Friday 15 December 2017

The Yates anthology: Only one winner for my wally of week

PTSB chief executive Jeremy Masding
PTSB chief executive Jeremy Masding
Ivan Yates

Ivan Yates

The sole contender and outright winner of this week's brickbat is Jeremy Masding for his contrived contrition. A see-through glass lectern revealed his handwritten notes to remind himself to be "Serious. Controlled. No smile." He was trying to explain the mortgage overcharging scandal which has led to a fine of €20m by the Central Bank and a redress scheme for mortgage victims of €35m by Permanent TSB management.

The systemic failure which impacted on mortgage customers should result in greater corporate culpability. Members of management and board members should consider their positions. If bankers' heads don't roll here, they never will. Silence from their shareholder, the Minister for Finance, is deafening.

For those who lost their home, a paltry €50k seems an insult. I expect some legal eagles to pursue a class action on their behalf with the likelihood of more meaningful restitution such as getting the roofs over their head back.

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