Central Bank public enquiry into ptsb senior executive

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WizardDr

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An Inquiry Management Meeting will take place in the above entitled Inquiry on Monday 26 June 2023. This meeting will be held in public at the Mayor Street building, Central Bank of Ireland, Mayor Street, Dublin 1 and will commence at 10:00am.

For information on how to register to attend the Inquiry Management Meeting, please visit the following page on the Central Bank website: https://www.centralbank.ie/news-media/legal-notices/inquiry-hearings/attend-an-inquiry-hearing

[The persons name was mentioned in the press previously. This is a public meeting. Announced this morning. ]
 
Doesn't seem like there will be much from the meeting next Monday. The actual hearing is scheduled for 2nd October.
 
More information here

Central Bank refers ex-PTSB CEO Guinane for inquiry in first individual tracker case

PTSB was first bank to be fined in relation to its involvement in industry-wide scandal
www.irishtimes.com

Mr Guinane, who was chief executive of PTSB between November 2007 and February 2012,


The decision to move to an inquiry suggests that Mr Guinane did not reach a settlement agreement with the Central Bank as part of an investigation, and that he believes he has a strong defence.

The setting up of an inquiry of this type does not in itself involve a finding of wrongdoing, but the purpose of the inquiry is to decide whether there were breaches of the code.
 
The administrative incompetence of the Central Bank never ceases to amaze me.

Here is the latest email I got from them about attending.

I am busy, but I thought it worth going to anyway. I rush to be there at the start time of 9 am.



So the check in is on Mayor Street. Fair enough. I go to the Luas stop and no sign of the offices. Eventually I find them. And hit the buzzer. Security tells me that the entrance is around the corner. So not Mayor Street. I go around the corner. No obvious entrance. There is a security guy having a smoke and he tells me to follow a path down between buildings until I come to a revolving door. I had left myself time so I was there shortly after 9.

I check in. I am shown upstairs to the viewing gallery Then they told me it doesn't start until 10. I took out my phone - "It says 9" . "No, that is the registration time - an earlier email said that the start time was 10" They send multiple emails about such events. It would have been so easy to say "Start time 10 - registration from 9 am."

What annoys me most is that knowing the Central Bank, they probably had 20 meetings to discuss the administrative details and they messed up badly.

Brendan
 
Brendan's experience leads me to wonder whether the Central Bank's Head Honcho really knows what's going on!

"Central Bank is not asleep at the wheel, governor Gabriel Makhlouf insists" (Today's Irish Indo).
 
Would anyone be able to give an update to this inquiry please? I know there was the hearing last week and it is now gone to a public hearing in February. What are the chances of this resulting in those of us who came off the fixed rate during 2008-2010 and put on the crazy tracker rates being looked upon favourably?
 
ptsb3.25% said:
What are the chances of this resulting in those of us who came off the fixed rate during 2008-2010 and put on the crazy tracker rates being looked upon favourably?
Click to expand...

0%

This is not a review of the consumer issue. It is a review of his behaviour.

The Ombudsman has ruled that the 3.25% tracker rate was appropriate.

I understand that some borrowers are taking the issue to the High Court.

You should base any financial plans on there being no change, and if they win the High Court case, then you might be able to avail of it.

Brendan
 
Thanks for your reply Brendan. We are taking a High Court case so wanted to be 100% that this issue would have no affect on it.
 
This enforcement case is not about restoring customers.

However, it's possible that you might hear something useful which would help a High Court case.

For example, if it were disclosed that ptsb deliberately introduced a fixed rate with the "prevailing rate" on maturity clause to trick people, it would be useful.

However, I doubt that there will be any such evidence. If it had been discovered, I think that the Central Bank would have taken a different approach to these cases.

Brendan
 
Several victims of the tracker mortgage scandal committed suicide, reportedly as a direct result of what the bank did to them. None of the bank executives responsible will go to prison.
 
Brendan Burgess said:
And your source for this?

The tracker scandal was a civil matter and not a criminal matter.

I have highlighted the tracker scandal as much as anyone else. But I have seen no evidence of criminal behaviour and neither have the Gardai.

Brendan
Click to expand...
Hi Brendan,
this was covered quite widely in the media at the time. Families broke up and some of those affected took their own lives in desperation (I don't know how many and which banks they had been with). Garda did investigate but apparently decided not to bring criminal charges. I'm sure that reflects the law as it stands, but perhaps the law should be changed to ensure that those who knowingly & mercilessly ruin other people's lives in this manner spend some time in prison.

People have killed themselves over tracker mortgage rate scandal, victims say

People have killed themselves after banks denied them their entitlement to a low-cost tracker mortgage, victims of the scandal have claimed.
m.independent.ie

‘Couldn’t be simpler’ to bring charges against tracker scandal banks

Central Bank says it has ‘discussed’ the matter of a criminal probe with gardaí
www.irishtimes.com
 
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Disagreeing over the interpretation of a clause in a contract is not a criminal matter. It is a civil matter.

One guy has claimed that people have killed themselves as a result of the tracker scandal.

People suffered a lot of distress.

But neither justifies your claim that "several victims of the tracker mortgage scandal killed themselves."

Financial distress, loss of income, loss of jobs all do contribute. But I doubt you will find a coroner's report saying "Johnny killed himself because the bank wrongly took his tracker".

Brendan
 
Brendan Burgess said:
But I doubt you will find a coroner's report saying "Johnny killed himself because the bank wrongly took his tracker".
Click to expand...
Fair enough but as far as I'm aware no coroner's report states the causes of a suicide (we can't know for sure what went on in the mind of the person). The broader point I was trying to make is that these bank executives caused a great deal of human suffering and that they should pay a heavy price for it as a deterrent to others.
 
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