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Permanent TSB have acted “disgracefully” on tracker cases: Doherty

6 February, 2015 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has said Permanent TSB have acted disgracefully in dragging out the dispute on tracker mortgages for years after the Financial Services Ombudsman found it was in breach of regulations by transferring customers from trackers to variable rate mortgages.

He urged customers of all banks to check their contracts to see if they could be entitled to compensation.

Deputy Doherty said:

“Permanent TSB have acted disgracefully in this whole affair.  They were clearly in the wrong and knew this from as far back as 2012 when they lost a High Court case on this issue but yet dragged out the affair until 2015. I am urging all PTSB customers to check their mortgages.

“It is thought thousands more could have been mistreated in being forced to transfer. Indeed this practice may have occurred at other banks too so all bank customers who have been moved off a tracker mortgage should check their contract and if concerned contact the Financial Services Ombudsman.

“I have raised this issue directly with Jeremy Masding, CEO of Permanent TSB and the Financial Services Ombudsman Mr. Prasifka. The Central Bank has only now acted and there are very serious questions as to why it did not act sooner to protect consumers. The least we deserve is clarification from the Central Bank as to why it did not take action on this issue.

“I know from cases brought to my attention that some of these cases were related to homes that fell into arrears and where the bank was taking legal action. It is very doubtful whether this would have been the case if PTSB had honoured their original contracts.

“PTSB’s disgraceful behaviour has caused great distress and their stubbornness in fighting the Ombudsman’s findings until the end has done serious damage to their reputation and caused even great distress to families.”


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