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Wednesday 1 February 2023 Dublin: 6°C

# Permanent TSB

Last month
January 2023
# Permanent TSB
Permanent TSB announces rate increases for new fixed rate mortgages
The hike in mortgage rates follows interest rate changes by the European Central Bank.
# Ulster Bank
12 Ulster Bank branches to close today
A further 13 branches will close next week before becoming branches of Permanent TSB.
Last year
2022
# Interest Rates
Permanent TSB becomes latest bank to raise interest on fixed rate mortgages
The increases will range from 0.05% to 0.9% depending on a range of factors.
# The Big Bank Switch
Competition watchdog green lights Permanent TSB's €7.6 billion deal with Ulster Bank
The deal includes 25 of Ulster Bank’s branches.
# The Banks
Competition authority launches full probe into Permanent TSB's €7.6 billion Ulster Bank deal
The investigation will determine whether the proposed acquisition could lead to a substantial lessening of competition in the State.
# The Banks
Flurry of announcements caps off noteworthy week for Irish banks and their customers
Stakeholders say the industry is staring down the barrel of one of the biggest logistical challenges in its history.
THE MORNING LEAD
Is your bank exiting the market? Take action soon, experts say. Here's what you need to know
A report by
Ian Curran
Ulster Bank and KBC Bank are in the process of winding down their Irish operations as announced last year.
Ulster Bank and KBC Bank are in the process of winding down their Irish operations as announced last year.
Concerns have been raised in recent months about the scale of the logistical challenges involved.
Consumer experts say customers have time to sort out new arrangements but they should "take action" soon.
# The Banks
Ulster Bank gives current and deposit account customers six months' notice to switch providers
Separately, KBC Bank announced yesterday that from June, customers will get 90 days’ notice to move their accounts.
THE MORNING LEAD
Banks 'ill-prepared for the biggest logistical challenge in Irish banking since the euro'
A report by
Ian Curran
Concerns have been raised that the exits of Ulster Bank and KBC Bank could be “the perfect storm” for the remaining banks.
Concerns have been raised that the exits of Ulster Bank and KBC Bank could be "the perfect storm" for the remaining banks.
Over one million customers will have to choose a new provider and switch over their current accounts.
But the Financial Services Union believes significant customer service issues are likely to arise, Ian Curran reports.
Is your bank exiting the market? Take action soon, experts say. Here's what you need to know
# PTSB
Permanent TSB apologises after 'technical issues' meant some customers didn't get wages
The issue has since been resolved.
All time
# Central Bank
Regulator to pursue former Permanent TSB executive in first individual tracker mortgage probe
The bank reached a €21 million settlement with the Central Bank in 2019 in respect of 42 regulatory breaches.
# fraud hotline
Permanent TSB experiencing 'extremely high call volumes due to ongoing fraud incident'
The bank has apologised to customers due to wait times on its phonelines.
# Banking
Permanent TSB plans to take over €7.6 billion of Ulster Bank loans and 25 branches
Ulster Bank has over one million customers, along with 2,800 staff and 88 branches across the country.
# smishing
Gardaí warn of text scam telling people of 'unusual activity' on Permanent TSB account
Gardaí say the fraudsters want your personal data so they can steal money.
# The Banks
'Lingering resentment': Public trust in Irish banks remains low after 2008
But trust levels have improved substantially among younger customers since the crash.
# The Banks
Ulster Bank topped the Financial Ombudsman's complaints table in 2020 for the second year in a row
The watchdog also received 492 new complaints about tracker mortgages in 2020.
# The Banks
Permanent TSB reports a pre-tax loss of €166 million in 2020 as Covid hits new lending
The 75% State-owned bank took a loan impairment charge of €155 million.
# The Banks
Irish banks want to take on Revolut together — but why has the competition watchdog 'rejected' them?
Why has it taken so long for Irish banks to address competition from fresh-faced fintech companies?
