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.

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.
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.
My letter mentions a fee premium for the benefit of the guarantee, what is this?
Has my Central Credit Register (CCR) record been affected?
Has the Central Bank of Ireland (CBI) been told?
Does this have any effect on my tax position?
Who can I speak to if I have a question or want to complain?