This paper presents a Markovian queueing model for a hybrid channel consisting of two links with different throughputs. The busy faster link is assumed to be unreliable, with possible partial and complete failures. Partial failures lead to a reduction in the service rate, while complete failure stops the service. Repairs return the faster server to a non-failed state. The problem of the optimal allocation of customers between the servers is considered. The optimality of a threshold-based policy that depends on the failure state of the faster server is proved. The dynamic behaviour of the system for the given threshold policy is described by a four-dimensional Markov process that can be treated as a QBD process with a large number of boundary states. Stationary analysis of the system is performed by means of a matrix-geometric approach, and the main performance measures are derived.