{"id":627284,"date":"2026-09-17T07:52:16","date_gmt":"2026-09-17T07:52:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/627284\/"},"modified":"2026-09-17T07:52:16","modified_gmt":"2026-09-17T07:52:16","slug":"former-ptsb-chief-wins-appeal-over-tracker-mortgage-sanction-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/627284\/","title":{"rendered":"Former PTSB chief wins appeal over tracker mortgage sanction \u2013 The Irish Times"},"content":{"rendered":"

Former PTSB chief executive David Guinane <\/a>has won an appeal against a Central Bank of Ireland inquiry sanctioning him for a role played in the State\u2019s tracker mortgage scandal<\/a>, The Irish Times <\/a>has established. <\/p>\n

The Irish Financial Services Appeals Tribunal <\/a>has overturned the inquiry\u2019s conclusion and decision last year to fine Guinane \u20ac80,000 and reprimand him, according to sources, who declined to be identified, as the decision has not yet been published. <\/p>\n

It is understood that the tribunal, chaired by former Supreme Court <\/a>judge John MacMenamin, emphasised in its decision \u2013 issued in draft form in recent weeks to parties involved \u2013 that there was a level of unfairness in how the inquiry proceeded. The tribunal said its main findings will not be changed. <\/p>\n

[\u00a0I don\u2019t know what the tracker-mortgage scandal is aboutOpens in new window<\/a>\u00a0]<\/p>\n

Tribunal representatives did not respond to a request for comment. Guinane, his solicitor and spokeswomen for the Central Bank and PTSB <\/a>declined to comment. <\/p>\n

The decision raises questions about whether the Central Bank will still go after other bankers suspected of having played a role in the tracker mortgage scandal. Guinane, the only individual pursued by regulators so far, claimed at an inquiry hearing in 2024 that he was being made a \u201cscapegoat\u201d for the industry scandal. <\/p>\n

The inquiry chairman, British barrister Peter Hinchliffe, said in a decision published last October that \u201con the balance of probabilities\u201d Guinane participated in a failure by PTSB in 2009 \u201cto ensure that it acted fairly in the best interests of its customers\u201d \u2013 in breach of consumer protection rules. <\/p>\n

Guinane appealed the decision to the tribunal. <\/p>\n

\"\"Soaring energy costs and why \u2018we can\u2019t protect everyone from the impact of war\u2019<\/p>\n

Hinchliffe said, however, there was \u201cno finding of dishonesty against Mr Guinane\u201d and that he \u201cdid not form an intention to harm or take advantage of customers\u201d. Guinane was also entitled to receive better support from within the wider Irish Life & Permanent Group, of which PTSB was a part at the time, he added.<\/p>\n

The inquiry centred on a special condition in some PTSB tracker mortgages offered during the pre-crash property boom. This required customers who moved for a period to a fixed rate to instruct the bank afterwards to put them back on a tracker rate or another fixed product. Otherwise, they would default to a standard variable rate.<\/p>\n

[\u00a0Riveting insight into misery inflicted by Irish lendersOpens in new window<\/a>\u00a0]<\/p>\n

The ambiguous wording of the condition led to questions in early 2009 about whether a customer opting to go back on to a tracker rate was entitled to their original margin over the European Central Bank rate, or a higher margin then on offer from PTSB.<\/p>\n

The bank adopted a strategy in January 2009, on the basis of legal advice, to only put customers who requested the original rate \u2013 or complained \u2013 on the more favourable rate. The Central Bank said Guinane signed off on the strategy when he responded to the plan, when advanced by a colleague via email in January 2009, with the words, \u201cokay to that\u201d.<\/p>\n

The tribunal decision will need to go to the High Court to be confirmed. The bank also has the right to appeal.<\/p>\n","protected":false},"excerpt":{"rendered":"Former PTSB chief executive David Guinane has won an appeal against a Central Bank of Ireland inquiry sanctioning…\n","protected":false},"author":2,"featured_media":627285,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[20927,266391,42,266392,43,8580,40,38,41,39,70313],"class_list":["post-627284","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headlines","tag-central-bank-of-ireland","tag-david-guinane","tag-headlines","tag-irish-financial-services-appeals-tribunal","tag-news","tag-ptsb","tag-top-news","tag-top-stories","tag-topnews","tag-topstories","tag-tracker-mortgage-scandal"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/627284","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=627284"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/627284\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/627285"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=627284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=627284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=627284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}