Saturday 25 March 2017

Permanent TSB CEO: 'I can find no evidence of a strategy to withhold information from customers'

Permanent TSB chief executive Jeremy Masding
Permanent TSB chief executive Jeremy Masding

Paul O'Donoghue

Permanent TSB CEO Jeremy Masding has said that he can find no evidence of any group of people who made a decision not to provide information to customers after it was revealed earlier today that a series of failures at the bank led to at least 22 people losing their homes.

This morning the company announced that it is set up a “major” redress and compensation scheme for its agreed to compensate 1,372 customers after the Central Bank found that it failed to warn them of the consequence of breaking the term of a loan agreement.

This relates to customers who broke from fixed rate mortgages early, and wanted to return to their tracker rates but were subsequently unable to do so.

Up to 61 homeowners who were impacted lost their properties - up to 22 of these cases could have avoided if it wasn't for these failings.

He said: “We tried to find out how this failure came about.

"I can find no evidence of a strategy to withhold information from customers.

“I can find nothing to suggest that an individual or group of people took a conscious decision to not to provide information to customers."

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