# EBS customers - you are not getting the 0.25% rate cut announced by AIB today



## Dauhee (9 May 2016)

I wonder does that include Haven and EBS?


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## Mackemdub (9 May 2016)

Dauhee said:


> I wonder does that include Haven and EBS?



Indo: "However, the group said the new lower variable rates only apply to AIB customers, and there has been no reduction announced for EBS and Haven mortgage holders."


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## Brendan Burgess (9 May 2016)

I don't understand that. 

Their cost of funds is the same.   OK, they have to pay a commission to customers who go through Haven, so that might be justified, but EBS customers will be up in arms about this.  I suspect that they haven't thought this one through. 

Brendan


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## Brendan Burgess (9 May 2016)

I have confirmed it directly with AIB that it does not apply to EBS or Haven customers. 
Their press release says: 

 " our mortgage offerings continue to evolve and we will be introducing more new features across our other brands over the coming months to further benefit customers and to give them the choices they are looking for".


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## Brendan Burgess (9 May 2016)

This makes no sense to me. 

You should get on to EBS and demand it. 

Brendan


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## Mackemdub (9 May 2016)

here's a question - as a haven customer, can i switch to AIB (assuming i meet the criteria etc) - seems illogical that i'd be able to, but also seems illogical not to cut rates across the group!


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## toby2111 (9 May 2016)

Why would they do that???Thats just displaying utter contempt for us EBS customers. I'm still in negative equity so I doubt they'll even entertain my irate phonecall.....


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## Techhead1 (9 May 2016)

Because they can.  Who is going to stop them?. 
EBS is a different bank when its suits AIB. 
Its seems AIB dont want to keep EBS otherwise integration would have happened years ago. My two cents.


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## Grizzly (9 May 2016)

Do you remember when the EBS was called "The Mutual Building Society". 

http://www.independent.ie/regionals...g-society-the-mutual-difference-27828858.html


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## inaquandert (9 May 2016)

Its disgraceful.     Why aren't they cutting it.    Are Aib cutting it.       I'm fed up of this country.    For all the politicians talk they do nothing for the people who pay through the nose for EVERYTHING every day.


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## inaquandert (9 May 2016)

Why are they overcharging in EBS.    Both in SVR.  And not giving reduced rate.     Im sick of it.   How can one bank behave in two different ways. Can I switch from ebs to aib.


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## Techhead1 (9 May 2016)

They are a business. If they can get away with maxing profits they will.

Don't blame them. Ineffective gov and toothless regulator are to play.

It's like the phone roaming charges. They are juicing it for as long as they can because they know the good days are coming to an end. 
The euro Market will eventually open Ireland up to mortgage competition and the gravy train will end.


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## gnf_ireland (9 May 2016)

Techhead1 said:


> The euro Market will eventually open Ireland up to mortgage competition and the gravy train will end.



I would love to see this happen, but to be honest until we address our repossessions issue - its highly unlikely any bank would consider coming here and offering European rates


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## Dauhee (9 May 2016)

KBC have now decided to slash () their variable rates by 0.1% . . . . but only for newbies

Meanwhile EBS + Haven customers will have to wait for these "new features" which sounds like a fixed rate offering


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## inaquandert (9 May 2016)

I rang EBS and they said they're waiting to hear if the reduction is to be made from the powers above.  I'll be livid if it isnt


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## Dauhee (10 May 2016)

I don't have the figures to back it up, but I remember reading about 2 years ago that the books for EBS are in a much healthier state than AIB. Less bad loans, more cash etc. If anything I would have an expectation for a cut >0.25%


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## Dauhee (10 May 2016)

Grizzly said:


> Do you remember when the EBS was called "The Mutual Building Society".



Unfortunately that changed on the AIB takeover - I can't post links but if you google for "ebs combined with aib to form one of two pillar banks"


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## Dauhee (10 May 2016)

Irish Times article called "Political pressure set to mount for lower mortgage rate" states that "The bank has separate plans for its EBS and Haven subsidiaries which will be announced in the coming weeks"


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## inaquandert (10 May 2016)

well the woman on the phone yesterday said we'd know in a few days but why?  Why not just pass it on?    I'm waiting to see what happens and am hopeful! I feel so angry at the way this country works.


