# Has anyone lost a Danske /NIB tracker? Are they conducting a review?



## Brendan Burgess (14 Oct 2016)

A friend of mine had a very cheap mortgage with Danske and fixed for a couple of years. 
At the end of the fixed term, they put him onto their very high SVR. 
He took the case to the FSO, but Bill Prasifka dismissed it. 

Danske deemed his mortgage unsustainable and he had to sell it and they are chasing him for the shortfall. 

The odd thing, is that this is the first case I have heard of this.  

Has anyone else lost their Danske tracker? 

Brendan


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## PadKiss (14 Oct 2016)

Danske have questions to answer also and are part of the Central Bank industry wide Review Padraic


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## Brendan Burgess (26 Oct 2017)

Any update on this. I see someone else asking about it in the middle of another thread. 

Brendan


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## Duggie (27 Oct 2017)

Danske have conducted their part of the review, while the CBI review is ongoing. Letters sent in July. I understand CBI have yet to opine but my understanding is that Danske have told everyone they were reviewed and deemed not to be impacted and as such not eligible for redress or compensation.

Danske have taken a purely legal view. I went from tracker to fixed to variable and as I signed the fixed rate facility letter, it's tough luck. This approach appears to be at odds with the big 5, certainly in the context of what has happened this week and how other banks are now dealing with them.

What's really poor is that they have not been called to task by the Minister. They still operate a corporate banking unit from the IFSC......

Padraig will the CBI take them to task?


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## Brendan Burgess (27 Oct 2017)

Duggie said:


> I signed the fixed rate facility letter,



Thanks for the update Duggie. 

Did you actually sign a fixed rate facility letter?  I thought that they were different from the other lenders in that they issued a fresh mortgage contract, but that might have been in some cases only.

Could you scan in or type the wording of the fixed rate facility letter.

Brendan


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## Duggie (27 Oct 2017)

Brendan can I touch base with you offline? Email?


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## Brendan Burgess (27 Oct 2017)

I don't give opinions on stuff privately. But if you want to email me something which you are not prepared to put online, feel free to send it to me at brendan at this website.

Brendan


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## DenisH (15 Nov 2017)

It will be interesting to see how this works out.
Lets assume for argument's sake that Danske have roughly the same problems with trackers as the other institutions in Ireland with large tracker exposures**
It appears from this thread and correspondence I've seen that they are stonewalling their customers on the issue and that their review will manage to find no issues with their trackers.
Danske are unique in Ireland in that their operation here is just a branch of Danske A/S and they are therefore regulated by the Danish FSA. As far as I am aware all other foreign operations of note have set up a subsidiary here which is directly regulated by the CBI.
Danske's website states that they are, however, regulated by the Central Bank of Ireland for conduct of business rules.
Are the CBI willing to sanction a Bank that is primarily regulated by another authority? 
If not, Danske customers would likely then be taking their complaints en masse to the FSO. At best this would be time consuming and costly. At worst, the FSO will side-step the issue by referring customers back to the fruitless result of the CBI tracker review.

I'll await the results of the Danske review but I suspect that their customers will need to organise and to kick up a fuss both in Ireland and in Denmark if they wish to get results. https://www.askaboutmoney.com/threads/danish-journalist-looking-for-danske-bank-customers.205886/  Link here to another thread where Danish journalist is seeking details of tracker breaches. 

**I've seen one friend's Danske case with clear breaches of the CPC. Based on this breach - its appears to be a systematic issue in Danske and so I am comfortable assuming that they have large numbers CPC breaches across their tracker book.


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## Lightening (15 Nov 2017)

https://www.google.ie/amp/s/www.iri...sh-tracker-mortgage-scandal-1.3291325?mode=am


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## Lightening (15 Nov 2017)

Sorry don't know what happened there with link Irish Times yesterday 

"
*Danske Bank says 78 customers hit by Irish tracker mortgage scandal"*


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## Duggie (15 Nov 2017)

What was the CPC breach DenisH? The IT article clearly states that it’s review is subject to assurance work by the CBI. It’s clear what has happened to other Irish banks once they got through the CBI review. Just ask Francesca! So this one still has a way to play.

Interested to get more colour on CPC breaches though if you are willing to share?


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## Brendan Burgess (15 Nov 2017)

Danske issued a lot of tracker mortgages - they were the cheapest at one stage. 

But there are very few complaints on Askaboutmoney about them.  

So maybe they  behaved differently to the other lenders? 

Danske were very professional generally. Maybe they treated their customers better than the other banks? Maybe their documentation was clearer? 

They were very clear in their mortgage agreement that anyone who rented out their house would be moved to the investment property rate. 

The Central Bank has persuaded Bank of Ireland and others to go well beyond their contractual obligations. I suspect that they will not have the same powers of persuasion with a lender who is no longer operating here. 

On the other hand, if they have very few affected customers, they may just sort them all out.

Brendan


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## The Partnership (25 Jul 2018)

Well Brendan any more updates on the Danske Tracker Mortgage scandal


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