Monday 5 December 2016

Call for Oireachtas inquiry into PTSB overcharging

Published 21/08/2015 | 02:30

David Hall has called for the Oireachtas Finance Committee to meet immediately
David Hall has called for the Oireachtas Finance Committee to meet immediately

The Oireachtas Finance Committee has been called on to reconvene immediately to investigate the overcharging of Permanent TSB customers and to hear from mortgage holders impacted by the scandal.

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Fianna Fáil finance spokesman Michael McGrath, who is a member of the committee, and David Hall of the Irish Mortgage Holders Organisation are seeking a Dáil probe into the issue.

Mr McGrath said a number of issues around the Permanent TSB over-charging scandal need to be look at by TDs and senators.

"I recently wrote to the Oireachtas Finance Committee asking that it hold hearings into the PTSB over-charging scandal. This will be considered when the committee resumes next month," he said.

The key issues that should be examined include why it took the bank so long to admit its mistakes, said Mr McGrath.

He also questioned the adequacy of the compensation arrangements that have been put in place, and how mortgage holders generally coming off fixed rates are being treated by their banks.

Mr Hall said the committee should meet immediately.

He claimed it has been recalled in the past for far less serious issues.

The committee should be able to hear first-hand testimony from Permanent TSB customers directly affected by the over-charging, as long as they are not publicly identified.

Mr Hall said he has 100 clients who were affected by the issue.

"I would ask that the Finance Committee offer to hear from those affected in private session, or that those affected would be allowed to submit details of how this outrageous action by the bank has affected them," he wrote to committee chairman Liam Twomey.

More than 1,300 Permanent TSB borrowers were wrongly denied the option of returning to tracker rates after being on a fixed rate.

Irish Independent

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