Former PTSB chief to appeal Central Bank's 80k tracker mortgage penalty

"At a hearing last year, Mr Guinane said it was "extraordinary" that no other banker had ever been the subject of a public inquiry in relation to tracker mortgages, and insisted he was been singled out. That's likely to be central to his appeal to the Irish Financial Services Appeals Tribunal (IFSAT). This tribunal, chaired by former Supreme Court judge John MacMenamin, is a government-appointed body that can hear and determine appeals against certain decisions taken by the Central Bank."

"Earlier this year Peter Hinchliffe, the British barrister who oversaw the Central Bank inquiry, concluded that Mr Guinane, the former chief executive of Permanent TSB, should be held responsible for the bank's failure to act in the best interests of tracker customers in 2009, in breach of consumer protection rules. However, Mr Hinchliffe found Mr Guinane did not have any intention to harm or take advantage of customers."

Mr Guinane was the only individual pursued by regulators over the tracker mortgage scandal that affected all major Irish banks. He said it was "extraordinary" that no other banker had faced a public inquiry and insisted he was singled out. The Irish Financial Services Appeals Tribunal will review how the Central Bank reached its determination but will not reopen the inquiry. Barrister Peter Hinchliffe found Mr Guinane responsible for failures in 2009 that breached consumer protection rules but concluded there was no intent to harm customers and ultimate compliance responsibility lay with the Irish Life & Permanent board. The Central Bank imposed an €80,000 fine and a reprimand, citing lack of dishonesty and insufficient employer support.

Read at Irish Independent