# The Banks
'There are people working in their bedrooms keeping the banking system going and this is their reward'
Bank of Ireland redundancies ‘surprised’ the general secretary of the Financial Services Union.
# The Banks
Explainer: Why Irish banks are being accused of 'profiteering from the pandemic'
Developments in recent days have undermined the banks’ positions.
# Central Bank
Bank bosses may face fines and sanctions in the future, but won't get jail time under new law
The new laws were drawn up in the wake of the tracker-mortgage scandal.
# regulation
Central Bank urged to ensure banks don't pass on tracker scandal fines to customers
This week Permanent TSB was fined €21 million for regulatory breaches.
# might fine
Permanent TSB fined record €21 million over tracker mortgage scandal
PTSB has apologised “unreservedly” to the customers affected by the tracker mortgage scandal.
# delayed payment
Problem over payment of child benefit to Irish parents 'resolved' following industry-wide banking issue
Customers with An Post, Ulster Bank and PTSB have been affected.
# Mortgage crisis
343 homes repossessed over mortgage arrears during second quarter of 2018
Tens of thousands of people are still feeling the effects of the mortgage crisis ten years later.
# Vulture funds
Mortgage-holders caught up in PTSB loan sale to be invited to tell of the turmoil it has caused
Sinn Féin’s finance spokesperson Pearse Doherty said a full committee session should be dedicated to the loan book sale.
# sell off
'Mary' is recovering from cancer and her mortgage - in €29k arrears - has been sold to a vulture fund
‘Mary’ has been out of work since her cancer diagnosis. She had no idea her mortgage was to be sold to a vulture fund.
# sell off
'Where's Paschal?': Calls for political leadership as PTSB mortgage sale to vulture fund to proceed
The bank has confirmed that performing loans and customers who have engaged will also be sold off.
# Interview
Shane Ross: 'I'm sorry some people will lose part of their front gardens, but it's in the national interest'
In an interview with TheJournal.ie, Shane Ross also says the government needs to have more of a say in State-owned banks.
# sell off
Calls for Dáil to be recalled after PTSB sell thousands of home loans to vulture fund
The bank sold its controversial Project Glas loan portfolio to a so-called vulture fund for around €1.3 billion.
# sell off
PTSB sells thousands of home loan mortgages to vulture fund
A total of 7,400 are owner-occupier mortgages, while 3,300 are buy-to-let properties.
# vultures
Even PTSB customers who are meeting revised loan terms will have mortgages sold to vulture funds
Executives blamed the European regulator for the classification of these loans as non-performing.
# Permanent TSB
Grafton Street branch of PTSB occupied by anti-vulture fund demonstrators
The protesters accuse the bank of putting the lives of people in almost 20,000 households in jeopardy.
# News Fix
Here's What Happened Today: Saturday
A murder investigation in Sligo, Fianna Fáil’s rising popularity and the death of British actress Emma Chambers…
# Vulture funds
PTSB chief refuses to appear before Finance Committee next week over loan sale
The bank recently announced it is to sell off a €3.7 billion portfolio of non-performing loans, including mortgages 14,000 private dwelling homes.
# Vulture funds
Harris on PTSB home loan sale: 'It's time to see a bit of humility from our banks'
Sinn Féin’s Pearse Doherty said the bank has been asked to appear before the Oireachtas Finance Committee next week.
# Vulture funds
Minister concedes homeowners who engaged with PTSB may not have deals honoured
PTSB, which is 75% State owned, has been defending its plan to sell off a book of non-performing loans.
# political battle
'Many have made no payments at all for years': PTSB defends controversial €3.7 billion mortgage sell off
The proposed sell-off has become the subject of a political battle in recent days.
# compensation
Tracker scandal: Just a quarter of PTSB customers who lost homes have appealed
Sinn Féin’s Pearse Doherty said there was an “onus” on the banks to get in contact with these customers.
# tracker mortgage scandal
Here's how many customers each of the main banks say they overcharged
Some of the banks have increased their numbers significantly.