# Central Bank to issue an update on Tracker Review in November



## SaySomething (25 Jul 2016)

The Sunday Business Post have a piece on it from this weekend, can't link due to post count but I'll pop it here in case someone would be able to copy/paste it. It says that the next update from the Central Bank is due on Thursday this week. businesspost.ie/money-matters-central-bank-tracker-probe-awaited/

Interestingly the article notes concerns that customers may be time barred from complaining while this debacle drags on.


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## Sarenco (25 Jul 2016)

Update may bring resolution for borrowers, writes Emma Kennedy

On Thursday, the Central Bank will issue a further update on its long-running tracker mortgage probe, with thousands of mortgage borrowers likely to be keen to get some resolution once and for all.

The ongoing examination of lenders’ treatment of tracker mortgage customers stems from an overcharging scandal – and subsequent redress scheme – that emerged at Permanent TSB this time last year.

The market-wide tracker investigation hinges on a number of key issues, such as whether lenders breached the contractual rights of thousands of customers by failing to offer them a tracker mortgage at the end of a fixed rate period. In a scenario where a mortgage customer was not offered a tracker rate by a bank, despite being contractually entitled to such a rate, they would have ended up paying over the odds for many years.

Long before news broke of the Permanent TSB problem, there were already concerns in Dame Street about issues with tracker mortgages, dating back as far back as 2008. That year, the regulator’s then consumer director, Mary O’Dea, warned mortgage lenders to act in the best interests of their customers when providing advice on switching tracker mortgages to fixed or variable rate mortgages. “Lenders should fully disclose the short, medium and long-term effects of switching to each consumer,” she said.

Regulatory sources suggest that trackers had been on the radar since then, but it wasn’t until months after the Permanent TSB issue emerged that the Central Bank decided to push the button on a wider investigation of tracker mortgages.

Hopefully Thursday’s update will bring some resolution for affected borrowers, but the clock is ticking.

According to documents obtained by The Sunday Business Post under Freedom of Information legislation earlier this year, the Central Bank is concerned that tracker mortgage customers affected by lenders’ errors could run out of time to make complaints, and has flagged its concerns to the Financial Services Ombudsman.

The confidential documents revealed that concerns over “customers being time barred” were one of a number of tracker-related matters discussed at a meeting between high-ranking representatives of the Central Bank and the Financial Services Ombudsman (FSO) in May.


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## corktim (25 Jul 2016)

I'd be surprised to see any progress on Thursday. 

I didn't think the 6 yr rule applied here if the central bank make a finding. If the banks fight it there may be an issue.

UB seem to be giving everyone the two fingers.


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## PadKiss (27 Jul 2016)

Hi all
Please find the link to the most recent update from the Central Bank. While most will be frustrated with the perceived lack of progress I want to assure all that good progress is being made and the Central Bank are working hard on the investigation but conclusions and proper redress to the matters will take time and I understand the frustration of this to account holders. We will just have to bear with the investigation Padraic 

http://www.centralbank.ie/press-area/press-releases/Pages/TrackerExaminationJuly.aspx


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## Wardy7 (27 Jul 2016)

That's an update????

Life is passing us by waiting for this farce to be finalised.


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## mister32 (27 Jul 2016)

"one lender will shortly be making a public announcement in relation to the progress it has made on its internal review"

who will that be?


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## DamC82 (27 Jul 2016)

How many account holders are roughly included in this review across the banks?


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## MorgVar (27 Jul 2016)

PadKiss said:


> Hi all
> Please find the link to the most recent update from the Central Bank. While most will be frustrated with the perceived lack of progress I want to assure all that good progress is being made and the Central Bank are working hard on the investigation but conclusions and proper redress to the matters will take time and I understand the frustration of this to account holders. We will just have to bear with the investigation Padraic
> 
> http://www.centralbank.ie/press-area/press-releases/Pages/TrackerExaminationJuly.aspx


 
 Thanks Padraic, You appear to be our only source of Information!

Can you clarify following Please;

1 Which Lender will soon be making announcement?

2 The CB are engaging with Consumer Groups- What Groups?

3 They refer to groups of Impacted Customers? and stopping excess rates when identifified etc. Is this when Banks have made a decision or just identified customers??

