I am organising a protest about the high EBS SVR

Hi I'm planning to organise a public meeting regarding EBS variable rate mortgages which, despite many protests to the building society, have been maintained at punitively high rates. The elected representatives have proved redundant in representing this group who are effectively being made to shoulder the burden of the tracker mortgage. We will organise a peaceful protest and demand a backdated review from the Government. Can you send me an email address if you are interested. Also please forward this message on to any parties who may be interested and/or need support. Many thanks

Punitively high? Is it not 4.33%?

Their SVR rate is lower than that of ICS, Ulster Bank*, Bank of Ireland, NIB, PTSB, KBC.

Is it that it's .24% higher than AIB's that is the cause of the grievance? It has fallen substantially in recent times.

EBS PROTEST said:

Hi I'm planning to organise a public meeting regarding EBS variable rate mortgages which, despite many protests to the building society, have been maintained at punitively high rates. The elected representatives have proved redundant in representing this group who are effectively being made to shoulder the burden of the tracker mortgage. We will organise a peaceful protest and demand a backdated review from the Government. Can you send me an email address if you are interested. Also please forward this message on to any parties who may be interested and/or need support. Many thanks

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So but why are you doing this????

They are now part of AIB which means the AIB Board or whatever sets the rate. They are now a private business and not own by the members anymore, or am I missing something?

The key point is that variable rate holders are being screwed and the time has come to make a wider protest

EBS PROTEST said:

The key point is that variable rate holders are being screwed and the time has come to make a wider protest

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That isn't a point at all. And if that's the "basis" of your argument you will achieve nothing with your protest.

Wishing your variable rate was lower is not a solid foundation for a campaign. Neither is wishing that you had a tracker.

EBS SVR holders currently pay a lower rate than a great many borrowers across a range of institutions.

Hi Bulger thanks for your feedback. I'm not in the wishing business and don't take fortune tellers seriously but thanks for your amusing predictions anyway

I think his point was that there wasn't a snowballs chance in hell of you actually managing to secure any concessions or garner much support given that EBS is on the lower side of things. However he chose to sugar coat it and you didnt pick that up. If you arent in the wishing business, what type of busines are you in?

Hi Peteb I appreciate our views. A number of consumer groups have publicly stated that holders of SVR mortgages are being treated unfairly in that they are subsidising the wreckless lending policies of lenders such as EBS. People need support and this organisation will serve to protect the interests of borrowers as well as organising mass withdrawal of deposits and non payment events.

Thanks for comments - genuinely appreciated. I did consider a wider protest but decided that it's up to all of us to bring the case to each respective institution. Also' the fact that this injustice is visited on a relatively smaller group , doesn't make it ant less difficult for the individual family units affected. Remember please that many of these borrowers were members of a mutual institution which was charged with responsibility to safeguard the interests of ALL members . They now find themselves singled out as a group to shoulder the consequences of a lending policy which strayed beyond this brief.

I take no offence at the average comment above - it's actually very appropriate to an average person just trying to make a poor situation better.

Many thanks