Brendan Burgess
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This decision has just been published:
pdf (courts.ie)
In summary
When a customer of National Irish Bank who had a tracker, fixed their mortgage rate, the old mortgage was cancelled, and a new loan agreement was taken out.
The Ombudsman ruled that it was not clear that they were taking out a new loan agreement and that they would lose their tracker.
He ordered that they be given back the tracker from 2006 the date they fixed as the basis for their claim was that they would not have fixed, had they known that they were going to lose their tracker.
The Ombudsman referred it to the Central Bank because of its systemic implications.
Danske, who took over NIB, appealed the case to the High Court.
The High Court rejected Danske's arguments.
Brendan
pdf (courts.ie)
In summary
When a customer of National Irish Bank who had a tracker, fixed their mortgage rate, the old mortgage was cancelled, and a new loan agreement was taken out.
The Ombudsman ruled that it was not clear that they were taking out a new loan agreement and that they would lose their tracker.
He ordered that they be given back the tracker from 2006 the date they fixed as the basis for their claim was that they would not have fixed, had they known that they were going to lose their tracker.
The Ombudsman referred it to the Central Bank because of its systemic implications.
Danske, who took over NIB, appealed the case to the High Court.
The High Court rejected Danske's arguments.
Brendan
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