PTSB failures expose weak controls

Senior opposition politicians said the failures at Permanent TSB that led to mortgage customers losing their homes and saw financial hardship inflicted on many others has once again put the spotlight on soft controls over the banking industry here.

PTSB senior directors yesterday offered their sincere apologies for the bank’s failures in not informing customers when they switched mortgages.

The bank revealed a scandal involving 1,372 mortgage accounts from 2006 to 2011.