AIB How did AIB calculate the 12 weeks period in 2008 for giving some people trackers?

Brianios

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Yes. You were just a few weeks too late.

Brendan

Would it be worth querying with them? How was the 12 week figure worked out?

Would the interest change on a statement reflect the date at which the mortgage type was requested to be changed. Totally confused now at this stage.

Gutted now.
 
Hi Brian

Which bit is confusing you?

The Ombudsman said that people with the "prevailing rate" clause should have been offered trackers.
He said that he could not set the rate retrospectively so felt that 12% capital write down was fair.

The Central Bank intervened.
They said
"On 10 October 2008, you should have offered these people trackers at the then prevailing rate.
Had you made the decision then to increase the rate to 10%, it would have taken you 12 weeks to implement that decision.
So anyone coming off the fixed rate in that 12 weeks would have been on the then existing tracker margin.
Give them that margin."

This is an astonishing decision. If AIB had wanted to increase the rate to 10%, they could have done so within a matter of days not 12 weeks.

So, no, I don't think there is any point in challenging it.

Of course, you are still getting the 12% write down and interest refund on that.

Brendan
 
Thanks that clears it up. Does it matter when you requested rate change versus when the rate change occurred?
 
Most people who break out of a fixed rate do so immediately.

The bank will decide on grey areas,and the Ombudsman if the borrower is not happy with the bank's decision.

Brendan
 
AIB claimed it took them 11 months to set a new tracker rate in 2013 due to systems limatations they're lucky their own excuses weren't used against them!
 
I might be being dense here but where did the 10th October 2008 come into it?
I must have missed something?
 
I was thinking about this are we sure AIB did offer trackers to everyone exiting a fixed rate up until Oct 10th 2008? I know I had one on offer in June/July 2008 but hadn't accepted and it was withdrawn so I had to reapply and wasn't offered one the second time round. There could be people who exited their fixed rate in the weeks prior to Oct 10th who where not offered trackers despite being entitled to be.
 
That is a completely separate issue.

If someone was not offered a tracker prior to 10th 10th 2008, then they have a good claim.

But it would be hard for them to show that they were not offered.

AIB can show that they sent out the letter.

Brendan
 
Yes, I agree I just didn't want anyone to think they were somehow excluded as they were prior to the 10/10/2008. AIB withdrew the tracker offer for us in June/July 08 and was entitled to do so. They may have done so for others prior to 10/10/2008 who have the 3.2 clause too and as you say they should check what letters AIB issued.
 
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