It follows an enforcement investigation by the Central Bank, which identified significant failures by Permanent TSB and its subsidiary company Springboard mortgages, which is associated with tracker mortgage options and rates.
The Central Bank says the consequences of these failures are serious and include: mortgage overpayments; mortgage arrears; legal proceedings; and in certain cases loss of ownership of properties, including some homes.
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Chairman and CEO of Permanent TSB Group Holdings have described the failures as 'deeply regrettable' and are offering 'an unreserved apology on behalf of the Group to all impacted customers'.
