# The banks are not offering "compensation" - it's a refund of our money which they overcharged us!



## notabene (23 Mar 2017)

it's misleading to say €78 million paid in compensation, the majority of that is surely a repayment of the overcharge, not compensation at all


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## Brendan Burgess (23 Mar 2017)

Brendan Burgess said:


> Of this, approximately €78m has been paid out in redress and compensation



Hi notabene

Good point.

They say "redress and compensation" . But I agree with you . "Refunds" would be a much better word.  If the normal compensation is 10% of the refund due, it means that the refunds were about €65k and maybe €13k compo. 

Brendan


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## Bronte (24 Mar 2017)

Brendan Burgess said:


> They say "redress and compensation" . But I agree with you . "Refunds" would be a much better word.  If the normal compensation is 10% of the refund due, it means that the refunds were about €65k and maybe €13k compo.



I think it should be called _Overcharge Refunds._  Why do they get away with misleading terminology that makes it look like they are the good guys and that mortgage holders are getting millions when it's not true.


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## Threadser (24 Mar 2017)

Bronte said:


> I think it should be called _Overcharge Refunds._  Why do they get away with misleading terminology that makes it look like they are the good guys and that mortgage holders are getting millions when it's not true.


Good point. Of course there should be consequences for the banksters who planned this deliberate overcharging of so many customers but this is Ireland so it won't happen.


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## notabene (28 Mar 2017)

In an effort to encourage 'refunds' rather than other terminology
https://www.irishtimes.com/opinion/letters/tracker-mortgages-and-the-banks-1.3026642?mode=amp


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## SirMille (28 Mar 2017)

Well done that woman!
How did you swing that?


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## notabene (28 Mar 2017)

@SirMille just emailed a letter to the Irish times,


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## Threadser (28 Mar 2017)

notabene said:


> In an effort to encourage 'refunds' rather than other terminology
> https://www.irishtimes.com/opinion/letters/tracker-mortgages-and-the-banks-1.3026642?mode=amp


Great letter. The terminology is certainly misleading. The public needs to be reminded that we are simply being refunded our own money stolen from us by the banks in an industry wide "scam". The redress being offered is paltry and the consequences for the individuals who deliberately took these tracker rates away from customers are non existant.


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## Mauritius (29 Mar 2017)

Wow. Well done.


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## Brendan Burgess (29 Mar 2017)

Niamh

Well done! Great letter. 

Brendan


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## Sarenco (29 Mar 2017)

The terminology used may actually have another significance - tax.

A refund or return of money is obviously not taxable but compensation or redress payments are taxable unless specifically exempted by statute.


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## SaySomething (29 Mar 2017)

The Central Bank directs that any tax implications are to be taken care of by the banks - however how exactly that is to be resolved is a little less clear...

_Any tax liability that impacted customers may incur as a result of the relevant issue or in respect of any redress, compensation or other payment made to impacted customers by the lender, as a result of the relevant issue, are to be discharged by the lender. The lender is to liaise directly with Revenue in this regard.
_​Page 8 of 9 of the "redress principles" as published by the Central Bank.


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## Sarenco (29 Mar 2017)

Indeed but that doesn't really change my core point.

If the lender is discharging an impacted customer's tax liability, that means the customer is receiving the compensation payment net of tax.  There is no need to net any tax from a refund.

As a separate matter, it will be interesting to see how Revenue deals with (what turn out to be) excessive reliefs or deductions.


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## notabene (29 Mar 2017)

@Brendan Burgess @Niall Morris  thank you both!


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## Argh32 (29 Mar 2017)

Well done Niamh

Would you be interested going forward as the Consumer Voice?


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## notabene (29 Mar 2017)

@Argh32 thank you - i'm happy to be considered - I don't mind speaking about it and anything that contributes to sorting it out as well as making people aware of exactly what occurred, I'm happy to do.


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## justo (30 Mar 2017)

@notabene Well done! Great platform to raise awareness of the bank's shocking behavior. Very good letter!


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## notabene (30 Mar 2017)

Thank you @justo


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## Mark Watson (30 Mar 2017)

Well done Niamh. More power to your computer.


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## Mauritius (30 Mar 2017)

This is great. I think the consumer voice should be, if at all possible, an impacted person who has great communication skills like Niamh.


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## Lightening (30 Mar 2017)

Great letter Niamh well done!

I personally feel that Padraic Kissane knows the tracker issues inside out across ALL banks and has been relentless in his campaign for years now to expose the scandal.   He is used to dealing with the banks. He knows his stuff!
I feel he is the best consumer voice we could have.


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## Onceagain (30 Mar 2017)

I also agree Padraic Kissane is the only voice, who else is fighting for us...No one.


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