Treatment of PTSB customers appalling
Economist Joseph Stiglitz has been a stern critic of banks. "Rather than justice for all, we are evolving into a system of justice for those who can afford it. We have banks that are not only too big to fail, but too big to be held accountable," he once observed.
His words spring to mind on hearing that a bank can blunder and at least 22 families can lose their homes. In this instance the bank, Permanent TSB, is being held accountable, but only after several legal hurdles have been cleared.
Yesterday's revelations about PTSB were breath-taking. But thanks to the Central Bank, almost 1,400 mortgage holders with PTSB and Springboard Mortgages will receive compensation as a series of failures related to tracker mortgages and mortgage overpayments were uncovered. These failures were identified as a "key factor" in the loss of ownership of at least 22 properties.