AIB "Central Bank gave AIB a nudge on the prevailing rate tracker issue"

What planet are AIB on!! We weren't forced to do this but then the CBI goes on record to say they required it!!
 
The state-controlled lender has insisted, however, that it was not forced into the decision, which will cost it an estimated €300m in mortgage writedowns and interest refunds.

The Central Bank confirmed that its intervention had contributed to the €300m award for AIB customers.


What planet indeed? The 5,907 people would not be getting their redress without the involvement of the Central Bank.

AIB has long denied that these borrowers have any complaint.
It was the Central Bank which forced them into admitting to a Service Failure and to open the Ombudsman avenue to these customers. Without that, this case could not have been brought.

And the Central Bank has made it very clear to all the lenders that if the Ombudsman or the Courts rule in favour of a customer, it is to be applied to all in that cohort.

I would also guess, but it's only a guess, that the Central Bank let AIB know that they would look very unfavourably on AIB challenging the Ombudsman's decision in the High Court. I am told that a lot of the directors on the board of AIB wanted to go to the High Court. It would have been no skin off their nose, but the executives in AIB depend on the Central Bank for their approval under the fitness and probity regime. So they would not have been enthusiastic about annoying the Central Bank even further

Brendan
 
I think the spam filter has gotten you @Brendan Burgess , this has certainly restored my faith in the FSPO and CBI. As you say it would have cost these individuals nothing to continue this fight to the High Court in the process further delaying redress due to these the customers. The board of AIB has demonstrated time and time again the regard they have for the customers of AIB. Putting them first indeed.
 
Fair play to the CBI.

It is a very good case study in that you have an aggrieved customer (s), a dedicated consumer advocate, politicians, journalists, two levels of regulation and compliance working on a specific issue and it impacting thousands of consumers ultimately, despite the other party claiming no wrongdoing over a protracted length of time.
 
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