# "the Central Bank is not in dispute with any lender in respect of groups of customers which should be deemed impacted"



## Brendan Burgess (16 Jul 2019)

From their report

3.5. Supervision Conclusion The Framework focused on the identification, by lenders, of groups of customers affected by tracker related issues from a systemic perspective. While the Central Bank is satisfied that the supervisory phase of the Examination was suitably robust and comprehensive, we are aware there is a possibility that individual customer-specific issues may be identified, which have not been captured to date. Such cases may arise through complaints to lenders and to the FSPO, appeals and court cases which we reference in Section 4.

The Central Bank is aware that some groups of customers are not satisfied with their outcomes because they were not deemed impacted under the Examination or, where they have been deemed impacted, are unhappy with the particular interest rate margin offered. Through the robust supervisory process outlined above, the Central Bank has challenged lenders to the fullest extent possible to ensure that all impacted groups were identified. The Central Bank is satisfied that, from a supervisory and legal perspective, it has worked to the limit of its mandate to ensure that where grounds were sufficiently clear and impact was established, all relevant groups have been included.

At this point in the Examination, the Central Bank is not in dispute with any lender in respect of groups of customers which should be deemed impacted, and as such is satisfied it has the required assurance in order to conclude on the supervisory phase of the Examination. In line with its consumer protection mandate, the Central Bank will continue, through ongoing supervision, to monitor outstanding redress and compensation payments to customers, to ensure that these are carried out by agreed timeframes and in line with the Principles for Redress, and to ensure that complaints and appeals are dealt with in line with the Framework.

The Central Bank will also continue to monitor the outcomes of any complaints, appeals and court cases and has also communicated to lenders the expectation that they must fully consider whether any individual customer issues arising could have the potential to impact more widely.


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## Brendan Burgess (16 Jul 2019)

We knew this for the AIB prevailing rate customers. 

But did we know it for the ptsb prevailing rate customers?  I had assumed it, but I thought I had heard reports of high level talks to progress the matter. 

Brendan


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## Brendan Burgess (16 Jul 2019)

OK, this is very important: 

_The Central Bank will also continue to monitor the outcomes of any complaints, appeals and court cases and has also communicated to lenders the expectation that they must fully consider whether any individual customer issues arising could have the potential to impact more widely. _

So, if, for example,  a ptsb prevailing rate customer gets a favourable ruling from either the Ombudsman or the High Court, then ptsb should apply it to all customers?


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## Brendan Burgess (16 Jul 2019)

Actually, it goes further than the Ombudsman and High Court. If the Appeals Panel makes a systemic ruling, the bank would have to follow it.

_The independence of the Appeals Panels - of both the lender and the Central Bank - was deemed critical for their credibility. As such, the Central Bank cannot intervene in Appeals Panels’ decision making but is monitoring the progress and outcomes from the appeals. The Central Bank also expects lenders to monitor the outcomes of the Appeals Panels and, where necessary, apply outcomes on any system wide issues across their wider customer population where similar customer circumstances arise. _


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## demoivre (16 Jul 2019)

Brendan Burgess said:


> From their report
> 
> ...and to ensure that complaints and appeals are dealt with in line with the Framework.
> 
> The Central Bank will also continue to monitor the outcomes of any complaints, appeals and court cases and has also communicated to lenders the expectation that they must fully consider whether any individual customer issues arising could have the potential to impact more widely.



This is far from over imo. Some of the terms used in contracts I have seen are in such clear breach of the Framework document it beggars belief. As David Hall might say a tsunami of appeals could be on the way


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