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## MrEarl (10 May 2016)

AIB is State owned and the EBS is owned by AIB... so kick your local politican would be my suggestion.


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## Lightning (10 May 2016)

Dauhee said:


> The bank has separate plans for its EBS and Haven subsidiaries which will be announced in the coming weeks



Interesting that the AIB and EBS offerings are diverging. A lot of question marks still remain as to what AIB will ultimately do with EBS. I wonder if the divergence is part of a bigger picture plan for EBS.


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## MrEarl (10 May 2016)

CiaranT said:


> Interesting that the AIB and EBS offerings are diverging. A lot of question marks still remain as to what AIB will ultimately do with EBS. I wonder if the divergence is part of a bigger picture plan for EBS.



AIB are recruiting for a Head of EBS Brand  - see here , so they clearly see it as a stand alone brand going forward.

I would think they'd sell it in the morning if they could.. but would anyone buy it ?


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## INALLFAIRNESS (10 May 2016)

Is EBS to be the bad bank within the group. So will we be offered easy switching to AIB?


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## Leaky1 (12 May 2016)

Brendan,
How likely do you think it is EBS will give in and reduce their SVR by the effective date of 1st July?
What is the chance that threatening to leave EBS will open them to negotiating my current SVR rate? (edited to add: EBS local branch wouldn't negotiate when I rang them, just suggested 1yr fixed at 3.5%).

I'm currently with EBS (SVR 3.7%) and was previously in negative equity. However, the last 18months have seen a huge upswing in the value of my apartment (home).

If I was to apply to switch to AIB I'd be looking at an LTV of approx 75% (LTV <80% = 3.3%, or SVR of 3.4%).  The value of the mortgage would be  approx 1.6 times our joint earnings.  I'd love to sell in the near future but I could still be saying that in 5yrs time.

Mortgage remaining: €114,000
Current resale value:  €150,000 - €160,000
Gross Joint Incomes: €70,000 (€40k + €30k)
Remaining term:       11yrs 6 months (I think)

What 'catch'/locked-in period is there with AIB to not have the €2,000 fees clawed back?


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## inaquandert (12 May 2016)

But will they let you switch from EBS to AIB


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## Leaky1 (12 May 2016)

@inaquandert, why would they stop a person from switching from EBS to AIB? Have you heard of this happening?


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## deltrotter (13 May 2016)

Hi All,

As an EBS customer on SVR I'm pretty annoyed this rate cut was not passed on. The last 3 rate cuts announced by AIB were passed on to EBS customers. What I have done so far:

Called EBS. They could not give me anymore information that basically what is already known. I did ask if they had other calls of this nature and they said yes.

I have emailed:
Brian Hayes - got a response to say basically its on the agenda of the new government
Michael Mc Grath - no response to date (I must note he was pretty good at replying to my previous emails)
Finain McGrath - replied to say he will push this with the Government.

Would it be worth trying to organise another public meeting to push this matter? It's very frustrating.


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## inaquandert (13 May 2016)

Yes it would be nice to push it somehow.   Its so unfair.       I can't understand it.


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## toby2111 (17 May 2016)

Latest reports are that EBS customers "may" get a reduction of 0.15%........Why not the full 0.25? Is AIB SVR only 0.15% below EBS rate? 

Can someone post a link to what all banks are charging their SVR customers? I saw it on a thread here somewere  but would like to see an updated one...


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## Dauhee (17 May 2016)

It could be worse than that. in the same report it stated AIB may be reducing again before the summer is out so potentially 0.5% for AIB and 0.15% for EBS


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## deltrotter (17 May 2016)

0.15% of a drop if it happens is an insult. Even a drop of 0.25% is not that big in the grand scale of things. 

The last 3 rate cuts announced by AIB have been passed to EBS customers. It's so frustrating.


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## jenbenny (17 May 2016)

Last September I fixed with EBS for 1 year @ 3.5%. Im in huge negative equity so im not going anywhere for the foreseeable.

If they drop svr by 0.15 to 3.55% would be an utter insult! Don't want to fix again for another year as we just dont know
what is going to happen rates-wise.

Also emailed deltrotters list of TD's expressing my anger, awaiting reply....


