Kevin Humphreys (Dublin South East, Labour) | Oireachtas source

The letter states:

As a valued mortgage customer we want to share some interesting findings from research that we have carried out recently with homeowners like you who have a mortgage on a tracker rate. The data conducted by RED C in August 2012 on behalf of the Bank of Ireland found that customers on tracker rates believe that lower payments and rates of interest are the most appealing feature of their mortgage. A significant proportion, 75%, of our customers with tracker rates believe the ECB rate will increase in the next five years. The majority of customers, 84%, are concerned about the resulting increase in mortgage repayments. If, like these customers, you have concerns about increasing mortgage repayments we may have options that can afford you more certainty of repayments at affordable rates, giving you the benefits your current low rate but without the risk of increases over the next five years.

The letter continues: "We will be calling you over the next week to discuss the options and to answer any questions you may have. If this timeframe is inconvenient...we will contact you...please contact the following phone number." The date of the letter is October 2012.