ABank. I posted a reply before Christmas but it was taken down for being ill-informed. Harsh, but I just about understand. The moderator and I disagree, it seems, on the course of action and the institution to bring the matter up with.
How did you get on?
I have not accepted the offer yet as the offer does not contain enough information on which one could make an informed decision. Why is this being offered? Is it an appropriate deal? There is not enough information provided for a legal advisor or accountant to express a considered view. The vague terms of this 'option' are dictated by the Bank but the customers have little idea where they stand on this. No further information will be provided by the Bank it appears. I have asked the Bank for clarity on a number of queries but they will not engage. I have also tried to get my personal data but the Bank appear to have only very limited documentation on file. The Bank are unable to produce copies of minutes or records of the transactions or account for the movement of monies.
A question of more interest perhaps is that the Bank became aware of the issue very early on. Why was the Euro Option not offered then? It would have reduced the exposure to investors and also assisted those who had offsetting arrangements and surpluses in their credit accounts. Those who challenged the Bank and disputed the Yen hedge arrangement had no option but to maintain Yen exposure throughout the period as the Bank denied there was any grounds for concern. You may recall that the purpose of the Yen Hedge, as advised, was to reduce risk in the overall investment. Not to reduce costs or for gain.
In regards to you getting compensation, it would be extremely difficult to force this to occur imho. They do not have to compensate you for the legal costs to date (I assume you are not in proceedings).
As mentioned by Jim2007 you really need to get informed legal advice if you feel the need to pursue it further. I presume you have exhausted all avenues with AIB and other statutory bodies.