters on Askaboutmoney have very unrealistic expectations.
I think that this is the point Cremeegg is making and it's a helpful point, even if people might not like it. Making the point does not make him or Sarenco "pro-bank".
I have seen the documentation in one of the
1,800 BoI Staff Tracker cases, and it was clear to me that the FSO was correct in not giving her back her tracker. I find it odd that 1,800 people working in a bank were apparently tricked out of their valuable trackers by their employers. I would have thought that there would have been a general discussion among staff whether or not it was a good thing to do and the pros and cons would have been discussed over the photocopier.
And before you all accuse me too of being pro-bank, it's absolutely clear to me that some people were denied their trackers incorrectly and I am glad that they have been returned. Where the CB finds evidence that a bank deliberately tried to encourage customers off trackers, even if the documentation is clear that they would be losing their trackers, these customers should get their trackers back.
But where people took a bet on interest rates by fixing and where the documentation was clear that they would be giving up their tracker rate, then they really have no grounds for complaint.
Brendan