Brendan Burgess
Founder
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I have moved these posts out of the general 300 Cohort thread to focus on people who broke out of a fixed rate in January 2009 and have not been included in the Cohort.
Note: The original cut-off date was 5 January but this was later extended to the 12 January.
User AIBRedress has updated us today.
I just got off the phone, this is what has been explained to me:
Borderline cases
A couple of things on this. Firstly we’ve gone with the 12 Jan as a cut off point to give some extra room and take into consideration the Christmas period.
In terms of your query:
Breaking from fixed rate cases are in the group and if a breakage fee is due and the breakage is paid on or before the 12 Jan it’s in the group (even if the break was actioned after the 12th).
Some cases did not require a breakage fee and as long as requests were received up to and including the 12 Jan they are included in the group.
There are also a small number of borderline cases we included where we felt there was a delay on our side that brought them past the 12th.
Frequently Asked Questions
The Central Bank insisted that had AIB complied with the terms of their contract, they would have increased the tracker rate instead of withdrawing it in October 2008. However, based on the experience of previous changes to tracker rates, it would have taken AIB 12 weeks to implement that change.
So the Central Bank insisted that AIB give all those customers the tracker rate which would have existed during that 12 week period
Note: The original cut-off date was 5 January but this was later extended to the 12 January.
User AIBRedress has updated us today.
I just got off the phone, this is what has been explained to me:
Borderline cases
A couple of things on this. Firstly we’ve gone with the 12 Jan as a cut off point to give some extra room and take into consideration the Christmas period.
In terms of your query:
Breaking from fixed rate cases are in the group and if a breakage fee is due and the breakage is paid on or before the 12 Jan it’s in the group (even if the break was actioned after the 12th).
Some cases did not require a breakage fee and as long as requests were received up to and including the 12 Jan they are included in the group.
There are also a small number of borderline cases we included where we felt there was a delay on our side that brought them past the 12th.
Frequently Asked Questions
The Central Bank insisted that had AIB complied with the terms of their contract, they would have increased the tracker rate instead of withdrawing it in October 2008. However, based on the experience of previous changes to tracker rates, it would have taken AIB 12 weeks to implement that change.
So the Central Bank insisted that AIB give all those customers the tracker rate which would have existed during that 12 week period
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