Investigation into AIB misreporting of customer arrears extended

[PaddyJoe]

Another smelly can of worms in the Irish banking system is being poked to see what falls out.
Earlier this week Allied Irish admitted to "incorrect reporting of missed repayments by customers, which made their credit records look worse than they actually were" and apologised to 12,000 affected customers.
It seems AIB had been supplying incorrect information to the Irish Credit Board for six years

THE DATA Protection Commissioner will extend its investigation into the misreporting of customer arrears details by AIB to see how it and the other main Irish lenders reported restructured loan cases to the Irish Credit Bureau (ICB).

Deputy commissioner Gary Davis said AIB may have misreported arrears details for another 5,000 customers who were in financial difficulty and had their loans restructured to allow them to make some form of repayments.



The commissioner intends to widen its investigation into the reporting of arrears cases by AIB to the other major Irish banks and the country’s largest credit unions.

Mr Davis said the commissioner would start examining the reporting to the ICB by Bank of Ireland, Permanent TSB, Ulster Bank and the credit unions next month.

“We are going to have to go broader because there is no reason to believe that if the error happened at AIB, then it could not have occurred elsewhere,” he said.
http://www.irishtimes.com/newspaper/finance/2012/0810/1224321888589.html

[C. Flower]

Another smelly can of worms in the Irish banking system is being poked to see what falls out.
Earlier this week Allied Irish admitted to "incorrect reporting of missed repayments by customers, which made their credit records look worse than they actually were" and apologised to 12,000 affected customers.
It seems AIB had been supplying incorrect information to the Irish Credit Board for six years

http://www.irishtimes.com/newspaper/finance/2012/0810/1224321888589.html

How odd. I wonder why only for the last six years?

It takes something to go from a system that works to one that doesn't.

[Captain Con O'Sullivan]

It'll end up that the only people whose credit records are unaffected by Irish banks are those who defaulted on massive loans and had their 'investments' taken over by NAMA.

[Slim Buddha]

I am amazed that people find this is surprising in any way. I haven't believed anything put out by any Irish bank for years, simply on the basis that regardless of what an Irish bank says or does, the absence of any form of meaningful sanction has meant that for decades they could do anything they wanted. No regulation, no sanctions, no meaningful controls and the ability to browbeat the state in the form of ignorant, spineless and deferential politicians adds up to an unbeatable business model.

[C. Flower]

I am amazed that people find this is surprising in any way. I haven't believed anything put out by any Irish bank for years, simply on the basis that regardless of what an Irish bank says or does, the absence of any form of meaningful sanction has meant that for decades they could do anything they wanted. No regulation, no sanctions, no meaningful controls and the ability to browbeat the state in the form of ignorant, spineless and deferential politicians adds up to an unbeatable business model.

Well, not altogether ignorant and deferential as several of them got very large loans written off.

[Slim Buddha]

Well, not altogether ignorant and deferential as several of them got very large loans written off.

And great business for the bank. Write off a few loans and get unlimited taxpayers money to underwrite catastrophic mistakes made by idiot, arrogant directors.