# Finance Committee meeting Padraic Kissane re Tracker Progress



## skinnylegs (5 Mar 2018)

The Oireachtas Finance Committee is down to meet Padraic Kissane this Thursday at 11.30.
Should be a really good insight into how each individual bank is progressing (or otherwise) their case loads in this bright new customer concentric era.


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## core123 (5 Mar 2018)

Thanks for that. Will be interested to see if he mentions the PTSB discounted trackers saga in this meeting.


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## Milo4444 (5 Mar 2018)

Also former FA customers now with UB,  still getting nowhere with this.


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## TMH2017 (5 Mar 2018)

& remaining BOI staff members who are still deemed not impacted although were on same product and subject to same information as those who are deemed impacted.


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## Apples82 (5 Mar 2018)

Thanks for the heads up. I will be interested to hear any update on the PTSB prevailing rate issue.


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## Aisling1 (5 Mar 2018)

Very interested to hear what he has to say , as opposed to listening to the executive teams from the banks . 
I would imagine he will be more indicative of how the process is moving


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## Deenie (5 Mar 2018)

Can’t wait to hear what’s going on in ub


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## tonymac (5 Mar 2018)

Hopefully he'll have plenty to say about EBS and the topic that has had 218 pieces written on it, "variable base rate"? Maybe once and for all his thoughts on this if he was to be questioned on it would be interesting even if it was brought out of the woodwork and centre stage. I do hope a few people on that thread who mentioned they'd email some of the committee have done so and that theyll ask him his thoughts on it, ive emailed Michael McGrath on it, might result in the issue being put to bed or otherwise.


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## Aisling1 (5 Mar 2018)

I’ve emailed and spoken with members of the committee would advise as many as possible to do the same


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## Brendan Burgess (5 Mar 2018)

*Thursday, 8 Mar
*
*09.30Finance, Public Expenditure and Reform, and Taoiseach (Joint) CR2*
Session A: 9.30 a.m. Pre-Legislative Scrutiny on the Insurance (Amendment) Bill (resumed) [Mr. Kevin Thompson, CEO and Mr. Declan Jackson, Director of Government Affairs, Insurance Ireland] 

Session B: 10.15 a.m. Pre-Legislative Scrutiny on the Insurance (Amendment) Bill (resumed) [Mr. Gerry Cross, Director of Policy and Risk and Ms. Sylvia Cronin, Director of Insurance, Central Bank of Ireland]
*
 Session C: 11.30 a.m. Progress made regarding resolution of the Tracker Mortgage Redress issue [Mr. Padraic Kissane, Financial Consultant] *

Session D: 3.30 p.m. OECD Economic Surveys – Ireland 2018 Report [Mr. Ángel Gurría, Secretary General, OECD]


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## core123 (8 Mar 2018)

Is it possible to listen to this online?


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## Banking17 (8 Mar 2018)

Yes Oireachtas TV live .Committee Room 2


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## Miakk (8 Mar 2018)

Here is the link to live audio for oireachtas Committee room 2:

http://www.oireachtas.ie/parliament/watchlisten/listenlive/committeeroom2/#d.en.40694


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## IdesofMarch (8 Mar 2018)

core123 said:


> Is it possible to listen to this online?



Yes go to Oireachtas.ie, then to Watch and Listen, then Watch Live, there will be four commitee rooms, examining different issues, Padraic Kissane will be in one of them ( possibly committee room 2) at 11.30 approx


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## Brendan Burgess (8 Mar 2018)

Yes, it will resume at 11.30 in Committee Room 2 

This is the video 

http://www.oireachtas.ie/parliament/watchlisten/watchlive/committeeroom2/


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## Banking17 (8 Mar 2018)

Unfortunately just looks like Pearse Doherty in Attendance now


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## Wardy7 (8 Mar 2018)

Anyone in a position to give updates on here?


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## Banking17 (8 Mar 2018)

Still on . Very broad so far it appears. Now Rose Conway Walsh dealing withextent of lives lost etc


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## Thomas (8 Mar 2018)

I came in about 40mins late but did I hear correctly that he said ptsb had reengaged with him or was that about something other than the 3.25% rate issue


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## RajR (8 Mar 2018)

did this end abruptly? it says the session is suspended until 3:30pm?


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## Thomas (8 Mar 2018)

Its over as all members asked their questions - Padraic is not back at 3.30 someone from the oecd is


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## Apples82 (8 Mar 2018)

Wasn't able to watch was there anything of note regarding PTSB prevailing rate??


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## Deenie (8 Mar 2018)

Anything about ulster bank?


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## Wardy7 (8 Mar 2018)

@Apples82 I didn't see it myself but I have been told that there was an interesting point made by Padraic re: prevailing rate.  Apparently, he said that Springboard people have all been restored to the correct rates and they're contracts are identical to the rest of us.  Again, apparently, he said that he knows that he's right and will continue to fight them.


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## ragdal (8 Mar 2018)

Another good job by Padraic


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## RajR (8 Mar 2018)

Padraic did an excellent job! He touched on many different issues in relatively short span of time.