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## Wardy7 (17 May 2016)

I spoke to Joan Collins TD on the bus this morning!  She said that the bigger parties have their allocated time for speaking at this motion but she will do her best to get her spoke in!!


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## Leaky1 (17 May 2016)

deltrotter said:


> 0.15% of a drop if it happens is an insult. Even a drop of 0.25% is not that big in the grand scale of things.
> 
> The last 3 rate cuts announced by AIB have been passed to EBS customers. It's so frustrating.



If/when I get approval from another bank I will switch just to get away from EBS's paltry offerings of reductions (only when they are forced to). I've such a bee in my bonnet that I think I would switch just to make the point that dragging their heels & overcharging will lose them customers.

I still have a few hoops to jump through but I am well on my way to leaving EBS. 
Just need the T & C's for AIB's €2,000 contribution clarified (rang today and they still didn't know) and to get a valuation to get my LTV rate.


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## inaquandert (17 May 2016)

I'm thinking the same as you.    Im going g to try and switch also.   Even though its hassle.  EBS seem to be a greedy bank and don't have the interests of their customers at heart only their own pockets


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## Techhead1 (18 May 2016)

+1 for leaving EBS. I'm Fixed until early next year. I'll be starting the paper work beforehand. They are a non bank.


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## Bikini Widow (19 May 2016)

Also with EBS on variable (alas I was on tracker but signed it away years ago)
Fixed until early next year on 3.5% also and will be hoping to leave them.


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## Leaky1 (19 May 2016)

AIB rang me back yesterday to answer some of my questions. The guy said that the €2000 contribution has no locked-in period attached to it unlike other named banks.

I have an estate agent coming out to do a valuation next week (need an LTV of 75% or less to qualify to switch) and have located P60`s and other docs I'll need.

At what stage should I engage a solicitor?


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## deltrotter (30 May 2016)

Hi All,

This issue seems to have disappeared from the media spotlight. Unfortunately I could not make the AIB AGM last week due to work commitments (thanks Brendan for the heads up on this). 

Is there any hope for this that we might see some rate cuts in the near future?


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## Techhead1 (30 May 2016)

ebs are a non entity. Move to AIB. I'll be moving once my fixed is up after Xmas.


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## Páid (30 May 2016)

I asked AIB on Boards to explain why they didn't pass on the rate cut to EBS customers and this is what they said.


> We will be introducing more new features across our other brands over the coming months to further benefit customers. We appreciate your feedback and we will certainly pass your feedback on to the relevant area.



When I suggested that a rate cut is not a "feature" or product they had this to say.


> Unfortunately, we are unable to provide further information at this time. We will inform our customer's of any changes.


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## inaquandert (30 May 2016)

yes its gone from the spotlight    no one cares  banks do what they like in this country


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## Páid (1 Jun 2016)

Boilerplate response from EBS about the SVR not being reduced that I received today.


```
Dear Sir

In reply to your recent enquiry regarding the announcement by AIB of a
reduction in rates, please see below.

  EBS is a wholly owned subsidiary of AIB but a separate entity to AIB. I
  can assure you that EBS interest rates are constantly under review, and
  while we have been in a position to pass on 3 rate reductions over the
  past 18 months, unfortunately we are not in a position to reduce our
  variable rates at this point. EBS’s mortgage pricing reflects our
  operational running costs, the cost of risk attached to a mortgage loan
  and the cost of funding the EBS mortgage portfolio. EBS continues to
  actively review its pricing and mortgage offer in line with any changes
  to funding costs and other market developments.

  Should you remain dissatisfied and wish to refer this matter to the
  office of the Financial Services Ombudsman for independent adjudication.

Should you wish for me to keep you informed of any future reductions or
incentives available to existing EBS customers, would you be able to
forward me any of the following in order for me to trace your records
1. Account number
2. Customer number
3. Address

Once received I will ensure that you are kept informed of any future
pricing or incentive offers immediately

Yours Faithfully


XXXXXXXXXXXX QFA
EBS and Intermediary Mortgage Business
Block L4
Bankcentre
Ballsbridge
Dublin 4
```


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## Páid (28 Jun 2016)

Does anyone know the size of the EBS SVR loanbook. I would like to work out how much they are making by not passing on the 0.25% rate cut.


