herald

Wednesday 7 December 2016

Editorial: Heads must roll for bank mistakes

Permanent TSB chief executive Jeremy Masding apologised for the serious consequences of the bank's failings
Permanent TSB chief executive Jeremy Masding apologised for the serious consequences of the bank's failings

THE manner in which Permanent TSB mishandled mortgages beggars belief – even by the bottom-of-the-barrel standards of Irish banking.

It has emerged that the owners of at least 22 properties lost these following failures related to tracker mortgages and mortgage overpayments.

In each case Permanent TSB’s behaviour was a “key factor” in the loss of ownership, according to the Central Bank.

The Bank’s investigation has found that Permanent TSB failed to inform customers of the consequences of decisions to break early from a fixed rate or tracker mortgage, or their rights to be offered a tracker at end of a fixed rate period.

The fact that people have lost their home as a result of this behaviour is shocking and disgraceful. Permanent TSB has apologised and offered compensation. This isn’t good enough – heads must roll.

 

Success at the Games

THE IRISH are having a cracking Special Olympics in Los Angeles, bagging no less than 15 medals in the first three days of the Games.

By the end of day three yesterday the Irish contingent had won four gold, three silver and eight bronze medals, and hopes are high for more medals today.

Team Ireland have made a huge impact since the Games began last weekend, when our 88 athletes and their 40 coaches received a rapturous reception at LA’s Memorial Coliseum.

The Games run until next Sunday, affording the Irish group plenty of opportunity to expand their medal haul.

But it’s not all about podium performances. Every Irish athlete competing has put in a huge effort. We wish them all the best for the remainder of the Special Olympics.

Promoted articles

Entertainment News