# Central bank finally acts to protect the consumer (Independent Article)



## mister32 (6 Aug 2016)

So three lenders have admitted errors: PTSB, AIB and now Ulster Bank
When will Bank of Ireland start to make provision for their remaining trackers?

*Irish Independent
*
_THERE has been understandable frustration that so much water has passed under the bridge and so little has changed in the interest of the consumer since the crash.

In the aftermath of the financial collapse, this was probably best articulated by Joseph Stiglitz, who lamented: "We have banks that are not only too big to fail, but too big to be held accountable."

The Nobel prize-winner railed against the fact that those who played exclusively by their own rules and for their own interests, without due scrutiny, could profit so handsomely in politics and business.

But the tables are turning, and customers can look forward to a change for the better.

Evidence of this can be seen in the fact that Ulster Bank has become the third lender prepared to shell out millions in order to address the costs of restoring customers to tracker mortgages - the bank having set aside some €118m for a redress scheme.

Thankfully, the Central Bank is stepping up to the plate in a crackdown on the wrongful removal of tracker rates.

It has been accused in the past of being too preoccupied with the interests of the banks at the expense of the customer. As part of an industry-wide review, three banks have now set aside €450m for this purpose. It is good to see the Central Bank flexing its financial muscle for the benefit of the consumer._


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## notabene (6 Aug 2016)

http://www.irishexaminer.com/busine...tgage-redress-clarity-by-year-end-414400.html

Mentions Boi saying they are Beginning to contact customers


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## Gerry Canning (8 Aug 2016)

The Central Bank is not to be trusted on Consumer issues.
Its main remit is (BANK PROTECTION).
Its history is (BANK PROTECTION).

Its future is (BANK PROTECTION).

Consumers get crumbs .


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## mister32 (9 Aug 2016)

Banks giving central bank the run around

http://m.independent.ie/business/pe...g-terms-of-tracker-redress-plan-34944236.html


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## PJDCol (9 Aug 2016)

Saw all this coming a mile away. All banks are struggling at the moment with low margins, weak economies and a way more demanding regulatory environment. Banks care about their balance sheets, not their individual customers, so they will do anything to delay and try get away with provisions and costs like this. This is the possibly the worst time to be challenging banks.  You can hope the CB or FOB can do something but again history has shown us they would have the bank's protection as priority. My bank has already sent me a letter to say I am advised fairly and completely wrong about challenging on losing my tracker so I assume they are saying the exact same to the CB.


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## corktim (9 Aug 2016)

PJDCol i wouldn't worry too much about that letter as id say everyone got a letter originally saying that they were not entitled to their tracker back. UB fought me for months totally avoiding my points.


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## Brendan Burgess (9 Aug 2016)

PJDCol said:


> My bank has already sent me a letter to say I am advised fairly and completely wrong about challenging on losing my tracker so I assume they are saying the exact same to the CB.



Hi PJ

That sentence is confusing. Could you quote the actual letter. 

Brendan


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## PJDCol (9 Aug 2016)

Hi Brendan,

I have discussed in my previous thread I had set below:

http://www.askaboutmoney.com/threads/kbc-tracker-vs-variable-rate.192804/

KBC wrote a letter to me a long time ago that I was “clearly notified of the terms”, “Clear and concise” and “Terms were clearly outlined”.


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