Tuesday 15 October 2019

PTSB says its tracker probe is complete, despite claims of thousands more cases

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Stock photo
Charlie Weston

Charlie Weston

Permanent TSB has insisted its tracker probe is complete despite claims there are thousands more cases yet to be resolved.

The bank has restored fewer than 2,000 customers to trackers, refunded them overpaid interest and compensated them.

But a leading authority on tracker denial cases claims there are another 2,500 cases that the bank is refusing to concede on, or where people got redress but were put on the wrong tracker margin.

Trackers are priced at a set margin over the European Central Bank (ECB) rate, usually around 1pc above the rate.

Financial adviser Padraic Kissane said the disputed cases will now be resolved by either the Financial Services Ombudsman or in the courts.

He is fighting with the bank over an estimated 1,500 cases where the mortgage holders should be on a different tracker rate.

These people started off on a tracker rate of ECB plus 0.75pc. When the discount period ended they were put on a rate of between 2pc and 2.25pc over the ECB rate.

Mr Kissane contends that they should be on a rate of 1pc over the ECB rate.

Another 1,000 customers of Permanent TSB did get redress, but Mr Kissane insists they are on the wrong tracker rate. They are being charged a margin of 3.25pc over the ECB rate.

But Permanent TSB CEO Jeremy Masding has denied that there are any more tracker cases to be dealt with by the bank.

"A total of 1,983 cases have been resolved and there are no additional numbers," he said.

The bank boss said the lender was subject to Central Bank oversight as part of its tracker mortgage examination. He admitted the bank would now be fined for its role in the tracker scandal.

Irish Independent

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