PTSB shareholders cannot amend court action

Shareholders of Permanent TSB who wish to challenge the constitutionality of laws under which the State has recapitalised the institution with €4bn cannot do so by amending their existing court proceedings, the High Court has ruled.

Mr Justice Peter Charleton said the proposed challenge to sections of the Credit Institutions Stabilisation Act 2010 would have to be brought in separate plenary proceedings as it cannot be pursued by amending the action initiated in 2011 by the shareholders.

In that action, Piotr Skoczylas, his company Scotchstone Capital Fund Ltd, Gerard Dowling, and Padraig McManus, have challenged the 2011 direction of the minister for finance to inject €2.7bn into the former Irish Life & Permanent, now Permanent TSB.