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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Michael McGrath: ...consequence of this decision was that certain customers, who held a tracker product at some point previously but had already moved off the tracker product prior to this decision, were not able to revert to the tracker product". While that was unintended and unforeseen, they had a contractual entitlement to revert to a tracker, the terms of which were defined in their contract. How could...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Mr. Bernard Byrne: There is a default position under those contracts of reverting to a standard variable rate. In the absence of agreement, the standard variable rate is the default.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

Pearse Doherty: I ask Mr. Byrne to revert to the committee on that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

...product would never exceed 1.5% above the ECB rate and the customer switched from that product to a different product but that protection did not carry with them, and we are now fixing that and reverting the person to it. It is worth nothing there is also a group within those 1,600 EBS customers, for whom, contractually, that price promise never existed but through an operational error...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

...of a fixed rate or variable rate if he or she was offered the prevailing rate. If he or she decides not to take the prevailing rate, or if he or she did not come back to the bank at all, he or she reverts to the standard variable rate, SVR. That is what is agreed. If the customer has refused the prevailing rate, he or she selects either the fixed rate or standard variable rate.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Tracker Mortgages: Allied Irish Banks (23 Jan 2018)

...unintended consequence of this decision was that certain customers who held a tracker product at some point previously but had already moved off the tracker product prior to this decision were not able to revert to the tracker product. It is clear that the potential fallout of the decision to stop offering the tracker product to new customers was not considered in terms of how existing...