€21m record fine for Permanent TSB will likely be paid for by customers

The costs of a record €21m fine the Central Bank imposed on Permanent TSB for its part in the industry-wide tracker mortgage probe should not be passed onto customers in higher loan costs and fees, the financial adviser who did the most to uncover the scandal has urged.

Padraic Kissane, who started advocating on behalf of aggrieved tracker mortgage clients over a decade ago, and who was appointed as a consumer advocate to the new Irish Banking Culture Board, said the regulator should do all in its power to oversee “whatever method” it takes to ensure Irish bank customers do not end up paying for the behaviour of the mortgage lenders in overcharging tracker home loans.