# The 300 Cohort explained for those who have traded up



## Brendan Burgess (6 Oct 2020)

There are many questions being asked about this group and people generally don't understand the correspondence.

I have looked at the correspondence for one customer who had traded up and stayed with AIB. This is what I think is happening.

They may have different approaches to customers who have not traded up. If someone who has not traded up or paid off their mortgage could email me the correspondence I will look at it.  brendan  at askaboutmoney  dot com

1) 27 August  - They calculated the write down and interest refund according to the Ombudsman's decision.  As this borrower had traded up , they paid the full amount to them by cheque.

In their covering letter, they said that they would now review their mortgage under the Central Bank   Tracker Mortgage Examination.

That may result in a higher refund and if so, it will be paid within two months.

2) They wrote to the borrower offering him the "Tracker Interest Rate Retention product"  - TIRR

When his fixed rate ended in 2008, AIB should have offered him a tracker at ECB +1.74%
If he had been on this rate when he traded up, they would have offered him the TIRR which would have been 2.74%
They are now offering him this rate on his entire loan.


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## Brendan Burgess (6 Oct 2020)

What does this sub-cohort who traded up need to do now? 

1) Wait until you get the results of the TME figure to see what you get. 
2) Decide whether you want to avail of the 2.74% rate.  No hurry on this. I don't think that there is a deadline.


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## Brendan Burgess (6 Oct 2020)

Clarifications - what I don't know

1) How did they arrive at the rate of 1.74% ?


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## Brendan Burgess (6 Oct 2020)

*FAQ

I traded up but switched from AIB to Bank of Ireland*
If you had been given a tracker of 1.5% back in 2008 when your fixed rate ended, you would not have moved to BoI when you traded up. You would have availed of AIB's TIRR product and be paying 2.5% now.

You should demand that AIB takes you back at this rate.


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## Brendan Burgess (6 Oct 2020)

I see that rustbucket explained it here back on 24 August 






						AIB - Good news if your AIB Fixed rate ended between 10 October 2008 and 12 January 2009
					

21!..I'm in the 300 too on some of my loans and fspo on others. I would have further complications with AIB on loans but this helps hugely on cash and balance and with further negotiations needed with AIB



					askaboutmoney.com
				




_Latest update from helpline.
Everyone in the 300 category will receive a Cheque and letter detailing what is happening by end of the month.

2 categories of accounts. Open accounts and closed accounts.

Open accounts will receive initial payment of 5k with their letter. The balance due to be paid by end October once full calculations of interest plus compensation plus tracker review complete.

Closed accounts will receive larger payment by end of August with same letter. The larger payment is based of FSPO 12% decision (a capital reduction equivalent). These accounts will go through same review as open accounts and receive another smaller payment by end Oct including a financial advisor/legal advise payment.

Letters have already started to issue so some should get it this week. _


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