Irish Lender Fined €21M Over 'Serious' Mortgage Breaches

Law360, London (May 31, 2019, 2:22 PM BST) -- The Central Bank of Ireland has fined Permanent TSB €21 million ($23.4) for "serious failings" in its handling of the accounts of tracker mortgage customers, the largest penalty the regulator has levied under its sanctions regime.

Permanent TSB PLC has admitted to 42 separate regulatory breaches that affected 2,007 tracker mortgage accounts with between August 2004 and October 2018, the Irish regulator said. The bank has also been told to pay €54.3 million in compensation to customers hit by the failings.

The regulator found that PTSB had not warned customers about the benefits they would lose by breaking early from their...

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