In addition, any monies still owed by the customer on the mortgage account will be written off. The appeals panel may find that the failure was a key factor in more of these cases based on additional information that customers provide to them.Ĭustomers who have lost their property will receive compensation of €50,000 where the property in question was their home and €25,000 if it was a buy-to-let. If an impacted customer is in arrears, their arrears balance may be reduced or even eliminated.Ī review by permanent tsb and Springboard of the 61 cases which resulted in loss of ownership suggests that, in 22 of these cases, customers may have avoided losing their property if these failures had not occurred. In the case of Springboard, the failure was that customers were on an incorrect rate so they have been moved to the correct rate and paid any redress and compensation owed. The interest rate payable by impacted permanent tsb customers has been reduced to the level of the relevant tracker rate mortgage for an interim period to allow them to consider their options. They said that permanent tsb was particularly focused on the 61 accounts where customers lost ownership of their properties and will do everything in their power to help these people.Īs there is no certainty as to what individual borrowers might have chosen to do had they been informed fully at the relevant time, permanent tsb will ask customers if they wish to move now to the tracker interest rate. “We are truly sorry that this has occurred and our absolute focus now is on correcting the position of every impacted customer as speedily as possible.” In a joint statement they said: “The failures which occurred have had very serious consequences for impacted customers and we apologise unreservedly on behalf of the group to them and to all our customers.

Chairman of permanent tsb Group Holdings plc, Alan Cook, and group chief executive, Jeremy Masding, described the failure as “deeply regrettable”.

Permanent tsb