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## Brendan Burgess (28 Jun 2016)

Hi Páid

They publish separate accounts from AIB here: [broken link removed]

They had €12 billion of owner occupied mortgages at 31 December 2015. 
They had a lower percentage of tracker mortgages than the other banks, so I would guess that they had around €4 billion in trackers. 
Let's assume it's around €2 billion of fixed rate loans.

That would leave around €6 billion of variable rate , non-tracker owner occupied mortgages. 

So around €15m a year. 

Brendan


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## Páid (28 Jun 2016)

Thanks Brendan.


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## deltrotter (28 Jun 2016)

Hi Paid,

I got pretty much the same response from EBS. Called them twice asking why they would not pass on the rate cut when previous cuts announced by AIB were passed on. I said I would be moving my savings away from them in the future not that it makes any difference to them! They said they would lodge it as a complaint and sent me a letter with the same response you got!
Richard Bruton called in the last month or so I mentioned the issue to him. I also contacted Finian McGrath on this issue. 

I don't know what more I can do!!!...


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## Techhead1 (28 Jun 2016)

Leave them if u can. Only thing they will understand.


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## toby2111 (28 Jun 2016)

Unfortunately, negative equity prevents me from switching. Sickening to read of the millions they get from not passing on these cuts..... And more sickening to watch an inept, disinterested  government do anything about it.


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## Páid (29 Jun 2016)

Give them a hard time on social media - http://social.aib.ie


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## Mackemdub (29 Jun 2016)

Haven to cut rates to 3.4% (same as AIB) from 1 Aug - still no mention of EBS though...

http://www.independent.ie/business/...tes-and-pay-2k-to-new-borrowers-34842134.html


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## Dauhee (29 Jun 2016)

Their lack of communication is a problem. Even for Haven, they left it month+ to release this positive news.

As for EBS, I am guessing they are not going to reduce any time soon, based on the fact they have adjusted their offerings with the 2% cash back.


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## deltrotter (30 Jun 2016)

I just called EBS there. What a waste of time. 

Basically I said I was disgusted that they are still unwilling to negotiate a rate cut after AIB and then Haven announcing rate cuts. 
Thanks Brendan I gave the guy on the phone all that info - 12billion in owner occupied mortgages and an estimate of what they have on their books for standard variable rates. The guy actually went silent on the phone...."We have not heard we will reduce the rates" is all he could say to me. 

So frustrating....where to next? I can't switch as I'm in negative equity.


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## Dauhee (4 Aug 2016)

EBS has the lowest tracker amount of trackers on their books, 15% I believe. So should be the most profitable (presuming don't have an unproportionately large amount of bad loans). There they have 0.2% higher rates so am guessing they believe a large proportion of their customers are unable to move due to possible negative equity. Will gain a few customers through the carrot of 2% cashback so they probably are not going to adjust their rates any time soon unless others drop further. It appears 3.1% for a variable rate is the lowest that will be offered by any of the cartels


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## maryburry (5 Aug 2016)

I am also stuck with EBS and can'tmove    -  I've been on to them, in to them and have written to them but they have no interest in their customers. For me they certainy are what can only be called a 'greedy bank' when all others can cut rates. The only offer I got where I could move bank was if I paid a substantial lump sum off my mortgage but I didn't have it.  I findthe whole situation very frustrating. I switch insurance on car, house every year to get the best deal with no bother and can't understand why I can't switch mortgage when I have record of never missing a payment and have a good salary. Shame on EBS


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## toby2111 (6 Aug 2016)

What makes it even more sickening is that their parent company, AIB, recently posted profits of €1 billion for the first 6 months of this year. It's absolutely disgusting that they won't pass on the small reduction to EBS SVR mortgage holders. A local TD of mine  said he'll be contacting Noonan and Dept of Finance regarding this....... I won't hold my breath waiting for a reply from them. But I'd advise all EBS SVR customers who are affected by this to contact their local TD's and do likewise. We have to apply more pressure on these crooks.


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## mister32 (6 Aug 2016)

Spot on

I thought Michael Mc Grath was introducing a bill to cap interest rates.

At least to give the Central Bank power to cap rates.

