Courts / Ireland / Report

Court approves PTSB compensation scheme over tracker mortgages held by bankrupts

Summary

The High Court, by Ms Justice Caroline Costello, approved a compensation arrangement for six former bankrupts who held tracker mortgages with Permanent TSB. Under the scheme, PTSB will pay up to €25,000 to each bankrupt, with 70% of each payment going to the bankrupt and 30% to the Official Assignee, Mr Chris Lehane, who will distribute that portion to creditors. The arrangement followed negotiations among PTSB, Mr Lehane, solicitors, the Irish Mortgage Holders Association and New Beginning groups, and was prompted by PTSB's admission that it had wrongly moved customers onto more expensive mortgages. The scheme is part of PTSB's Mortgage Redress Programme, which aims to compensate affected customers, return them to trackers and refund them. The judge approved the arrangement, noting its benefit to all parties involved.

Who, what, where, when and why

What: Report matter: Court approves PTSB compensation scheme over tracker mortgages held by bankrupts. Procedural stage: hearing_or_decision

When:

• 2016-07-25 Publication

Places mentioned

Topics

Stage Hearing Or Decision

Read the original CNI report