The two borrowers were excluded from redress in an industry-wide examination overseen by the Central Bank between late 2015 and mid-2019.
They signed a so-called flexible mortgage transfer form in 2006, entitling them to move on to a tracker loan. They subsequently applied in May 2007, as ECB rates were rising, to fix their interest rates until August 2010. In her ruling on Thursday, the judge said a “significant factor” of the ombudsman’s analysis of the loan contract was the bank’s original commitment to offering the borrowers “alternative available products” at the end of the fixed rate period.
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