PTSB writes to all customers to apologize

thedaras

Frequent Poster
Messages
813
Just received a letter from PTSB (all mortgage holders should receive one)
It states :

We will be competitive with our rates.
We have a standard variable rate (SVR) that is significantly out of line with the rest of the market.From 14th May we are reducing the home loan to value (LTV) variable rate by 0.5% to 4.69%,meaning lower mortgage repayments in almost 74.500 homes nationwide.We will continue to review all of our rates at regular intervals to make them as competitive as possible.
 

Brendan Burgess

Founder
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38,131
We have a standard variable rate (SVR) that is significantly out of line with the rest of the market.
After that admission, they should be paying refunds.

Full text of letter. I have OCR'd this, so the format is a bit odd.



[FONT=&quot]Dear,[/FONT]
[FONT=&quot]
[/FONT]
[FONT=&quot]permanent tsb[/FONT]​
[FONT=&quot]56-59 St. Stephens Green[/FONT]
[FONT=&quot]Dublin 2[/FONT]
[FONT=&quot]9[/FONT][FONT=&quot]th [/FONT][FONT=&quot]May 2012[/FONT]​

[FONT=&quot]
[/FONT]
[FONT=&quot]I was recently appointed as Chief Executive of the permanent tsb Group. I wanted to take an early opportunity to communicate with you directly to share my [/FONT][FONT=&quot]views [/FONT][FONT=&quot]on the bank and on some important commitments and decisions which we [/FONT][FONT=&quot]have [/FONT][FONT=&quot]taken.[/FONT]

[FONT=&quot]However, [/FONT][FONT=&quot]to start with, I want to make it [/FONT][FONT=&quot]very [/FONT][FONT=&quot]clear that I don't believe that permanent tsb has performed to an acceptable standard in recent years. As a result of some of the bank's decisions and actions, the Irish taxpayer has had to invest substantial funds when those funds could [/FONT][FONT=&quot]have [/FONT][FONT=&quot]been used much better elsewhere. Many of the bank's customers [/FONT][FONT=&quot]have [/FONT][FONT=&quot]suffered financially because of the impact of decisions which should not [/FONT][FONT=&quot]have [/FONT][FONT=&quot]been taken. I apologise for the mistakes which were made and I am determined to do all in my power to rectify them.[/FONT]

[FONT=&quot]We have now commenced on a journey to do just that. That journey will take time and no doubt there will be frustrations along the way - for our customers and for ourselves. But I believe that we can look forward to the emergence of a new permanent [/FONT]
[FONT=&quot]tsb [/FONT][FONT=&quot]over the coming years more focused and more humble but alos one which reconnects with its customers and enjoys their respect and their loyalty.[/FONT]

[FONT=&quot]As we start on this journey, I want to emphasise four key commitments which I am making on behalf of the bank.[/FONT]

[FONT=&quot]1. We will be competitive with our rates.[/FONT]
[FONT=&quot]We [/FONT][FONT=&quot]have [/FONT][FONT=&quot]a Standard Variable Rate (SVR) that is significantly out of line with the rest of the market. From 14th May we are reducing the home loan SVR and Loan to Value (LTV) Variable Rate by 0.5% to 4.69%, meaning lower mortgage repayments in almost 74,500 homes nationwide. We will continue to review all of our rates at regular intervals to make them as competitive as possible.[/FONT]

[FONT=&quot]2. We will work on getting credit back into the market.[/FONT]
[FONT=&quot]We understand that it can be difficult at the moment getting access to personal credit and we are focused on improving our internal credit policies to address this.[/FONT]

[FONT=&quot]3. We will work constructively to help our customers in arrears.[/FONT]
[FONT=&quot]We.u. nderstand that being in arrears is stressful. We [/FONT][FONT=&quot]have [/FONT][FONT=&quot]a wide range of options available to help everyone in this situation and we are committed to working constructively on this agenda.[/FONT]

[FONT=&quot]4. We will act responsibly to protect the investment which the taxpayer has made in the bank.[/FONT]
[FONT=&quot]We are very conscious of the significant investment which the taxpayer has made to support permanent tsb bank at this time. With that in mind we will act responsibly to protect that investment and the value which is in the business.[/FONT]


[FONT=&quot][/FONT][FONT=&quot]
[/FONT] [FONT=&quot]Finally, we will be open and honest with you. We will endeavour to communicate with you openly and keep you informed. We are committed to doing all we can to rebuild your trust and to repay the loyalty you have shown us in the past few years.[/FONT]
[FONT=&quot]Yours sincerely,[/FONT]


[FONT=&quot]Jeremy Masding[/FONT]
[FONT=&quot]CEO, permanent tsb[/FONT]

[FONT=&quot]
[/FONT]
 

kaza

Frequent Poster
Messages
175
I read about this letter in the Irish Times last week, said it would be sent to all PTSB customers, apologizing for how the bank has been run in the past and how to did not use the State money to it's full advantage - did it say anything like that in your letter?

To be honest I am more interested in actions that words, and a 1% drop would have meant a lot more than 0.5% and a letter of apology.
 

The_Banker

Frequent Poster
Messages
330
I think this letter is going to all ptsb customers, not just mortgage holders.


The letter seems to be the initiative of the new CEO Mr Jeremy Masding. I would like to think he would be a new broom and facilitate change within banking in Ireland.

