Dáil Éireann Debate, Thursday - 16 June 2016
92. Deputy Michael McGrath asked the Minister for Finance the number of staff that Permanent TSB employs directly or under contract who are solely or primarily working on resolving issues relating to the Central Bank investigation of its handling of tracker mortgages; and if he will make a statement on the matter. [16500/16]
Amharc ar fhreagraAs the Deputy may be aware Permanent tsb Group (PTSB) established a Mortgage Redress Programme (MRP) in July 2015 to remediate and compensate 1,372 mortgage customers who exited early from a fixed or discounted rate period and, as a result, lost their future entitlement to a tracker.
In September 2015, PTSB established a dedicated Mortgage Product Review Group (MPRG) to review its legacy mortgage product suite and identify any instances where the contractual terms and conditions of customers are not being fully honoured by the Group; in particular, in relation to tracker mortgages. In December 2015, the Central Bank of Ireland ('CBI') announced its intention to require all mortgage lenders to conduct a broad examination of tracker mortgage related issues. Details of this Review (the 'CBI Tracker Review') were provided to PTSB (and Springboard) by the CBI in December 2015. While the CBI's required scope is broad (in terms of timing and customer types), it is consistent with the root and branch product review which is being carried out by the MPRG.
I have been informed by PTSB that including 3rd parties and Independent Oversight, they currently have c.170 people working on these Tracker mortgage related projects.