Maybe it's in the pipeline, just the TDs are on their holidays.


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## MrEarl (10 Aug 2016)

mister32 said:


> Spot on
> 
> I thought Michael Mc Grath was introducing a bill to cap interest rates.
> 
> ...




The Central Bank has made it very clear that they don't want those powers and by extension, won't be likely to use them even if the Government grants them the power to cap interest rates ... it's not a regulatory function and not what the ECB see's as the Irish Central Bank's function, as I understand it.

Michael McGrath played a blinder by proposing that Bill, he got plenty of good press for himself and FF, but knew fine well all he was doing was kicking the can down the road because the Central Bank won't use the power if given it and yet, the politcans can claim they tried to do something to help the public.

There is absolutely no reason why the Government, *as majority shareholder*, (not as the Government) cannot immediately instruct the Board of it's two Banks (AIB & PTSB, who together must have circa 50% of the Homeloan market) to cut their rates if they wanted to.  Very simple, very effective.. but never going to happen because this is a big game of cat & mouse with the public.  The ultimate goal of the State is to sell these two Banks back into private ownership and to do that, they need to show them to be making signifcant profits .. thats where their customers come in !


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## mouse1 (14 Aug 2016)

I am about to switch to EBS on an 80% loan to value at 3.5% with 2% cashback on 185K mortgage. A great improvement on the 4.5% I am being charged by PTSB currently. I hope I am making the right choice?


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## Dauhee (16 Aug 2016)

mouse1 said:


> I am about to switch to EBS on an 80% loan to value at 3.5% with 2% cashback on 185K mortgage. A great improvement on the 4.5% I am being charged by PTSB currently. I hope I am making the right choice?


you can't loose - there is no lockin so get your cashback and move onto the bank with a cheaper rate when you can


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## maryburry (16 Aug 2016)

It's a pity they wouldn't do this for their existing customers,


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## Páid (17 Aug 2016)

It's a pity that when your LTV goes into a more favourable band (i.e. SVR rate) that you cannot move to it without switching. Surely an existing customer with a track record is a better risk than a new, unknown customer?


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## todo (17 Aug 2016)

Páid said:


> It's a pity that when your LTV goes into a more favourable band (i.e. SVR rate) that you cannot move to it without switching. Surely an existing customer with a track record is a better risk than a new, unknown customer?



The odds are that most people won't switch, if they made it easy to get into the more favourable band, it would cost them more then loosing a few customers who would switch.


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## mouse1 (18 Aug 2016)

The irony is the Estate agency working for PTSB undervalued our house to make sure we got the worst SVR. The Estate Agent said PTSB wouldn't accept anything higher in valuation.

This spurred me on to switch.

An independent Estate Agent for EBS valued the house 65K higher, so we get a much lower rate and a good deal with cashback!


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## gnf_ireland (19 Aug 2016)

Páid said:


> It's a pity that when your LTV goes into a more favourable band (i.e. SVR rate) that you cannot move to it without switching. Surely an existing customer with a track record is a better risk than a new, unknown customer?



In essence the people who don't switch here are subsidising the rates for the higher LTV customers. If everyone switched {or automatically availed of the lower LTV rates) at this stage the rates for higher LTV would have much higher rates


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## mouse1 (19 Aug 2016)

It's incredible that there is no tie in with the EBS cashback. I could theoretically move mortgage to a slightly better deal as most are paying legal fees.


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## Dauhee (26 Oct 2016)

Time to start abandoning EBS in light of todays KBC news. The process has started for me . . .


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## toby2111 (26 Oct 2016)

What's the KBC news? Would it help any of us still in negative equity? I'd love to switch from EBS but that's preventing me.


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## Dauhee (26 Oct 2016)

KBC have dropped their rates, currently lowest in market. I contacted my EBS office and told them if they could match I would stay. He was very nice but said his hands are tied.

Not sure about negative equity, worth a shot contacting them to see if anything could be done


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## Tebbit (26 Oct 2016)

Yes, I read about KBC on the paper today and will definitely be looking into this.


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## toby2111 (15 Sep 2017)

Are EBS customers being denied the rate cut announced by AIB this morning??


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## Techhead (15 Sep 2017)

I advise everyone to call EBS over the next few days. They cannot be allowed get away with this. The gap between AIB and EBS is a disgrace!


