# Latest update from Padraic Kissane



## Brendan Burgess (17 Jun 2017)

Reproduced with his permission - Brendan 

*Update June 2017*


*By means of an update*



Dear All affected customers and their families,


Since my last update it would appear to some that the whole Tracker issue has gone away.


*Well it hasn’t,* but I can understand the concerns affected customers have. We have been doing an enormous amount of work relating to various aspects of the investigation, with what is now know confirmed as:


*“The Tracker Debacle”*


All banks are affected but the progress from each is varied.  To that end all banks are now required and must have concluded Phase 2 of their investigations by the end September 2017.  For a full understanding of the relevant phases of the investigation I am attaching a copy of the most recent update from the Central Bank.


Progress however has been inexcusably slow, and results in many affected customers and their families having to continue to overpay their loans.


Sitting alongside that frustration is the wondering if your account is even going to be impacted by the results from the investigation.  I now call this the *“Tracker Waiting Room” *which is packed with thousands of account holders waiting to hear the outcome for themselves and their families.


Many Banks are still resisting key aspects of the investigation but I can assure you that I am in constant contact with the Central Bank updating it with any information that can help inform their investigation.  I am doing this on behalf of the many that have engaged my office to ensure their account gets properly investigated.


The matter is ongoing, but with some detail I cannot pass on in an update like this, as it would be wrong to put it in the public domain at present.


*Ulster Bank/First Active*

This lender has tried to frustrate my efforts recently which I have raised with Ulster Bank Senior Management and the Central Bank of Ireland but what is clear is that the progress from this bank is totally unacceptable and is even outside the promises made by its CEO last November.  Ulster Bank has now given a commitment to conclude Phase 2 of its investigation by end September 2017 but I am certain aspects of its investigation will continue to require questioning and discussion/debate.









*AIB/EBS*

I recently held a very important meeting with Senior Management within AIB which is to be welcomed and if this engagement is progressed it can only help the entire process for both the customers and the bank itself.  I will have a more in-dept progress update on these matters in the coming weeks when I will write directly to our AIB clients.


*PTSB/Haven/Springboard*

I have written a separate update for customers of this bank as there are key aspects of that update that remain applicable only to that bank.


*KBC/Danske/INBS/Bank of Ireland and others*

All these banks are ongoing in their quest to conclude Phase 2 of each of their investigations within the Central Bank of Ireland timeframe of September 2017.


I note that KBC is listed to appear at the Oireachtas Committee with a date as yet not confirmed.  This will be the first time that KBC appears.


I am in continual contact with the Central Bank in relation to varying aspects of each lenders issues and queries that arise. I receive information on a daily basis that helps with the investigation and all relevant information is helping with the investigation.


It goes without saying that the entire matter has proven to be one of utter frustration and annoyance to me and I can only express my concern and understanding with what it means to each of you who are impacted by the matter but also the effects of any and ongoing delays in any conclusion to the issues.


Frankly it is a disgrace it is taking so long and I am not certain the time it is taking that any customers are at the fore of the thoughts of any lender.  The desire by each bank to date has been to see what each can continue to get away with but that is now changing given the wider scope each Bank must now expand to in its investigation in order to meet the criteria set down by the Central Bank.


This should result in fewer cases having to be fought over.  If the investigation is to be concluded in the thorough way it is supposed to be conducted, then ideally no case should remain with any argument outstanding.  However I fear this will not be the case in some instances and I have addressed this if it occurs, directly, with the Central Bank.


Again until the investigation is concluded we remain in the ‘Waiting Room’ to see what will happen.


I will however continue to commit to you that until I am satisfied with each individual case, I remain steadfast in my intentions, which is to restore each account, to what, each individual or couple signed up to and not what the banks are attempting now after their financial collapse and difficulties.


I will be away for some weeks in July but my office will continue to be available to address any questions that arise.  Individual cases will be replied to as issues arise of course.


I want to continue to assure each of you that I am working to my ability to have the matters addressed, investigated and corrected to my satisfaction and remain committed in those intentions.










With that in mind, I am delighted to announce that Mr Greg Allen is joining Padraic Kissane Financial Services effective from August.  Greg is vastly experienced in banking, having worked in a number of institutions with a particular background in mortgages.  Greg is also a qualified Accountant and Barrister which will add greatly to the benefits he can bring to our office to deal with the many aspects of these investigations and the various appeals to be taken.


This appointment will enable Padraic Kissane Financial Services to deal with any aspect that arises from the Lenders in this Tracker investigation and the resultant Appeals process.


Separately the Finance Committee has postponed all upcoming presentation for the summer given the changes that have recently occurred in our political landscape. Those presentations are due to recommence around September which should coincide with the conclusion of Phase 2 on the investigation across all lenders.


If you have any queries do not hesitate to contact us here in the office. There may well be matters not covered in this summary and if there are any immediate concerns please contact the office by email.


Best regards,


*Padraic*


*Padraic Kissane Independent Financial Advisor*


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## Suz2015 (19 Jun 2017)

Has anyone seen the PTSB update?


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## Sarenco (20 Jun 2017)

Suz2015 said:


> Has anyone seen the PTSB update?



Press reports outlined on this thread -
https://www.askaboutmoney.com/threads/banks-before-finance-committee.203988/page-2


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