Saturday 3 December 2016

Bank shouldn't have role in compensation panels

Published 03/08/2015 | 02:30

It's hard to know why the bank is allowed to have any role at all in settling these cases. It should certainly not be allowed direct input into the compensation process
It's hard to know why the bank is allowed to have any role at all in settling these cases. It should certainly not be allowed direct input into the compensation process

If anything, confusion has increased since Tuesday when Permanent TSB first announced a scheme to compensate customers caught up in its overcharging scandal.

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The bank now insists that a "derisory" compensation offer of €50,000 for customers who had lost their homes because of its actions was never intended to be a full and final settlement for customers.

It was always meant to be a holding payment while machinery to determine a final offer was being established, it now says.

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