However, as he headed up one of the biggest sub prime mortgage companies in the UK before the bloom came to a startling crash I don’t think he can be relied on to have new thinking. Especially as the company he ran (Frist Plus, a subsidiary of Barclays) has so many claims against it with regard to mis-selling of PPI insurance.
 

thedaras

Frequent Poster
Messages
813
It started off with an introduction of the Chief Executive.
Then went on to say the following :
However to start with,I want to make it very clear that I don't believe that permanent tsb has performed to an acceptable standard in recent years.
As as a result of some of the banks decisions and actions, The Irish taxpayer has had to invest substantial funds when those funds could have been used much better elsewhere,Many of the banks customers have suffered financially because of the impact of decisions which should not have been taken.
I apologise for the mistakes which were made and I am determined to do all in my power to rectify them.

We have now commenced on a journey to do just that.That journey will take time and no doubt there will be frustrations along the way -for our customers and for ourselves.But I believe that we can look forward to the emergence of a new permanent tsb over the coming years:more focused and more humble for sure but also one that reconnects with its customers and enjoys their respect an their loyalty.
 

Luternau

Frequent Poster
Messages
894
I wonder if they will be changing their tact on the Buy to Lets......termination of tracker rates if interest and capital cannot be paid?
And as Brendan already pointed out, with an admission that they have been out line with market rates-they should be issuing refunds or as a good will gesture offering balance reductions equal to the additional interest charged or better still, agregating this together, treating is as a lumpsum payment and giving an addtional discount on capital outstanding.
 

walshd

Registered User
Messages
39
PTSB needs to go further than an apology before I ever forgive and I'm talking MONEY....
 

mouse1

Frequent Poster
Messages
62
Just a small point, but they are wasting money sending individual letters to both my wife and I individually! What is the point of that, when all previous correspondence has been in both names, are they trying to make us both feel better about the SVR we are on? It isn't working!
 

alexandra123

Frequent Poster
Messages
254
If their affairs are so bad and they are loosing lots of money...they should have kept the money they have just spent on administration of the letters and postage for the stamps and just acknowledged it on the RTE news for a couple of days. They then should have added the letter to a new default page that pops up on first entering the site that is a copy of the information in the letter and nothing else.

I know it is only small money - but the pennies make the pounds !

Other than that - it is nice to see that they are making changes and reducing the rate, something is better than nothing ! I don't think PTSB will ever be in line with AIB. AIB will probably be lower than PTSB for the foreseeable near future.
 

STEINER

Frequent Poster
Messages
1,137
My mortgage with my wife is with PTSB and we both got separate letters today. I just see it as a waste of paper and postage and a silly exercise. I'd much prefer if they applied the 30% TRS for FTB's which was announced in the 2012 Budget.
 

Bronte

Frequent Poster
Messages
13,632
The letter seems to be the initiative of the new CEO Mr Jeremy Masding. I would like to think he would be a new broom and facilitate change within banking in Ireland.

Mmh, it would be nice. But I'm around too long to believe that a leopard changes it's spots. Particulary where it pertains to bankers.
 

swauna78

Frequent Poster
Messages
58
[FONT=&quot]However, [/FONT][FONT=&quot]to start with, I want to make it [/FONT][FONT=&quot]very [/FONT][FONT=&quot]clear that I don't believe that permanent tsb has performed to an acceptable standard in recent years. [/FONT]

[FONT=&quot]...But I believe that we can look forward to the emergence of a new permanent [/FONT]
[FONT=&quot]tsb [/FONT][FONT=&quot]over the coming years more focused and more humble but alos one which reconnects with its customers and enjoys their respect and their loyalty.[/FONT]

[FONT=&quot]1. We will be competitive with our rates.[/FONT]
[FONT=&quot]We [/FONT][FONT=&quot]have [/FONT][FONT=&quot]a Standard Variable Rate (SVR) that is significantly out of line with the rest of the market. [/FONT]

[FONT=&quot]We are committed to doing all we can to rebuild your trust and to repay the loyalty you have shown us in the past few years.[/FONT]
[FONT=&quot]Yours sincerely,[/FONT]


[FONT=&quot]Jeremy Masding[/FONT]
[FONT=&quot]CEO, permanent tsb[/FONT]
Mr. Masding obviously places a completely different meaning on the word loyalty than I do! I am never loyal to a vendor that treats me unfairly in the market and shop around when faced with no other option.......
The 'loyalty' I have been showing PTSB over the past number of years while I have been a prisoner of them and their SVR will disappear as soon as I get the first chance!
The PTSB brand has been irreparably damaged I feel. And I for one have no sympathy whatsoever.
 

The_Banker

Frequent Poster
Messages
330
There appears to be a gaggle of consultants working away in the background in PTSB. Based on newspaper reports I believe there are at least 4 teams of consultants....

KPMG
Bain Consultants
Accenture
Oliver Wyman

What are the executive of that bank doing that they need so many consultants?
These guys dont come cheap.

The letter of apology said nothing about the money they are wasting now.

This mornings Indo reported that PTSB were using Oliver Wyman. A Public Relations company commented that they were indeed using Oliver Wyman. So on top of all these consultants they employ a PR company to explain it.

The letter apoligised for wasting tax payers money in the past.
Has anything changed?
 

Bronte

Frequent Poster
Messages
13,632
A Public Relations company commented that they were indeed using Oliver Wyman. So on top of all these consultants they employ a PR company to explain it.

Has anything changed?
Ah so that's the game, hire a load of consultants and a PR company to put a positive 'spin' on it. Nothing has changed. It's all just Spin.
 

itsallwrong

Frequent Poster
Messages
327
rebuild your trust .. repay the loyalty you have shown us in the past few years..

Boils my blood this rubbish.
We are NOT loyal. We have no choice.
We cannot move our mortgage.
We have to take the beating you throw us.
 

Mark_jmc

Frequent Poster
Messages
83
it will be interesting to see if PTSB pass on the interest rate cut to variable rate mortgage holders, now that they are a caring bank that send lovely letters to their loyal customers
 
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