4 They refer to banks having dedicated Units for Customer Queries- Ulster Bank have no such unit and refuse to provide any Information to me or others over the past year.

5 Do i recall a post earlier that a Bank Of Ireland customer had their tracker restored as a result of this review? Just 1?

Thanks


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## DamC82 (28 Jul 2016)

Any word on KBC at all?


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## todo (28 Jul 2016)

A very unfair process, they are giving them far too much time and no fixed deadline for them to meet.
At a minimum they should have identified all the potential customers at this point. They should be required to stop over charging all the potential customers now and when the review is complete put everyone on the rate they should be on.


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## peemac (28 Jul 2016)

todo said:


> A very unfair process, they are giving them far too much time and no fixed deadline for them to meet.
> At a minimum they should have identified all the potential customers at this point. They should be required to stop over charging all the potential customers now and when the review is complete put everyone on the rate they should be on.



Better than what the previous governor did - (nothing)

There is a strict timeline - yesterday's update was always going to be a damp squib as most of the banks only took on staff for this in recent weeks. I know KBC only started hiring additional staff 4 weeks ago.

I think end of September was the deadline for banks to identify all accounts affected.

Yes its slow, but its methodical and hopefully the wrongs will be righted before long. 

The other option would be the CB to go gung ho, tell the banks what to do. Banks dig heel in, it gets stuck in legal argument for years and no-one wins.


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## SaySomething (28 Jul 2016)

todo said:


> A very unfair process, they are giving them far too much time and no fixed deadline for them to meet.
> At a minimum they should have identified all the potential customers at this point. They should be required to stop over charging all the potential customers now and when the review is complete put everyone on the rate they should be on.


^^^ This.
We can now expect another non-committal 'update' from Ulster Bank within the next fortnight. Once again, there will be no time-frame, no date for closure, and we will continue to pay the wrong figure on the mortgage. I have no confidence they will have progressed further by the time the next update rolls around in September, nor do I believe they will have identified the affected customers by the end of the year. This is ridiculous.


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## MorgVar (28 Jul 2016)

SaySomething said:


> ^^^ This.
> We can now expect another non-committal 'update' from Ulster Bank within the next fortnight. Once again, there will be no time-frame, no date for closure, and we will continue to pay the wrong figure on the mortgage. I have no confidence they will have progressed further by the time the next update rolls around in September, nor do I believe they will have identified the affected customers by the end of the year. This is ridiculous.



Just received UB update letter with no detail. Another update due in 2 months


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## todo (28 Jul 2016)

MorgVar said:


> Just received UB update letter with no detail. Another update due in 2 months



At least your are getting some communication, BOI have not sent any letters out. (that I know of)


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## notabene (28 Jul 2016)

MorgVar said:


> Just received UB update letter with no detail. Another update due in 2 months



I haven't gotten that letter yet, but I did speak to them last Friday and a similar conversation on the phone, no info, no timescales, but of course they do say they have empathy, ahem. And we did discuss how they need to have their report in by Sept 30th so the vast majority of this work should be done, but. Again they won't even commit to that deadline. I agree though it is utterly unacceptable that they can send out such 'updates'. The next will fall as their report is due.

Aib are under pressure as they want to float but as far as I understand they had the largest loan book, so the others should be able to get to grips with theirs. They hired approx 300 staff, so for arguments sake if there are 3000 cases with them, that is 10 cases per staff member.

I hope that it is hopeful that they are quoted as saying they failed to fulfil contractual obligations, as that is an admission of liability which is very important and hopefully puts the others in a tighter corner though I am not holding my breath.


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## MorgVar (28 Jul 2016)

I wonder if the CB enforcement order on Ulster Bank announced earlier has any meaning for customers such as I and this review of trackers.
 Phoned CB some time ago on this and told process is confidential


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## babyblackie (28 Jul 2016)

Got usual letter from UB...progress..blah...blah... 60 days.


