An inquiry by the Central Bank exonerated Mr. Guinane from dishonesty but noted procedural failures at PTSB where he worked. The investigation revealed that PTSB's methods led to customers not being offered their entitled tracker-rate loans unless they complained. Although Mr. Guinane did not intend any harm, he was implicated in these processes. A sanction, possibly a fine, is being considered to emphasize compliance accountability within financial institutions, highlighting the board's overall responsibility for regulatory actions during the relevant period.
"While Mr Guinane did not have any intention to cause harm, his participation in PTSB's processes contributed to customers not receiving their entitled tracker rates."
"The board of the Irish Life & Permanent Group bore the ultimate responsibility for regulatory compliance during the period in question, absolving Mr Guinane of greater wrongdoing."
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