The treatment meted out by the Permanent TSB to some of it’s mortgage customers is another scandal involving the Irish banking industry and another indication of the contempt that the banks are showing to the Irish people despite the fact that it was the public who bailed them out. To think that Permanent TSB had to be brought kicking and screaming to the realisation that they were ripping off innocent people and to own up to it’s mistakes is utterly contemptible.
Even after the Financial Regulator and the High Court had found against them they continued their campaign into the Supreme Court and they only relented when the Central Bank began it’s investigation. We now have a situation where thousands of mortgage holders were short changed, and worse again up to 50 families have lost their homes as a result of the banks’ incompetence and sharp practice. The homes that were taken from people in this debacle should be returned without delay and those who are entitled to compensation should be looked after immediately.
The compensation system set up by the bank is totally inadequate but it will still cost the Irish taxpayer in the region of 70 million Euro. Permanent TSB have acted in a high handed and arrogant manner and it is a disgrace that it has taken this long for the bank to admit it’s mistakes.
What is required now is that heads have to roll and those who were responsible for heaping more misery onto thousands of hard pressed families throughout the country have to be made to take responsibility for their actions. In the past these fat cats at the top of the banking industry either held on to their jobs or walked away with huge pensions and pay offs. This must not be allowed to happen in this case and I am calling on the Minister for Finance, the Financial Regulator and the Central Bank to ensure that the public interest is properly served in this appalling case and that people are treated with the respect they deserve.