Tracker inquiry hearings into ex-PTSB chief pushed out to next February

A regulatory inquiry hearing into former Permanent TSB (PTSB) chief executive David Guinane’s alleged role in the industry-wide tracker mortgage scandal has been pushed out by four months to next February, to allow new solicitors acting for him to get up to speed with the case.

Public hearings relating to the case are now scheduled to take place between February 21st and March 13th of next year, according to a notice on the Central Bank website.

Paul McSharry, SC, for Mr Guinane, had asked last month that planned hearings be delayed from October, as new solicitors had come on board to represent the former banker.

A case management meeting held last month heard that Mr Guinane is suspected of participating between January 2009 and April 2010 in the bank offering a low, original tracker rate to customers coming off a period of fixed rates only after they specifically requested it or complained about it.

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By failing to extend the more favourable rates to similar customers who did not complain, PTSB is alleged to have failed in its obligations to act in its customers’ best interests.

Mr Guinane plans to argue that PTSB – and, by extension, he – did not participate in the alleged contravention, said Mr McGarry told the meeting.

The Central Bank fined PTSB €21 million in May 2019 for its role in the industry-wide tracker mortgage scandal.