Wednesday 26 October 2016

Bank is mean-spirited and downright sneaky

Published 20/08/2015 | 02:30

Bank of Ireland
Bank of Ireland

It was Lord Longford who noted that: "With a group of bankers I always had the feeling that success was measured by the extent one gave nothing away."

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We have long since given up on expecting banks to give anything away; in fact, it has been the reverse, with the customers forking out to save the bankers. All the same, many would agree that there is something entirely mean-spirited if not downright sneaky in the latest effort by the Bank of Ireland to lure customers away from its tracker mortgages.

Placing them on fixed rates would save the bank a fortune and cost the average mortgage holder €360 a month. That the bank should appear to brazenly ignore specific directions from the Central Bank seems quite extraordinary.

The bank is adamant this time out that it is in the right, but mortgage experts see it differently.

One went so far as to accuse it of acting in an underhand way. The Central Bank has been quite specific - borrowers must be told what they stand to lose. It's time for the watchdog to bear its teeth.

Irish Independent

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