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## Techhead (15 Sep 2017)

Typically EBS. Stay quiet and hope nobody complains. Dont let them away with it.


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## lledlledlled (15 Sep 2017)

I will be leaving EBS if they don't cut rates in the coming weeks. Hopefully others will do the same.


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## Techhead (15 Sep 2017)

Yeah i fixed awhile back for 1 year to get a slightly better rate as the LTV for my band with AIB was marginal. This is a massive gap now!! If they dont drop I am gone this time for sure.
Share this post with all your friends. People power will force them to drop!


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## Dauhee (16 Sep 2017)

As per usual, Brendan is fighting injustice and giving a voice to the meek! The piece in the indo today spared some space to highlight the terrible EBS rates and its withholding of reductions.

The reality of the situation is, EBS is not a mortgage provider to stay with. It has a flawed model, one that pays to move to but not to stay with. The rates, both variable and fixed, are significantly greater than the competitors. Apart from the 1 year incubation period after cashback, there is no reason for anybody to stay with EBS . . . . . . unless of course other banks won't do business with you for whatever reason.

Its generally agreed that variable/fixed rate customers are propping up loss of profit from trackers, and it could also be argued for EBS that their existing customers (pre cashback) are propping up cashbacks for new customers. So a double blow to the unfortunates.


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## Techhead (19 Sep 2017)

Silence from EBS....really?. Your parent just undercut you massively and you expect your customers to do nothing??


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## Páid (19 Sep 2017)

> Just had reply from AIB to say they are not passing on the rate cut to EBS customers similar to last time. Disgraceful.



https://twitter.com/henryslegacy/status/908629477428776961


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## Techhead (19 Sep 2017)

Well that's that... ebs shafting their customers again and keeping their head down. Vote with your feet folks. This bank is officially doa


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## Dauhee (19 Sep 2017)

Tweet claiming EBS rates won't be reduced was made at 2:52 am on 15 Sep 2017. It contradicts the press release made on same day that stated EBS rates would be reviewed in the coming weeks. So tweet is probably not based on fact. In saying that, it may very well turn out that way . . .

Anyhow, nobody should be staying with EBS (the self acclaimed "Mortgage Masters"), even if they drop by 0.25% they are still not competitive, so anybody that can move should do so ASAP


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## pguyo (20 Sep 2017)

Dauhee said:


> Tweet is of questionable timing at 2:52 am - 15 Sep 2017, contradicting and on day of press release. Probably not reliable intel. In saying that, it may very well turn out that way . . .
> 
> Anyhow, nobody should be staying with EBS (the self acclaimed "Mortgage Masters"), even if they drop by 0.25% they are still not competitive, so anybody that can move should do so ASAP


Unfortunately negative equity scuppers the chances of moving for lota of people.


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## Brendan Burgess (24 Sep 2017)

AIB will be appearing in front of the Oireachtas Finance Committee on Tuesday.

You should contact your local TDs and ask them to attend and raise this issue.

I will send some of the members of the Committee a briefing note on the issue, but if they hear from a few people, they are more likely to raise it.

Here are the members. If you are in one of their constituencies it's vitally important that you contact them.


*Chairman: *John McGuinness

*Vice Chairman: *Gerry Horkan

* Member* * Party
Deputies:* 
Peter Burke  Fine Gael
Pearse Doherty  Sinn Féin
Michael McGrath  Fianna Fáil
Paul Murphy  S-PBP
Seán Sherlock  Labour

* Senators:* 
Paddy Burke  Fine Gael
Rose Conway-Walsh  Sinn Féin
Gerry Horkan  Fianna Fáil
Kieran O’Donnell  Fine Gael



Brendan


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## Showmethemoney (25 Sep 2017)

Thank you Brendan for highlighting this. I have emailed Michael McGrath about the issue.


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## Dauhee (25 Sep 2017)

Thanks very much Brendan. For all customers at EBS; *speak now or forever hold your peace.*

I believe the more politicians we contact to raise this issue the better. If they get enough requests from us voters, they may highlight this injustice. I did a quick compare, and EBS have the highest mortgage rates for owner occupiers by a significant margin


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## Foobar (25 Sep 2017)

Dauhee said:


> Thanks very much Brendan. For all customers at EBS; *speak now or forever hold your peace.*


I don't know enough about this topic, but I would surely like to see EBS drop their rates! How can I help?


