It has emerged today that some 22 households were wrongly repossessed by PTSB after serious failures in the management of these loans.
A statement released by PTSB and Springboard Mortgages specifies that up to 61 people may have been affected by mistakes in the interest rates charged.
As part of a compensation package put together for these customers, those who lost their home will receive €50,000, and if the property was a buy-to-let, the amount will be reduced to €25,000.
PTSB chairman Alan Cook and CEO Jeremy Masding have issued apologies to the customers, adding that the failure was “deeply regrettable”.
“The failures which occurred have had very serious consequences for impacted customers and we apologise unreservedly on behalf of the Group to them and to all our customers,” they said.