Central bank mixed message on vulture funds

newtothis said:

How were they misinformed exactly?

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Because firstly it's a breech of contract law, and while CBI might not have enforcement powers against the fund, that doesn't mean a fund can do whatever they like.

And then, since the service providers are all regulated, the CBI does have enforcement powers on them to ensure the contract is followed. There's a whole piece of legislation devoted to them: http://www.irishstatutebook.ie/eli/2015/act/21/enacted/en/print.html

I'm afraid I don't share your interest in fiction so I don't understand what you mean by that reference.

Equally, I've no expertise in moral philosophy.

I am, however, very interested in trying to be accurate in what I say. You, clearly, don't share that particular interest.

Oh but I do understand why a tranche of (but certainly not all) relevant BOI staffers are being put on trackers.

The Central Bank put pressure on BOI to do so on the basis of what the Central Bank imagined was the parties' "expectations".

Nothing to do with their contractual entitlements.

I will ignore the ad hominem. Frankly, it's boring.

IdesofMarch said:

No political pressure? How naive. Maybe your not as smart as you think you are.

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I'm afraid I've no idea what you are talking about. It's a matter of public record that BOI changed their position following the Central Bank's "challenge" of what they considered BOI's "overly legalistic" interpretation of the relevant mortgage contracts.

As it happens, I'm not particularly smart, far from it. I just happen to think it's important to try and accurately reflect the factual or legal position as I understand it and not to just make stuff up because it suits my agenda. You obviously don't share that approach.

Rang the central bank of ireland this morning for clarity on the rates of interest that the ecb currrently charge, "sorry sir we would not have that kind of information".

Open air said:

Rang the central bank of ireland this morning for clarity on the rates of interest that the ecb currrently charge, "sorry sir we would not have that kind of information".

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The current main refinancing rate that the European Central Bank charge banks for main refinancing operations is 0%, but you would be better off going to the interbank market, Eonia, Euribor etc. where the rate is currently negative (Yes, you read that right; if a bank takes a loan from another bank, the other bank will effectively pay you for taking it (cost of money these days)). For loans for the Irish mortgage market, Irish banks pay between 0.6% and 0.9% depending on the lending institution.