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

Photo of Kieran O'DonnellKieran O'Donnell (Fine Gael) | Oireachtas source

Either way, I know from dealing with the banks over the years that no one is more conversant in the detail of a contract than a bank. I do not buy that argument. I do not buy that the bank did not have a record of the commitments and obligations of the banks. If the banks were enforcing them with customers, they would have them in chapter and verse. It has echoes of "the dog ate my homework".

Am I correct in saying the bank has identified, based on the figures I extracted from Mr. Byrne's presentation, roughly 9,348 customers who are affected? There are 3,509 in the first category, who were on the wrong tracker rate; 939 in the group who were on a higher margin than they should have been on; 4,000 in the group that signed up to a fixed rate but had the option at the end of the fixed rate period to go on the prevailing tracker at that time; and the final cohort of 900 customers who signed up on a tracker, went to a fixed rate, and although there was nothing definitive, they felt it was implied in the contract that they could go back on a tracker rate. That figure comes to 9,348. Is that the correct figure?

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