Oireachtas Joint and Select Committees

Tuesday, 23 January 2018

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Tracker Mortgages: Allied Irish Banks

4:00 pm

Mr. Bernard Byrne:

These are customers who never had a tracker and who, according to the contract, had a right to be offered the prevailing rate tracker. As I mentioned, the decision made was that this product would have been priced at a level that would have made it unattractive so it was withdrawn from the market. Therefore, the decision was that these customers were not disadvantaged from a commercial point of view because the prevailing rate tracker would have been unattractive and that is why they are not included in the confines of the other option about which the Senator is talking. That is the answer to the question.

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