Latest: Permanent TSB aiming to compensate victims of tracker mortgage scandal by Christmas

Latest: Permanent TSB aiming to compensate victims of tracker mortgage scandal by Christmas

Update 6.13pm: The CEO of Permanent TSB today stated his desire to see people wrongly taken off tracker mortgages compensated by Christmas.

Jeremy Masding was the final bank executive to meet with the Finance Minister today and said he would be issuing a full update in the coming days.

Earlier, Central Bank Governor Phillip Lane said he thought the majority of those affected would see redress before the end of the year.

When Mr Masding was asked if he could give any assurances that this will happen, he said: "I'd rather do that in a statement, if that's OK.

"I'd rather get all the facts on the table... I can't comment around the operation plans of my competitors.

"Certainly, the desire of Permanent TSB is to do that, yes."

Update 4.43pm: The CEO of Permanent TSB has today apologised to those caught up in the tracker mortgage scandal.

Jeremy Masding was speaking as he arrived for a meeting with the Finance Minister Paschal Donohoe this afternoon.

“Well I welcome the opportunity to discuss the issue with him, and to update him on how we’re dealing with it,” he said.

“I’ve apologised at every public forum… since 2015, so my apology still stands.”

Update 3.11pm: Taoiseach Leo Varadkar has warned banks that if the Government will take action if the banks fail to resolve the tracker mortgage scandal.

Finance Minister Paschal Donohoe is due to brief the Cabinet on the situation later this evening after he met with several bank executives earlier today.

“I think people have heard our language as a Government, they now want to see action, and what we want to see is action from the banks, and if we don’t see action from the banks then there’ll be action from the Government,” he said.

“I believe that the banks have it in their hands to actually resolve this in a matter of weeks or months if they want to do so, and I would hope that after their meetings with the Minister this week, they’ll want to do so.

Earlier today, CEO of Bank of Ireland CEO Francesca McDonagh insisted that the bank is taking the scandal very seriously.

“We listened very carefully to what the minister had to say, and his concerns,” she said.

“And we are treated this matter very seriously and we will be making a statement in due course.”

Earlier:

The Central Bank says its job is to ensure that all customers affected by the tracker mortgage scandal are compensated.

Governor Philip Lane was speaking as he headed into the first meeting between the Finance Minister Paschal Donohoe and the banks this morning.

Senior management from KBC, Bank of Ireland and Permanent TSB will be forced to outline what they are doing about the controversy.

Philip Lane says €160m has already been paid out, covering only a fraction of those affected.

He said: "We are not going to put any limit on the amounts paid out, it is up to the banks to make fair and generous offers to those affected so that the full scale of the harm is remedied.

"So, I don't want to put an upper limit on the banks to be as generous as reasonable, given that the harm suffered by those affected in this case."

Philip Lane arriving at the Department of Finance today. Pic: Rollingnew.ie
Philip Lane arriving at the Department of Finance today. Pic: Rollingnew.ie

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