Oireachtas Joint and Select Committees
Tuesday, 6 February 2018
Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach
Tracker Mortgages: Permanent TSB
4:00 pm
Mr. Ger Mitchell:
Where customers experienced a loss of ownership, the bank moved to make an immediate payment of €50,000 to each customer who lost a family home and an immediate payment of €25,000 to each customer who lost a buy-to-let property. In addition, the bank made available €1,250 in legal expenses to customers. That was an immediate payment on account to each of the customers affected. Each of these customers was invited to take each individual case to the appeals panel to discuss and share with the panel the exact nature of what he or she lost. The appeals panel adjudicated on each case. The cases varied from person to person. The bank put in place measures as part of the appeals process such that customers were returned and fully redressed any overpayments they made. Any payments they made on any residual amount after they disposed of the properties were returned to the customers, as they should have been. A designated account manager was appointed. An allowance was made for the increase in valuation of each property. We also made available a tracker mortgage to customers who wished to purchase a new property. In some cases, we provided a 20% equity deposit. Finally, any shortfall in that mortgage was written off.
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