Mr. Padraic Kissane:

A staff member of AIB in the majority of cases could borrow a maximum of €190,000 at the staff rate. The balance of the loan would generally have been on a tracker rate during the relevant period. However, it was not made clear to any of the staff that if the €190,000 ever became more expensive, they had the option to go back to the basis on which the rest of the loan was advanced. The balance of the loan might have been €20,000, €50,000, €100,000 or even €500,000. That depended on how much the individual was borrowing. There was a maximum amount that they could borrow on the staff rate but there was always a link between the underlying basis of the other loan that could have been adopted in. However, when the trackers were removed, the bank used it as a reason not to give it back but there was an unwritten understanding among bank staff that the tracker option was always going to be available to them as a default position.