Tonymac-yes I have no problem you quoting it.
For what it’s worth I don’t think any of the variable base rate cases will go to the FSO until the central bank have signed off on that particular issue. They haven’t done that yet as my account is still in review with no sign of a final response yet.
PK really is the person to go to for advice on this. You will likely be redressed once a test case gets the green light from EBS & they finally admit that the variable base is a tracker; or that there is so much ambiguity around the term that EBS eventually fold under the pressure from the CBI.
I’ve attached the official EBS rates from different time periods during 2007 as this might help your “ambiguity” argument. Remember that the “tracker rate” is defined as a “variable” rate on loan offers just to muddy the waters further!
Oh yes I know that. But both the EBS fixed to variable base rate & “tracker” loan offers don’t use the word tracker. They both use the word variable & both refer to a base rate.B26354
All tracker mortgages are variable in nature, the hint is in the word tracker.
I received another “holding letter.” Each monthly letter states that EBS are making progress in resolving the matter. Obviously not.
In March Kissane stated that there were 3000 EBS customers who should be returned to their tracker rate & redressed (see attached). 500 EBS customers have since been redressed...just the 2500 variable base customers to be sorted so.
First time poster here lads, so bear with me.
But this might help!
It’s a definition from Ulster Bank’s current jargon buster.
Base Rate
A rate of interest set by the European Central Bank (ECB), which tracker rates and lenders' standard variable rates usually follow.
Might add to the other evidence of what a variable base rate means.
Agree totally, unfortunately if this indeed the case, the FSO, Padraig Kissane and possibly the courts are going to have a busy time due to this "hope this goes away attitude" by the banks and CB, absolutely disgraceful if this is the case. Appears like its coming to what any of us could have predicted, eg, taking it into our own hands due to yet another abdication of their consumer protection role, same as the issues re excessive variable rates.
I’ve been in contact with the EBS & Central Bank; I don’t get the impression the review is anywhere near completed. Agreement from EBS that the length of time it is taking to complete review of the variable base cohort is telling in itself and to expect this to run until year end. EBS continuing to place responsibility for delay at door of CBI. CBI on the other hand stated that EBS should be at a point now where the examination is completed. Make of that what you will!Got a reply to an email i sent to Michael McGrath and he thinks the CB will back the banks regarding the remaining cohorts. He advises people to exhaust the internal complaints mechanism first, eg the FSO before any further, sounds pretty ominous doesnt it but predictable considering the silence since the EBS 500 were conceded.
Yes-e-mail.Hey there b26354 - How are you in touch / making a complaint to/ with the central bank - via email? also have you made any complaints to the data regulator?
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