22 Permanent TSB customers have lost their homes because of mistakes by the bank – and will receive 50 thousand euro in compensation.
Almost 1,400 mortgage holders with PTSB and its subsidiary Springboard mortgages have been affected by serious failures at the bank relating to tracker mortgages and mortgage over-payments. A full redress scheme is being put in place – in addition, those who lost their homes will receive 50 thousand euro in compensation, the remainder will receive around 3,200 euro in compensation. Permanent TSB will begin contacting affected customers and says it expects to be fined up to five million euro by the Central Bank for the mistakes.
Chief Executive Jeremy Masding says there has been a failure at the bank: