Permanent TSB has been fined €21 million by the Central Bank over the tracker mortgage scandal.
The Central Bank of Ireland issued the fine in respect of "serious failings" to 2,007 customers between 2004 and 2018.
It says Permanent TSB brought "unacceptable harm" to their tracker mortgage customers.
This ranged from extended periods of "significant overcharging to the loss of 12 family homes and 19 buy to let properties".
Permanent TSB has also been forced to pay €54 million in redress and compensation to its impacted customer accounts.
The Central Bank investigation found that PTSB denied its customers a tracker mortgage or did not put them on the correct tracker rate resulting from a number of failings including failing to warn certain customers about the consequences of decisions they might make relating to their mortgage, a lack of adequate systems, a decision to deny certain customers their correct tracker rate between 2009 and 2010 and an incorrect legal interpretation of contractual terms and conditions.
It's the largest fine imposed by the Central Bank under its Administrative Sanctions Procedure.
The Chief Executive of Permanent TSB, Mr. Jeremy Masding said today “I apologise unreservedly to all customers affected by the Tracker Mortgage issue, and for the distress caused as a result."
He has assured customers that the bank has "fully addressed the operational and procedural weaknesses which have been identified".
