Hi. New to the forum. Has anybody received any updates from public reps they contacted. Boi committed to reviewing this cohort at last oireachtas sitting or has there been any direct updates from the bank.
That's interesting as other people including myself and @Strandski10 and @Rossie have only received standard holding letters - if you could post letter (excluding any personal details) that would be very useful
on the public reps they are aware this remains a live issue with BOI and Central Bank back in front of the Finance Committee next month I believe
There was an open mic session online in BoI today. One of the questions asked of the CEO was if there was any timeframe on the staff mortgage and tracker issue. Response was that 98% of staff to be remediated had been contacted with offers of redress; the balance of 2% were proving uncontactable; and that that they also await final findings from the Central Bank. We are not in the 98% (we have received no offer) or the 2% (we know they are able to reach us). So it's down to the final findings from the Central Bank. Anyone know when that is likely to come out???
How can we be sure all the facts regarding internal memo's etc that gave a very reasonable expectation and implied that we would revert to tracker are reviewed by the central bank. Can any independent representation be made to the CB such as via PK or similar. Once CB make findings any appeal process woylduld be lengthy. This needs action now. Circa 1600 others got tracker reinstated based on the very same document we signed. Disappointing in that the bank publicly stated where any doubt existed the side of the customer will be considered. Clearly overlooked for this cohort. CB due to issue findings to minister in June.
I understand that PK has had meetings with the CB on this and the CB has been sent all the relevant details on our case including relevant internal memos but unfortunately it appears that the Bank are continuing to challenge our cases.
My own view is that it will take political and/or bad publicity for the Bank to amend its current position so would advise all those who remain "not impacted" to keep pressure on by contacting finance committee (Pearse and Michael have been doing a great job on this), PK and using any other avenues (media) etc. that you can think of.
BOI will try to sweep this under the carpet (as CEO tried to do on open mic sessions yesterday) with BOI trying to reduce their liability as much as possible disregarding commitments to give customers the benefit of the doubt in such circumstances.
All received the following response from the Tracker Mortgage Team following an enquiry for an update
"Given the scale and complexity of the process it is anticipated that this examination will conclude in 2018.I won’t be able to give a final response to your email until the Examination has concluded. In the meantime, if we find that your account was affected, you will receive a redress and compensation pack by post.
I hope this is satisfactory, but if you are unhappy with the Bank’s response you can speak to the Financial Services and Pensions Ombudsman, as part of your rights under the Central Bank of Ireland Consumer Protection Code. The address is: Financial Services and Pensions Ombudsman, Lincoln House, Lincoln Place, Dublin 2. D02 VH29. Telephone: (01) 567 7000.
Not sure how to read into it. Imagine its just standard response but its not a "no / not in-scope" as of now so the hope remains.
Hi Strandski. I wouldn't read too much into it. We got the same response. I think they're kicking to touch, until the Next Central Bank review. My read of it is that they won't be including us until and unless the CB tell them to. And we did refer it to the Central Bank, on the grounds that we felt they should be at least telling us now if we are in scope. They must know. The FSO has yet to revert on that point but I will post when they do.
All thanks for updates - I have also heard that a number of people in this cohort have received a similar response although haven't received one myself. Would be interesting if they are only sending this type of response to this cohort or if this is a more general holding email to people who are pressing them for an answer ? Anyway I will go to FSO too to try and get them to decide on this issue either way - the more that do it hopefully the issue gets more traction.
Hi, I just came across this thread tonight. I think I am in the same boat but have been told by BOI that I am not eligible to be reinstated to a tracker. I was on a 3 year fixed rate and received a letter in Nov 2008 saying that a tracker rate was going to be offered but was withdrawn for business reasons.
Complaint is currently with the FSO and I have been told that a decision will be made next week. Will keep you posted
Mattie is right. We don't like it. Not sure what happens now? The comms will presumably start to flow from BOI. I'm guessing it's a mattter of continuing to lobby our elected representatives;a number coming together to lobby with e.g. Padraic Kissane; or giving up.
just to let you know got written confirmation that my case is not included within tracker redress scheme last week. BOI using same arguments as before, no contractual right, email confirming that I would roll to tracker was an "error" and October '08 Insite communication didn't confirm a right to roll to a tracker - will discuss with PK to see how best to take this forward , would be interested in getting sense of numbers involved here to see if we can come together as a group ?
Last week , letter was dated 04 May , not surprised as BOI only with all other lenders have had to be pushed to make any concessions re his issue , I understand they are back in again to finance committee soon so I'm sure our case will be put to them again
Hi I have not posted before but am also in this cohort. I don’t have formal confirmation like TMH2017 but after reading this thread I am not hopeful. I first queried this with BOI in 2011 but have never had any joy with them. I would be interested in forming part of a group.
All - Update:
Received a letter on Monday of this week confirming that I am not in-scope and that my complaint has been closed. And if I "am unhappy" with the result to speak to the FSO. Disappointed to say the least but following the Central Bank position taken at the Oireachtas Finance Committee meeting last week I am not surprised. Basically and without going into detail, the letter states "As set out in the Insite notice of 22nd December 2006, staff trackers would continue only in two exceptional circumstances: (1) where the staff customer was on a tracker; and (2) where the staff customer was on a fixed rate rolling to a tracker rate, because the terms and conditions of the customers offer letter committed the Bank to this"
Not sure where to go from here. Is it worth continuing the fight, and if so, engaging with Padraig Kissane and the FSO? I have held off on both waiting to see what the response from the Bank would be.
Is there enough ground swell here in this group or among a wider cohort of affected staff to push on with the argument?
For me they are basing their argument on a legal point and some selected communications, however the issue is that staff were misled by BOIMB which impacted their decision making and stopped them moving to a tracker product. Communications from BOIMB in Summer 2008 indicated that all staff would be rolling from the 2yr fixed to a tracker, they later changed their position on this but at that stage there was no longer an option for staff to switch to a tracker.
Fact also remains that the interest rate product details were clearly amended on 10th November 2008 on the Mortgage System in the middle of a 2yr fixed period.