The admission by Permanent TSB that 22 of its mortgage customers lost their homes due to the bank’s failings is shocking but, sadly, not surprising.
Since the recession — and even before it — many personal customers have become accustomed to being disrespected while major businesses are treated like gods.
Permanent TSB has agreed to offer a compensation package to more than 1,000 customer accounts over mishandled mortgages by it and its subsidiary, Springboard Mortgages.
The bank admits that 22 customers were most grievously affected by its failure to inform them of the consequences of their decisions to break early from a fixed- rate or discounted tracker mortgage. In fact, the figure could be as high as 61, as that is the number of account holders who lost their properties as a result of mistakes in interest rates charged.
Thankfully, in contrast to the laissez faire attitude that pertained during the boom, the Central Bank has been vigorous in its pursuit of enforcement investigations against both Permanent TSB and Springboard.
© Irish Examiner Ltd. All rights reserved