AIB AIB has accepted the Ombudsman's decision and will be rolling it out to 5,900 impacted customers

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Fantastic work Brendan and it really does show the never give up attitude that has helped so many people here in Ireland.

But this will have much wider consequences to the banks in Ireland - it creates a precedence that you cannot make up the rules retrospectively to suit you own argument and if you do you will lose. This will hopefully stop any other bank (or any organisation) attempting this behaviour in the future

Well done to both you and the complainant - I can only imagine how difficult a journey it was for you both, so hats off to you for the sterling work !
 
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Sincere thanks Brendan for all your hard work with this. We will need to see the detail here, not getting the Tracker rate going forward will remain a difficulty. We would be hoping that the central Bank will apply the redress scheme which would go further than this ruling as you say.
again, many thanks
 
Fantastic work by Brendan getting a result with Karen's case! Karen was in our original group meeting we had years ago in Portlaois and I remember at the end of it we went around the room saying what we would like as a resolution and although the lack of tracker is disappointing this redress is something I didn't think I'd ever see
 
The decision not to reinstate a tracker rate is a strange one when you think about it. Doesn't it cause a discrepancy between different cases. For example it will have little effect on someone with 3 years left on their mortgage but it will have a large cumulative effect on someone with 15 years left on their mortgage. The finding has basically said AIB were wrong to overcharge for the last 10 years but it's ok for them to overcharge for the next 10 or 15 or whatever. I guess it's a compromise decision.
 
Thanks Brendan and Karen for achieving this.
I hope you enjoy a well earned Saturday breakfast with a huge dollop of satisfaction.
Many of the cohort like we do I suspect have further problems to still negotiate with AIB but this decision is a very positive factor.
Agree on the donation idea suggested above ..whether to this forum or your nominated charity.
 
Fair play Brendan, a great outcome.
I was wondering if you had any.indication of what might be happening for the people who lost houses?
 
Fantastic work Brendan - thank you so much. You have gone over and above through this whole process and we are really grateful.
 
Great news and well done Brendan.

Can't help feel a little disappointed that the FSPO has failed to put Karen back on a tracker mortgage, I thought the whole point of this argument was that it was in her contract to have the option of this, Mr Deering's office should applied Karen's argument in full but have fudged on this. This only leads to more argument on this.
 
What’s the likelihood of the central bank instructing AIB to implement the full redress scheme?
What criteria does or does not to be fulfilled for such a thing to happen I wonder?

This has dragged on many years. I would have thought for the headache of this whole thing hanging over everyone for such a lengthy period that additional compensation should also be offered.

Am I understanding the resolution correctly? Or is the 12% refund implicitly partly made up of compensation ?
 
Thanks again so much Brendan, I think by not deciding on the tracker rate the FSPO has left this wide open for continued argument which is a pity considering how long it has been running!
 
Well done Brendan & thanks for all your work on our behalf on this issue.

Have to say the ombudsman’s thinking that it would be unfair to AIB to have to put us back on tracker mortgage doesn’t marry with the rest of his ruling. AIB have been the ones who have acted unfairly throughout this process yet get the benefit of the doubt from the system yet again.
 
Very thankful to Karen and Brendan for taking this to the Ombudsman and getting a great result.......can't believe the tracker rate was not reinstated for everyone......not sure this is going away anytime soon for AIB unless they reinstate the prevailing tracker rate that still existed......still very thankful to you Brendan and everyone else who has put in so much effort to ensure AIB didn't get away with the ridiculous €1000 compensation payment that they had paid previously.
 

Hopefully the compensation can be separated from the tracker issue which can be litigated down the line
 
If we contact aib, do they already know how much we are entitled to and are they allowed to tell us?
 
LetItBe said:
If we contact aib, do they already know how much we are entitled to and are they allowed to tell us?
Click to expand...

No, they don't appear to know yet.

But if you get out your statement from around the time you came off the fixed rate, you should be able to work it out. It's 12% of a writedown plus roughly 4% in cash.
 
Tell you one thing no wonder AIB didn't appeal this "decision" to the high Court! They couldn't wait to agree to it. Shafted again by the banks and the FSPO.
 
Well done Brendan, fantastic work!

I'm one of the 1615 cohort, but I moved mortgage several months ago. Will I still be entitled to compensation, and if so I imagine AIB can't just pay down my mortgage by x. In this instance would it be an all cash compensation?
 
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