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PTSB customers wrongly moved off tracker mortgages still waiting for redress – Doherty

24 July, 2015 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has said a reply from the Minister to Finance shows how, months after dropping their protracted legal challenges to a Financial Services Ombudsman decision, Permanent TSB has made little or no progress on offering redress to customers moved wrongly from tracker mortgages.

Deputy Doherty said:

“The reply from the Minister is deeply disappointing and unacceptable. In February this year Permanent TSB dropped its last legal challenge to the FSO’s judgment that it unfairly moved an estimated 2,000 customers off tracker mortgages. Even giving some time for administrative action the ongoing delay is unacceptable. These customers were informed that their cases would be dealt with in a timely manner.

“I know of cases where the affected families have been threatened with losing their home because of arrears while PTSB stand in breach of mortgage rules. That is an intolerable way for a mainly State owned bank to be operating in this day and age.

“Despite its commitment to the Minister, I see no evidence that Permanent TSB is doing enough to correct its own failings. The reply indicates to me, that almost 6 months after it dropped its last legal challenge, not a single customer has received any redress. I note too that the Minister failed to answer my question as to how much, of what is ultimately taxpayer’s money, Permanent TSB spent in challenging this case in the High Court.

“I have been contacted by affected customers who are losing patience with Permanent TSB. I hope the exposing of the lack of action will act as a spur to the bank and to the Central Bank and Minister for Finance to speed up this process so that affected customers can have redress and their rights restored as soon as possible. The Minister is the majority shareholder in this bank which was rescued by the people. He and the Central Bank must step up the pressure on Permanent TSB to get its act together and to clear up the mess it made and tell the bank that its customers deserve better.” 

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