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## Brendan Burgess (25 Sep 2017)

I think you should email this to your TD 






How can EBS justify charging .55% more than AIB? 
How can the rates for EBS be 50% higher for low LTV mortgages? They cannot use the "difficult to repossess houses" excuse at low LTV 

But most importantly of all, why are the existing EBS customers subsidising the 2% cash back for new customers? 

And will your TD support the FF bill to oblige lenders to treat existing customers the same as new customers and to limit cash backs to the legal costs?

Brendan


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## Dauhee (25 Sep 2017)

Foobar said:


> How can I help?


Hi, if you can contact TDs/Senators listed above and also any of your regional TDs. The more politicians that are informed about this matter, the better.

Currently I have 2 responses from assistants saying they will forward my request on, and also a response from Michael McGrath saying that he does intend to bring this up at the Oireachtas Finance Committee meeting tomorrow


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## Brendan Burgess (25 Sep 2017)

Dauhee said:


> a response from Michael McGrath saying that he does intend to bring this up at the Oireachtas Finance Committee meeting tomorrow



That is great. 

But what tends to happen is the the banks talk out the time allotted to the TDs and so they don't get a full chance to respond to answers from the lenders.  If Michael McGrath brings this up, it would be very helpful if some other TD follows up on the issue. 

Brendan


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## Techhead (25 Sep 2017)

Done. Folks I dont think we have a choice now but to leave EBS. They clearly dont want to compete.


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## lledlledlled (26 Sep 2017)

Met with KBC today and am almost decided on going with their 10yr fixed rate. 
I'll be glad to be finished with EBS. Only a market-beating SVR change announcement (very soon) will keep me there now. 

Any word on how the Committee went today? Was the EBS issue mentioned?


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## Brendan Burgess (26 Sep 2017)

They are not on until 4 pm. 

Brendan


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## Páid (26 Sep 2017)

Might be able to watch it live here - http://www.oireachtas.ie/parliament/watchlisten/watchlive/committeeroom3/


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## Dauhee (26 Sep 2017)

It was mentioned that there was a "flood of emails" on this issue, so well done to all that made contact. I believe only by politicians bringing this up will it be dealt with, otherwise if no noise made, no rate cuts given. As far as I know, Michael McGrath gave a good bit of his time as well as Kieran ODonnell and Peter Burke.

But alas, nothing definitive apart from, will be a staggered news release, just like the last AIB cuts. 

A full transcript will be online in a few days:
http://oireachtasdebates.oireachtas...ack.nsf/committeebasebyyear/2017?opendocument


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## SaySomething (26 Sep 2017)

I covered the hearing for AAM members on the tracker forum. This topic was discussed at length: https://www.askaboutmoney.com/threa...reachtas-finance-committee-26-09-2017.205211/ 
Hope this helps.


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## Tebbit (26 Sep 2017)

Thanks Brendan for all the info on this.  I e mailed and got prompt replies from two at the meeting.   I hope it makes a difference


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## Boyd (28 Sep 2017)

Emailed the guy in EBS who did our mortgage asking what is story, got very vague "we are reviewing our rates and any cuts will appear in the press" response. Going to give it another month and then look into switching. I'm at 3.5% EBS variable, but can get 2.95% AIB variable based on LTV....


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## Dauhee (28 Sep 2017)

you should start switching anyhow. EBS are not going to drop by .55% any time soon (in my opinion). You even might have enough left over from the 2k switch money for a meal out somewhere to celebrate saving 50-100Eur a month.


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## MrEarl (29 Sep 2017)

Agree 100%.

People need to vote with their feet here, assuming they can refinance.  

It's insane sitting back waiting for EBS to drop their rates, the EBS will only drop their rates when they are under pressure to do so and even then, there's no guarantee that they will match the cheapest rate available to you from another lender.


