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London - Chasunoh Fund Faces Bank Foreclosure |
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About thirty of them, who bought Traders Endowment Policies partly funded by the Bank of Ireland five years ago for the purpose of building up chasunoh funds for their children, risk losing 80% to 90% of these funds due to a decline in market conditions.
Since the loan facilities showed a marginal default, the Bank has decided to call in the loan unless it is considerably increased by a large injection of funds.
A group of askonim in North London who maintain a good relationship with the bank have devised a plan to save the chasunoh fund, but this would involve obtaining documents and information not available within the bank’s time frame.
The amount of money that the Bank of Ireland would claw back by foreclosing on the fund is relatively small.
If additional contacts were suggested in time, it’s possible that the Bank of Ireland could be persuaded to hold back on an action that, while entirely legal, seems unnecessarily punitive and hardly financially meaningful.
Gedolei Yisroel have appealed for Anglo-Jewry and other kehillos across Europe to influence the bank to implement the agreement to save unnecessary losses.
Anyone with contacts with the Bank of Ireland or Bristol and West should call them or notify the askonim.
The public should write to the addresses below to appeal to the Bank of Ireland to protect the TEP overseas clients from the effects of severe financial loss and to implement the agreement discussed.
IMPORTANT NUMBERS
Annie Nolan, Head of Business and Corporate Banking Support,
Bank of Ireland, Bow Bells House,
London EC4M 9BE.
Fax 020 3201 6961
email annie.nolan@boiuk.com
cc. Patrick Molloy, Governor of
the Bank of Ireland, Head Office,
Lower Baggot Street, Dublin 2,
Ireland.
Fax 003531 6044103
email trishbrowne@eircom.net
Bank of Ireland 0207 254 5344
Askonim fax no 0870 126 8055
USA
Bank of Ireland New York Representative Office
Chrysler Building
64th Floor
405 Lexington Avenue
New York Ny 10174
Tel 212 516 1075
Fax 1 203 843 9381
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Read Comments (3) — Post Yours »
1
Jul 04, 2009 at 09:14 PM Ben Says:
It does not sound fair, it does not sound right that a recognized large bank should behave in such a manor after all it sounds like they have a lot to gain rather than to lose.
2
Jul 05, 2009 at 07:00 AM Anonymous Says:
Manner not manor
Every investment has it risks
3
Jul 22, 2009 at 08:25 AM Ben Says:
In reply to # 2
These investments are fully controlled by the Bank of Ireland so it appears and it looks like the bank is maneuvering in a way to hurt the investors needlessly in order to gain on the account of the investors.
That is the reason that it has come to media, the investors are crying out, can't you see it.