AIB AIB next steps

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Brendan am I right in assuming that there is 35 working days (7 weeks) until the final ruling and then another waiting period as we see if AIB challenge in the high court? In effect it could be months before we know if AIB are paying us redress and how much? We’re trying to buy a house at the moment and if the margin of 1.1% over the ecb is reinstated, it would mean a considerable payout and also as we are approved for a tracker mover product, our new mortgage would be cheaper so I’d like to hold off buying until we know but realistically can’t wait much after easter
 
Pencil said:
In effect it could be months before we know if AIB are paying us redress and how much?
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This is correct. I don't know when we will know what the outcome is. There are many potential delays, so it could be months. On the other hand, it could be cleared up quickly.

I would say that you can't really start looking for a house. You can't assume that you will be getting a huge amount of money and you can't assume that you won't be either.

Brendan
 
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Thanks Brendan. Unfortunately we’re in a temporary renting situation - We were sale agreed last November and it fell through so we’re on borrowed time!
 
Hi,

Is the €300million specifically in relation to the people who got the €1600 cheques? We never followed up as we were advised by aib "helpline" we didnt really have a case but we thought we did.

Do we know how many people were/are in scope for the new determination by the ombaudsman? Is it just people who got €1600 cheques? Apologies. Somewhat overwhelmed by all of this and completely unsure how to proceed. We barely have any correspondence with the bank kept from over the years. Hard to not feel we have been done out of it.

We were never offered a tracker at all when we drew down mortgage in September 2008. My wife was on staff rate and subsequently moved to fixed/variable rate. We cant even completely recall details of the changes over the years.

Thanks,
Brian
 
No one can say for certain yet. If you got a cheque for €1600 then yes you are potentially inline for redress from the money AIB set aside but they could easily fight the ombudsmans(as yet preliminary) ruling too so nothing is certain. I think mid April was the date given where we could have some certainty as AIB had something like 7 days to respond to the preliminary decision, then 30 or so to appeal to the High Court.
 
Pencil said:
Thanks Brendan. Unfortunately we’re in a temporary renting situation - We were sale agreed last November and it fell through so we’re on borrowed time!
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How will the outcome affect your decision?

You should proceed as normal if you are buying a house. Unless you are about to sign contracts, then you have no decision to make.

When you are about to sign contracts on a purchase, then it's a tough one. You can't assume that you are going to get a large amount of money because if you don't, you will be stuck with a contract you can't complete.

Brendan
 
tnegun said:
I think mid April was the date given where we could have some certainty as AIB had something like 7 days to respond to the preliminary decision, then 30 or so to appeal to the High Court.
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That is not correct. There is no set date. It could be before that and it could be after that.

For example, there might be a lot of exchanges of comment on the preliminary decision. After the exchanges are finished, the Ombudsman could take some time to issue his final decision. If neither side appeals that decision, it could take the Ombudsman a long time to publish that decision. Note that he made many final decisions last year, none of which he has published yet. So it's at least 6 months in some cases since the final decision issued.

And, even if he does publish it, so what? That is just that decision and has no formal legal significance for anyone else.

The only way you will know if you are getting some offer of redress is if and when 1) AIB announces some scheme of redress and 2) you get a letter offering you that redress.

This could happen in the coming weeks or it might not happen for 6 months. As I have said many times, I genuinely don't know.


Brendan
 
Sorry if I mislead the date of the 11th April was given as the possible earliest we could have some news or further developments.
Edit I see that date has been removed from the original post now so I guess its a wait and see as Brendan suggests above.
 
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Hi Brendan

Re the above, has AIB an issue with the activity of the tracker panel in light of the preliminary decision of the Ombudsman? The Panel could take the view to continue rejecting appeals as they have been, under a possibly flawed decision making process, or could it feel compelled to take decisions in light of the preliminary decision, and the provision AIB have made on the balance sheet?

It seems like it would be something AIB would want to avoid either way in case the panel made an award that conflicted with redress AIB might possibly offer in the future?

Thanks for keeping us in the loop regardless..
 
Megafan said:
has AIB an issue with the activity of the tracker panel in light of the preliminary decision of the Ombudsman?
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I don't think so.

The Panel is not making awards on this issue so they won't be compromising anytyhing that AIB might do.

The Appeals Panel is independent and is continuing to reject appeals on this issue with the same letter.

Brendan
 
Good Evening All.

Sadly I'm sn individual within the cohort who, albeit researching over the past few years, doesn't fully understand the situation after receiving the 1615 other than the forum.

I am wondering if today's results would have any inkling/ steer toward the AIB cohort or are these separate?
 
Brendan Burgess said:
I don't think so.

The Panel is not making awards on this issue so they won't be compromising anytyhing that AIB might do.

The Appeals Panel is independent and is continuing to reject appeals on this issue with the same letter.

Brendan
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I was told by BDO approx. 10 days ago that the AIB Tracker Panel are not making anymore decisions on Clause 3.2 cases until they get further clarification of the Ombudsman decision.

I think this shows how useless the "independent" panel is.
 
Hi TS

That is very interesting. It makes sense.

It was a bit farcical that they continued to rejects appeals while AIB was making a provision of €300m.

It is similar to the Ombudsman putting all tracker cases on hold pending the outcome of the Central Bank tracker review.

Brendan
 
Is the 35 days that aib had to appeal the ombudsman's decision up this week??.. I imagine the whole process may be delayed given the current crises but was wondering if anyone had an idea if a timeline at this stage??
 
I still have the BDO sending me emails asking me to send in further documentation for my case, i thought they would put it on hold now
 
Larryo said:
Is the 35 days that aib had to appeal the ombudsman's decision up this week??.. I imagine the whole process may be delayed given the current crises but was wondering if anyone had an idea if a timeline at this stage??
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The 35 days does not begin until the Ombudsman issues his final decision. No one knows when the final decision will be made.

There isn't anything you can do. Just let it take its course.

An announcement will be made in due course but there is no deadline.

Brendan
 
I thought I read on another thread that the final decision was expected in March?? Probably unlikely for months now
 
LolaG19 said:
I thought I read on another thread that the final decision was expected in March?? Probably unlikely for months now
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I'm not so sure the virus should really delay things all that much? Assuming that the people involved in the banks and ombudsmans office can work from home it should be fine no?
 
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