# Ombudsman sends 500 tracker files to Central Bank



## Brendan Burgess (21 Feb 2016)

An interesting article by Niall Brady on the front page of the Business Pages in today's Sunday Times. 

The FSO is sending 500 files of cases to the Central Bank to help  them with their review. These will be of complaints upheld and rejected. 

Brendan


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## Black_Adder (22 Feb 2016)

I think the main problem with that strategy is:

1. The prior incumbent upheld 90% of cases in favour of the Banks.
2. Er . not sure what that will do.


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## Sligolive (3 Mar 2016)

It is looking good for AIB customers who were not allowed to revert to tracker rates. Recognition of a liability in the banks accounts paves the way for success for many.


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## rodger (3 Mar 2016)

Those effin banks are finally admitting liability


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## roncondon (3 Mar 2016)

Admitting liability is a stretch with every bank it's damage limitation.  Just ask anyone who is dealing with the ptsb appeals.


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## Black_Adder (4 Mar 2016)

Hold on - accounting provisions are not an admission of liability. With the way AIB are acting they seem to believe they will win the 'prevailing tracker' argument.


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## Mr Holmes (4 Mar 2016)

Are AIB going to rewrite the Oxford dictionary definition as to what the adjective " prevailing " means ?


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## roncondon (4 Mar 2016)

Ptsb have beat them to that


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## Mr Holmes (4 Mar 2016)

The question then remains, will the courts do likewise.( doubtful )


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## Black_Adder (8 Mar 2016)

Mr Holmes I think the Courts may not be the salvation. You might agree that with the passing of Justice Hardiman. it would take a substantial leap of faith over several buildings to assume that any of the Court would go beyond the specific contract in the 'prevailing' tracker type case. Particularly as a Solicitor acted for the consumer - and whilst the solicitor may also have not known what a tracker mortgage was, neither it seems did the Central Bank.

The Central Bank are hoping that the FSO after an expensive review by Bearing Point (do they know what a tracker mortgage is?) it remains to be seen how may cases they will uphold and effectively bring the likes of PTSB and AIB in on conduct and thus extend the six year period by a continuing conduct argument. Even then it would be a case by case basis.

The fact that the perversity of AIB and PTSB in this legal fiction of a 'prevailing' or future margin setting product is NOT a tracker mortgage as it has the margin as a variable component just highlights that we have a very low standard of consumer protection at the highest level.


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## Mr Holmes (8 Mar 2016)

Black_Adder said:


> Mr Holmes I think the Courts may not be the salvation. You might agree that with the passing of Justice Hardiman. it would take a substantial leap of faith over several buildings to assume that any of the Court would go beyond the specific contract in the 'prevailing' tracker type case. Particularly as a Solicitor acted for the consumer - and whilst the solicitor may also have not known what a tracker mortgage was, neither it seems did the Central Bank.
> 
> The Central Bank are hoping that the FSO after an expensive review by Bearing Point (do they know what a tracker mortgage is?) it remains to be seen how may cases they will uphold and effectively bring the likes of PTSB and AIB in on conduct and thus extend the six year period by a continuing conduct argument. Even then it would be a case by case basis.
> 
> The fact that the perversity of AIB and PTSB in this legal fiction of a 'prevailing' or future margin setting product is NOT a tracker mortgage as it has the margin as a variable component just highlights that we have a very low standard of consumer protection at the highest level.



There is still hope, Justice Hogan and Gregan may attempt to liberalise the very conservative viewpoint of the court of appeal and as for the Central Bank, all I can do is scratch my head!


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