Permanent TSB EUR 21 million tracker-mortgage enforcement

Summary

The Central Bank of Ireland reprimanded and fined Permanent TSB p.l.c., the banking entity within Permanent TSB Group Holdings, EUR 21 million for 42 admitted regulatory breaches affecting 2,007 tracker-mortgage customer accounts between August 2004 and October 2018. The Central Bank found serious failures that caused prolonged overcharging and significant customer harm, including the loss of 12 family homes and 19 buy-to-let properties. The regulator said the firm failed to adequately protect customers' contractual tracker-mortgage rights and suffered systemic weaknesses in management systems and internal controls. The enforcement action is concluded. Source: https://www.centralbank.ie/news/article/press-release-enforcement-action-permanent-tsb-30-may-2019