Millar judgment should give borrowers cause for concern

Borrowers who are banking on a judicial Fifth Cavalry riding to the rescue may have to think again, if a recent decision of the new Court of Appeal is anything to go by.

The Court of Appeal, as reported in this newspaper on June 25, overturned a High Court award in favour of a couple, Kenneth and Donna Millar, who had taken out multiple loans with National Irish Bank (later acquired by Danske Bank).

The couple had complained to the then financial services ombudsman, Bill Prasifka, because their bank had hiked up the interest rates on these loans in late 2011, when interest rates, generally, were falling. The decision has sparked debate on social media.