AIB We have won the Prevailing Rate issue


I got this response from Brendan, so it looks like we can wait for now
Nailligo said:
if we haven't written to the Ombudsman yet after getting the BDO/AIB rejection letter, should we still go ahead with that?
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No. I expect AIB to make an offer to all those affected so that they won't need to go to the Ombudsman.

Brendan
 
Brendan,
This is such amazing news! Thank you so much for all your help and guidance throughout this campaign. If it wasn’t for you I don’t think this would’ve come to fruition! From the bottom of heart, thank you so much, I am very much indebted to you. I really feel like this was such a moral victory and shows how the power of a united cohort can attain justice! The victory in itself is sweet enough for me, but don’t get me wrong, I will enjoy any windfall I get small or large!!
Thanks again Brendan, you were the instigator, brains, motivator and champion of the whole campaign.
 
funkel said:
Well done to all who continued to pursue AIB and the appeals panel and especially to Brendan who helped to facilitate and guide us on the matter with such patience and skill.
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Nailligo said:
I got this response from Brendan, so it looks like we can wait for now

No. I expect AIB to make an offer to all those affected so that they won't need to go to the Ombudsman.

Brendan
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Brilliant, thank you!! I hadn't gotten a chance to read through all of the comments just yet, so apologies for asking on the double. I think I'm still in shock!!
 
I fall into the cohort of the 6000 people. I conveniently received fixed rate options (2.85%) in the post today from AIB (I'm currently on their variable rate). I assume I should hold off moving to a fixed rate given the likelihood we might be offered a decent tracker rate.
 
Just wanted to echo the sentiments of all on this group, thank you so much for your guidance Brendan. I was one of the earlier submissions to the ombudsman and my case is currently 'being referred to the bank for comment'. I asked my contact person in the Ombudsman's office what the press release meant for my case and got the following response.
This office cannot comment on today’s media reports and any potential consequences for your complaint to this office.
For more information, please see the following;
https://www.fspo.ie/documents/Statement-on-Publication-of-Decisions.pdf
 
I m sorry but I d just like to clarify does this apply to everyone who got the 1600 compensation. I m almost afraid to believe it
 
Good Evening All and a massive congratulations to you all on pushing this issue.
My family were recipients of the €1600 compensation payment in 2018 but did not realise the best advice would be to appeal until stumbling onto this thread earlier.

I asked an AIB employee known to me who advised to take the money as we were not entitled to anything!!

If you don't mind a newbie asking if this new development would apply to all affected parties or just those who were sensible enough to appeal?

Again well done for standing up for what is right!

Thanks in advance
 
Im in the 6000cohort. I decided my mortgage towards the end of last year. Do u think that this will impact on any redress which offers a tracker rate? Do u think worst they could do is force me to pay breakage costs?
 
Brendan, thank you so much for everything you have done. I am another one of the 1615 cohort and have been in a state of shock since I read the statement this morning. On the advice of another staff member I followed all of your instructions as far as the appeals board, after the last response from them I had given up and have not taken it to the ombudsman. Thank you again from all of us.
 
Thank you so much!!!
Still scared to believe it’s real and that we are included (are all recipients of the €1600 included in this group?), the banks always seem to wheedle their way out of things!

But, again, thank you so much for fighting for us all! We definitely need a statue for you!
 
Just be careful over-estimating the money back.

1 - they will need to work out the correct or most apt margin. This will probably be the highest of the margins they had generally available. - Possibly as high as 2% and unlikely to be under 1.5%

2 - Interest rates have been very low for years (thankfully), so interest on the overpaid interest will be minimal


So assuming all goes as everyone hopes, then, as a ballpark, I would estimate that for each €100,000 of mortgage balance at Jan 2010, the refund would be about €12,000 - €13,000.

Or even easier, 12%-13% of the mortgage balance on Jan 1st 2010 add about 2,000 - 2,500 for compensation and time value money.

So ballpark, 14% - 15% of what your mortgage balance was in Jan 2010 would be the figure I'd put in my head and graduated lower by about 1.2% a year for those whose fixed rates ended in subsequent years. (2012 = circa 12% of balance etc)

This is pure guesswork based on amoritisation tables and purposely on the lowish side, using 3.75% as average svr and 2% as the tracker margin - I was fairly accurate with my estimations on KBC and Ulster, so this won't be far off. (I hope)
 
misstealeaf said:
Im in the 6000cohort. I decided my mortgage towards the end of last year. Do u think that this will impact on any redress which offers a tracker rate? Do u think worst they could do is force me to pay breakage costs?
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just like all the others (kbc, boi, ulster etc) - everything you fixed or did after the original error date is effectively ignored. No breakage fee
 
Hi Brendan,

Does this mean AIB staff should be compensated for being switched from 3% to variable rate without being offered a tracker rate even though clause was in LOO stating it would be offered!

Also Special Conditions clearly state 3% is a FIXED rate?

Thanks
 
A massive thank you Brendan. I’m finding today’s news hard to take in. It’s an amazing result for all the customers and families lives affected by this.
 
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