He did mention UB. He said bulk of the accounts still deemed not impacted by banks are related to EBS (around 3000) and former FA customers now with UB.


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## robe (8 Mar 2018)

Yes I heard him . He was adamant that he's 100% right with the ptsb prevailing rate issue.
He spoke extremely well and every point he made he explained very well.
I think it should be available tomorrow on the listen back. 
It is well worth hearing , and definitely he has lifted my spirts .


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## Apples82 (8 Mar 2018)

@Wardy7 That is indeed very encouraging!! Lifts my spirits for another while! Is your understanding that the springboard mortgages had no rate specified? I thought i heard Padraic mention before that he has copies of identical contracts with no rate specified but all restored to between 1.1% and 3.25%?


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## Deenie (8 Mar 2018)

Fair play to pauraic.


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## mccoypat94 (8 Mar 2018)

Anything about KBC?


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## Wardy7 (8 Mar 2018)

@Apples82 TBH, I don’t know. I wrote exactly what my pal sent me in a message.

I can tell you though, that Padraic has told me in the past, that another of his clients has an identical contract to me (no rate specified) but has been given the correct rate! No consistency!!


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## Apples82 (8 Mar 2018)

Many thanks @Wardy7 . That's exactly what I believed I had heard. Maybe 2018 will finally be our year!


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## Brendan Burgess (9 Mar 2018)

I attach his opening statement. 

I am disappointed that he made no mention of the biggest outstanding issue - the AIB 3.67% prevailing rate borrowers. 


*AIB/EBS:*

The main group remaining outstanding here is EBS homeowners who have not been returned to the tracker rates. This could number somewhere around 3,000 cases.


There is a key matter with this cohort and it remains that no customer was

told they were foregoing the variable basis of their loan by applying a fixed rate for a period of the loan.


There is also the area of the ‘Variable Base Rate’ that tracked ECB perfectly until July 2008 and then magically transformed into a ‘Standard Variable rate’.  There are outstanding issues here also that must be dealt with by EBS in a satisfactory manner.


Are AIB/EBS sorry for how these customers are being treated.


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## ragdal (9 Mar 2018)

Padraic on Newstalk at 1pm today


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## RajR (9 Mar 2018)

Those who couldn't listen to the finance committee session yesterday, below is the link to listen back.

www.oireachtas.ie/viewdoc.asp?DocID=38012&&CatID=127


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## mccoypat94 (9 Mar 2018)

Padraic was asked about KBC on Newstalk this afternoon and he believes the application date shouldn't allow KBC to leave you out of redress. He is pursuing this it seems for clients

Hes an impressive individual, its incredible though that in reality hes ploughed a completely lone furrow on this for so many years.


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## Editiono (9 Mar 2018)

It seems they will look to bring into the Finance committee the representatives of FA, EBS and Dankse.


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## Duggie (10 Mar 2018)

That’s great news. I’m a former Danske customer, sold to the vultures! Have had no communication from Danske since November, even though they confirmed they remain liable under the review (they are not responding to letters). Also corresponding with the CBI, but they won’t respond on individual consumer cases outside of saying that they have passed on corrrspondence to the relevant supervisory team. Complaint with FPSO on hold as they won’t review until CBI review finished. And I have absolutely no idea when this will happen.

Surely there are other Danske customers out there impacted???


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## Sleven273 (10 Mar 2018)

Duggie said:


> That’s great news. I’m a former Danske customer, sold to the vultures! Have had no communication from Danske since November, even though they confirmed they remain liable under the review (they are not responding to letters). Also corresponding with the CBI, but they won’t respond on individual consumer cases outside of saying that they have passed on corrrspondence to the relevant supervisory team. Complaint with FPSO on hold as they won’t review until CBI review finished. And I have absolutely no idea when this will happen.
> 
> Surely there are other Danske customers out there impacted???



How are people corresponding with the CBOI? Is there a specific email address or postal address? @Duggie


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## Webster (10 Mar 2018)

Danske bank has sold its loan book to Pepper. I was wondering whether anyone will take a legal challenge to the paltry 1000 euro payment re the AIB tracker product with no tracker margin indicated in the original loan offer? On another point, charging other AIB customers 3.67 above the base rate is opportunistic to say the least. Seeing that there was no prevailing base rate available when they exited from their fixed term period of their mortgage (as AIB had withdrawn tracker products) then the rate that these cohorts should have been placed on (contractual option), was the last available prevailing tracker rate quoted at the point in time when AIB withdrew tracker mortgages from the market, this is only common sense. The CBI appears to accepted the guff that AIB would have to pay 3.67% above base rate at the point in time if the customer was to choose a tracker rate. However, no one is looking at what prevailing actually means. If the tracker mortgage product is withdrawn from customers, *the tracker rate is no longer prevailing!*.


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## Duggie (11 Mar 2018)

@Sleven273 if you just write to CBI Tracker Mortgage Examination - ask Them to confirm that the correspondence has been forwarded to the relevant supervisory authority. In fairness they are very good at responding.


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