Allied Irish Banks Customers in Line for €65,000 Tracker Payouts

Allied Irish Banks (AIB) has finally owned up to a massive tracker mortgage problem, and then denied for years. It should be restored, at least 3,000 owners cost trackers to create good and compensate them.

Compensation may cost the bank an average of €65,000 each client.

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As part of its annual presentation of the results of the bank acknowledged that the already allocated €102m for the compensation cap tracker. And allocated another €85m for the “other related matters” in the context of the review of the tracker.

Just weeks ago, the bank denied that it refused to return the wrong trackers for families. About-turn, as they say in the bank, making a profit of €1.9 billion last year.

AIB move to set aside huge amounts of cash to compensate for the loss trackers coming months Permanent TSB recognized that it needs to recover about 1,400 people trackers and compensate them.

People deprived of the tracker end up paying a variable rate, which are among the most expensive in the euro-zone.

The difference between the cost of a tracker mortgage and a variable rate is so dramatic that the family should earn extra €12,500 a year to pay the difference, the study showed.

Financial expert Padraic Kissane, who specializes in the restoration business tracker, has estimated, the AIB has approximately 3,000 customers wrongly denied tracker after a period of a fixed rate.

Mr. Kissane said that the cancellation of millions of euros to cover the cost of improperly denying family tracker, unlike the Bank’s approach to date.

AIB realize that there are 300 employees currently digging on their mortgage contracts for the work that needs to be rebuilt, and the key to obtain compensation.

Tracker mortgages have an interest rate that is set by supply base rate of the European Central Bank.

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