Tuesday, 11 June 2019

Questions (147)

Pearse Doherty

Question:

147. Deputy Pearse Doherty asked the Minister for Finance if a bank (details supplied) will contact all customers with similar cases immediately and provide similar additional compensation or redress further to a media report; and if he will make a statement on the matter. [23342/19]

View answer

Written answers (Question to Finance)

Permanent TSB has provided the following comments in response to the Deputy's question:

“This case was settled out of court by agreement between both parties and the specific terms of the settlement are covered by a confidentiality agreement agreed between the parties.

“Nevertheless PTSB has confirmed that its approach in this case did not involve a change to any of the underlying principles with which it has approached its Tracker Mortgage Redress Programmes – in particular, in respect of the appropriate rate issue, which remains as previously articulated.  The bank further confirms that where it is agreeing settlements of individual legal actions, such settlements are intended to be fair and equitable, and to reflect the particular circumstances of the individual case and, in particular, any new information which comes to the bank’s attention through the case. Each case is dealt with on an individual basis.

“An inherent part of the redress and compensation scheme implemented by banks is that impacted customers offered redress and compensation have a right to appeal.  Some customers chose to appeal through the dedicated appeals panels set up for the Tracker Mortgage Redress Programmes, while other chose to appeal through the FSPO or through a legal process.  This is the customer’s choice.

“Such appeals do not represent a new cohort of customers or new issues.”.