Wednesday 21 February 2018

Apologies and a few thousand euro are not enough

Permanent TSB chairman Alan Cook. Photo: PA
Permanent TSB chairman Alan Cook. Photo: PA

Brendan Burgess

In 2009, PTSB removed trackers from 1,372 borrowers because they broke out of their fixed term early. PTSB argued that while their mortgage agreement entitled them to a tracker on expiry of the fixed term, they lost this by breaking out early.

A number of these borrowers disputed the loss of their tracker and made complaints to the Ombudsman during 2010 and 2011. The Ombudsman upheld most of these complaints and directed PTSB to restore their trackers. PTSB appealed the cases to the High Court and Justice Hogan's decision in September 2012 was damning on PTSB.

"This, undoubtedly, is a sophisticated and clever argument which, for example, had it been advanced in an undergraduate law examination would have attracted high praise from the examiners as an original demonstration of legal craft and skill. But this type of argument should really have no place in the construction of financial documents involving retail customers."

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