I have been informed by Permanent TSB that this relates to the situation of certain mortgage customers of the bank and their right to avail of a mortgage tracker product from the bank in circumstances where they broke early from a fixed rate tracker period.
Earlier this year the bank confirmed that it would be withdrawing appeals it had submitted to the Supreme Court in respect of High Court decisions involving specific customers who pursued and had their complaints on this matter upheld by the Financial Services Ombudsman.
Permanent TSB is now implementing the decisions of the Financial Services Ombudsman and is in correspondence with the affected parties. The bank has also confirmed that it is under an Enforcement Investigation by the Central Bank of Ireland in respect of this matter.
I understand that the bank is now undertaking a comprehensive programme to identify all customers in similar positions (i.e. mortgage customers who had a fixed rate product which included a right to move to a tracker rate at the end of the agreed fixed rate term but who lost that right because they broke from the fixed rate early) with a view to ensuring that impacted customers are informed in writing and offered redress including the offer to move to a tracker mortgage, where appropriate.
As this is subject to an ongoing Enforcement Investigation it is not appropriate to comment further at this time.
