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Bank of Scotland Ireland ... Brexit

  • 04-07-2016 12:48pm
    #1
    sean72
    Registered Users, Registered Users 2 Posts: 381 ✭✭


    OK so I have a tracker mortgage with BofS Ireland. Although they have pulled out of Ireland many moons ago we still pay, have no arrears, with about 10 years to go.

    What do you think the implications of the tracker rate (based on the eurozone rate) will be when these guys pull completely out of the eurozone?

    Will they still have to honor my precious tracker?


Comments

  • #2
    Charles Babbage
    Registered Users, Registered Users 2 Posts: 6,083 ✭✭✭Charles Babbage


    I don't see how Brexit would make any difference.


  • #3
    jjmcclure
    Registered Users, Registered Users 2 Posts: 589 ✭✭✭jjmcclure


    I have just been thinking about this today and it may have implications for the bank regarding regulation.

    IF (and I think they did)the bank passported their regulatory permissions in the UK into Ireland in order to write the business in the first place then they are not regulated by the Central Bank, they will be regulated for business conduct by the CBOI however in order for them to collect on your mortgage they may need to apply to the CBOI for authorisation. While not difficult this could be seen as an issue for the bank as they will need to put all the controls in place to satisfy the CBOI e.g. Audit, compliance etc.

    There may yet be a deal to be done for all us mugs who continued to pay and got no deal.


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