In August 2015, AIB started a comprehensive review of customer mortgage accounts with regard to tracker rates. The review is being conducted in accordance with the Central Bank of Ireland Framework and is being independently assured by KPMG. The review involves identifying customers impacted by a failure, putting these customers back on the correct rate, refunding and compensating them, and providing access to an independent appeals process.


The review, which is ongoing and nearly complete, has found we fell short on our obligations to some customers, for example instances where we were not sufficiently clear with them. This resulted in some customers being charged too high a rate of interest on their mortgage accounts.


The Steps


In order to prevent further detriment, our first step is to correct the rate on impacted mortgage accounts that are open and on too high a rate of interest. Where an account has been charged the wrong rate of interest, AIB adjusts the impacted customer accounts and provides redress and compensation.


Some customers who have an option to choose a prevailing tracker rate at the end of a fixed rate period could not avail of that option between October 2008 and December 2013. This was because we had withdrawn tracker rates during that time. To acknowledge this failure, we made a compensation payment to these customers.


In addition to providing any redress and compensation due, we have also given a set payment towards the cost of independent professional advice. We have established an independent appeals process and have appointed an independent third party, KPMG, to review key aspects of our work. These steps are in line with the principles outlined by the Central Bank.


Our priority is to put things right for our customers who have been affected. If customers have any queries, they can call our dedicated Helpline on 1800 235 460 (or +353 1 7715888) between 8am & 7pm, Monday to Friday.

Review of Tracker Mortgages – FAQ

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    How do I know if I am impacted by this review?

    If your account has been impacted, we will write to you.


    For example, if your mortgage account falls into one of the below categories, it may have been impacted:


    • You were on a tracker interest rate and then moved to a different rate, for example a Standard Variable Rate or a Fixed Rate.

    • You were on a tracker interest rate and your margin increased.


    Customers who were always on their correct tracker margin are not affected.


    We started writing to customers in 2016 and we will continue to do so until the review is complete.

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    I received a compensation letter.

    What can I do with my cheque?

    You can lodge your cheque. Lodging it will not affect your right to make an appeal, to make a complaint to the Financial Services and Pensions Ombudsman or pursue this matter through the Courts. You are not required to apply any of your payment amount to your mortgage account.


    Why did I receive a payment instruction form instead of a cheque?

    A payment instruction form is most frequently issued where there are multiple parties to a loan living at different addresses. We need you to complete this form so that we know how you would like us to split your payment amount.


    Personal representatives of deceased borrowers

    Where we are aware of the personal representative of a deceased borrower we have also sent them a letter along with a payment instruction form. Click here for more about the identification documents that personal representatives will need to provide before the cheque will issue to them.

    Do I have the right to appeal the redress and/or compensation?

    Yes, you have the right to appeal the actions we have taken to correct our failure.


    What can I appeal?

    You can appeal any aspect of redress and compensation within 12 months from the date on your letter in which the bank made its offer of redress and/or compensation. Our decisions on the level of redress and compensation due to customers are based on the information available to us in our review of your account. As part of the appeals process you can include any additional material financial information which you would like to have considered.


    Who will hear my appeal?

    All appeals are heard by a fully independent appeals panel in accordance with the Terms of Reference and Procedural Rules of the appeals panel.

              For more details on the panel membership click here.


    How do I begin an appeal?

    Customers who received a compensation letter can request an appeals application pack. To request this pack, please contact the helpline number provided in your letter. This pack will give you more details about the overall appeals process. Customers who decide to appeal will need to complete the appeal application pack and return it (together with any supporting documents relevant to their appeal) to the address set out in the form.

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    I am appointing a third party advisor to assist me. Can I give you permission to deal with this advisor on my behalf?

    Yes. You will need to confirm in writing (through the approved “Third Party Advisor” form) that we can liaise with the advisor in relation to the Tracker Mortgage Review. You can find this form here or you can contact our helpline to request the form.

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    What if I have a question about the letter I received?

    We have a team who are available to help you. You can call them using the contact details contained in your letter.

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    What if I do not receive a letter?

    If you do not receive a letter from us and have reason to believe your account may be affected, or if you have a question, please call our Helpline team on 1800 235 460 (or +353 1 7715888) which is available Monday to Friday between 8am & 7pm, write to us at AIB Tracker Mortgage Review, Bankcentre, Ballsbridge, Dublin 4 or visit us in your local AIB branch.

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    When will AIB complete the review?

    The majority of impacted accounts have been redressed and compensated. Our aim is to redress and compensate all remaining accounts in the first half of 2019.


    We are deeply conscious of the necessity to complete this review as quickly as possible and our priority remains to put things right for our customers who have been affected.

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Allied Irish Banks, p.l.c. is an authorised agent and servicer of AIB Mortgage Bank in relation to origination and servicing of mortgage loans and mortgages.  AIB Mortgage Bank and Allied Irish Banks, p.l.c. are regulated by the Central Bank of Ireland.