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## notabene (28 Jul 2016)

MorgVar said:


> I wonder if the CB enforcement order on Ulster Bank announced earlier has any meaning for customers such as I and this review of trackers.
> Phoned CB some time ago on this and told process is confidential



My documents submitted to them & they asked permission to use case history as part of enforcement against them but as far as I understood it was between them and the bankbut that I wouldn't be made aware of the outcome of that as such


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## Jamespt (29 Jul 2016)

Watch out for Ulster Bank quarterly financial update next Friday 5th Aug. They will have to inform the markets and make a provision in their accounts if they believe they are exposed just like the other banks. If there's no provision then we are in for a long drawn out battle.


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## Leighlinboy (12 Oct 2016)

We must be surely due an update from the Central Bank October 12th now ? have the banks and their appointed  reviewers sent their findings back to the Central Bank now, i believe that us where KBC are now.... ?!


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## Onceagain (12 Oct 2016)

According to their website, next update before end of year, so probably another few months before we hear anything.


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## PadKiss (13 Oct 2016)

Hi all, I had a further meeting yesterday with the Central Bank and they will be issuing a further update in November and much like my last post there is progress being made but it is frustratingly slow. This is not the fault of the Central Bank but more to do with the size of the issue and the mess that existed in each lender. This may well have been as much to do with their administration and documentation back up as much as anything. I updated the Central Bank on my views of where each lender is from cases I am dealing with and the concerns I hold with each. 
When the process comes to completion stage I hope that the work I have done will begin to show. I share your frustrations at present as I have always believed it was and should have been alot more simple that it has been made. Banks may believe that will suit them but you can be assured each matter I am bringing to the Central Bank across all lenders is being looked at, whether the lenders like it or not. Padraic


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## robe (13 Oct 2016)

Hi Padraic
Have you any update with the 3.35% PTSB issue  ?

Thanks
Rob


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## SaySomething (13 Oct 2016)

It is extremely hard for customers to gauge what stage the banks are at without a published terms of reference, or timeframe. I appreciate your update Padraic but you seem about as much in the dark as the rest of us are.

This far the Central Bank has insisted that the review has to be completed by year end 2017. I would put money on the Central Bank's update in November (or early 2017) moving these goal posts beyond December 2017. 

On the one hand it's amazing how little transparency there is from the banks, and from the Central Bank, as to how this investigation is actually progressing. On the other hand 'plus ca change'...


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## mister32 (13 Oct 2016)

AIB seems to be in the lead in terms of declaring mistakes and announcing 3000 customers to be restored.

But even using AIB as an example, how many of the 3000 have been restored?

It seems reasonable to ask Aib to give some updates on their progress.

As for BOI I haven't heard anything since getting a letter from them in Castleisland. Co. Kerry about 6 months ago!


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## Onceagain (13 Oct 2016)

Frame that letter from Bank of Ireland, it's more than most of us have received!!!


mister32 said:


> AIB seems to be in the lead in terms of declaring mistakes and announcing 3000 customers to be restored.
> 
> But even using AIB as an example, how many of the 3000 have been restored?
> 
> ...


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## todo (13 Oct 2016)

mister32 said:


> AIB seems to be in the lead in terms of declaring mistakes and announcing 3000 customers to be restored.
> 
> But even using AIB as an example, how many of the 3000 have been restored?
> 
> ...



What was in the letter, they confirmed over the phone that mine is being review, but no letter.


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## mister32 (13 Oct 2016)

Just to confirm I was part of the review

Nothing since from BOI

Aib on the other hand send a letter each month saying they will have an update in a month's time. Not great but at least shows they are not forgetting.


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## PadKiss (13 Oct 2016)

Hi Robe
Yes I have been making progress on the margin issue also, you should have received an update. If not contact the office on info@padraickissane.ie
Padraic


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## mister32 (13 Oct 2016)

Fyi

http://www.thetimes.co.uk/article/tracker-scandal-offers-kpmg-and-deloitte-rich-work-wlhvv0chw


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## Freshstart (13 Oct 2016)

Is it just me that feels like salt in the wounds!? The money these banks have paid out to companies overseeing their mistakes and lawyers looking for loopholes they could've used to fairly restore us "victims" and compensate appropriately!


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