Oireachtas Joint and Select Committees

Thursday, 1 February 2018

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

Tracker Mortgages: Ulster Bank

9:00 am

Mr. Paul Stanley:

I can only speak for myself, but there was none that I was aware of. In our case many of these instances were customers going on to fixed rates and then not reverting to tracker rates. Even before tracker rates came into existence the standard market practice was that when customers came off a fixed rate, if they did not choose another product, they would revert to the standard variable rate. There was probably an over-reliance on that standard practice.

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