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## tonymac (29 Sep 2017)

Firstly i do admit i am with AIB and to be fair to them they so far have come across as the best of a bad lot, the reason i say "so far" is i would be wary as regards what happens when they are taken out of state ownership but thats for another future thread. People with EBS are being badly shortchanged at present and are perfectly entitled to be furious and should be looking at changing but i think this may be because AIB are using EBS to market the cash back gimmick and thus the reason gor not dropping the SVR. AIB i see dont offer cashback but theyre covering the cash back market by using EBS and consequently the customers of EBS who are the innocent victims of this. I havent read all the contributions on this thread but im sure this point has already been highlighted but what i have seen is the obvious one of people getting out of EBS which is exactly what id be doing if i was in a position of not being in NE which of course is another issue again to make them pay for what they are doing.with with them to make them pay for what they are doing. The NE issue was mentioned on another thread when PTSB was described as Prison TSB, sums that issue up for sure.


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## lledlledlled (29 Sep 2017)

tonymac said:


> Firstly i do admit i am with AIB and to be fair to them they so far have come across as the best of a bad lot, the reason i say "so far" is i would be wary as regards what happens when they are taken out of state ownership but thats for another future thread. People with EBS are being badly shortchanged at present and are perfectly entitled to be furious and should be looking at changing but i think this may be because AIB are using EBS to market the cash back gimmick and thus the reason gor not dropping the SVR. AIB i see dont offer cashback but theyre covering the cash back market by using EBS and consequently the customers of EBS who are the innocent victims of this. I havent read all the contributions on this thread but im sure this point has already been highlighted but what i have seen is the obvious one of people getting out of EBS which is exactly what id be doing if i was in a position of not being in NE which of course is another issue again to make them pay for what they are doing.with with them to make them pay for what they are doing. The NE issue was mentioned on another thread when PTSB was described as Prison TSB, sums that issue up for sure.



Agree with all of the above except AIB do give 2k cashback. 
For those wishing to stay on variable rates, they seem the obvious choice. 
You could always make a few quid first though, by initially taking the mortgage out with EBS for the 2% cashback, then switch to AIB for 2k and the lowest rate in the market.


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## tonymac (30 Sep 2017)

Thats fair enough lledlledlled, hadnt seen that, no excuse therefore if youre not in NE not to move in droves to AIB. Unfortunately for those in NE the pain goes on and thats one reason on its own for the campaign to continue.


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## HouseHunter2016 (2 Oct 2017)

I switched from EBS to AIB recently - well, i sold my home that had an EBS mortgage and got a new mortgage with AIB (now 2.95% on a 70% LTV).  I didn't even look for a mortgage from EBS as they overcharged for years and I don't trust them at this point.

The 'best' that EBS could offer in my years of being in neg equity was to tell me to choose their high fixed rate instead of my high SVR.


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## Dauhee (3 Oct 2017)

I can confirm in case there is any ambiguity, customers from EBS cannot move to AIB under any special arrangement. I am not even eligible to make an application, because the computer says no. Regardless of never missing a payment, significant additional paydown + impeccable credit history.

I referred to comments from Bernard Byrne at Oireachtas Finance Committee on Tuesday 26th Sept, about facilitating switching between EBS and AIB for customers that had "effectively demonstrated their ability to pay". The call was escalated to a supervisor but still rejected. They also refused to send out a refusal letter, as refusal letters will only be sent out for an application. 



> Mr. Bernard Byrne:  . . . . We have a switching offer, which covers the cost of switching, and we will operate with any customers to move to the AIB brand from EBS, or any other bank, if they wish, to facilitate them moving. The standard variable rate is available. We must, according to the regulatory standards, re-underwrite any reissuings of credit. We cannot simply move somebody over immediately as we must re-underwrite. For customers who have effectively demonstrated their ability to pay, it is a process where we cover the cost of any transition. There is a process people must go through, but we are very open to people moving if that is what they wish to do.



At this point it looks like I'm out of options and truly at the mercy of EBS, the "mortgage masters"


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## Páid (3 Oct 2017)

Did they tell you why apart from "computer says no"? 

Are you in negative equity?


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## Dauhee (3 Oct 2017)

They said I'm not earning enough according to their calculations, even though I pay >double every month. Apparently I should be getting helicopter rides and quaffing champaign every month instead of being committed to reducing my debt. Am in <50% bracket, 190k remaining


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