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Financial Services Ombudsman’s findings regarding interest rate increases for variable mortgage holders upheld
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Court of Appeal allows appeal of High Court decision overturning finding of Financial Services Ombudsman and restores the Ombudsman’s original finding that a couple who have been subjected to an increase in the variable interest rate of their mortgage are not entitled to relief - on the grounds that they had not demonstrated that the decision of the Ombudsman was vitiated by a serious and significant error or series of errors, and the construction of the contractual term regarding “market conditions” given by the Ombudsman was correct.
Banking law – mortgages – variable interest rates – appeal by Financial Services Ombudsman of High Court ruling overturning finding of Ombudsman – Central Bank and Financial Services Authority of Ireland Act 2004 – Central Bank Act 1942 – whether interest rate increase is a breach of the terms of the relevant loan agreements – whether the bank had failed to advance any rational coherent or sound argument to demonstrate that when it adjusted its variable rate – s. 57CI(2) of the Central Bank and Financial Services Authority of Ireland Act 2004 – no curial deference is to be shown to the Ombudsman on what he described as “purely legal questions” – issues raised by complainant was not a pure question of law, but rather a mixed question of both law and fact – whether the contractual term “market conditions” may be taken to refer to “market conditions generally” – no error on part of Ombudsman – appeal allowed.
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
