Questions & Answers (Q&A) regarding letters from AIB dated 09 October 2024 with letter reference ‘T312’
If you received a letter from AIB regarding your business loan account with letter reference ‘T312’ dated 09 October 2024, these questions & answers may be helpful.
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Why have I received this letter?
Following a review of the communications we issued in relation to your loan, we have found that some of our communications were inconsistent and may have given some customers an expectation of a maximum interest rate of 2.75%.We are sorry for any confusion we may have caused.We have sent you this letter as we are giving you the benefit of a maximum interest rate of 2.75% for the full duration of your loan.
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What changes did you make to my loan account?
We are giving you the benefit of a maximum interest rate of 2.75% for the full duration of your loan. Your individual interest rate will be the same as the margin outlined in your letter of sanction.You do not need to do anything, this does not change your regular loan repayments.
- If your account is open, we have adjusted the loan balance as detailed in the letter we sent you on 09 October 2024
- If your account is closed, the adjustment has been provided by way of a payment as detailed in our letter.
- In addition, as the fee premium for the benefit of the guarantee is calculated based on the loan balance, which is being adjusted, a payment has been made to you for this.
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My letter mentions a fee premium for the benefit of the guarantee, what is this?
You pay a fee premium for the benefit of the guarantee on your loan (referenced “CGS FEE AIB” on your bank statement) which is calculated based on the loan balance. As the loan balance is being adjusted, a payment has been made to you for this.
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Has my Central Credit Register (CCR) record been affected?
We are currently reviewing the Central Credit Register (CCR) reporting and expect that in the majority of cases that there is no impact. If an update is required, we will write to you separately about this.If you would like a copy of your CCR record please go to www.centralcreditregister.ie.
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Has the Central Bank of Ireland (CBI) been told?
Yes, the CBI is aware of this.
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Does this have any effect on my tax position?
If you previously included your loan interest as a tax deduction (for example, as a business expense in your accounts), you should consult your tax advisor for guidance.
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Who can I speak to if I have a question or want to complain?
If you have a question or want to raise a complaint, you can call us on 0818 726 726, between 9am and 5pm, Monday to Friday, excluding Bank Holidays.
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