Fianna Fáil Finance spokesperson Michael McGrath has called on PermanentTSB to make every effort possible to reverse the house repossession actions it took against customers who were overcharged on their mortgage.

Deputy McGrath commented “It is absolutely shocking that up to 61 customers who were impacted by being charged the incorrect interest rate lost their properties. In 22 of these cases the overcharging appears to have been the decisive factor in people losing their homes.

“It now appears that the bank is still in possession of some of these homes. PTSB should accept that their legal action was initiated on a false premise as it was the bank’s overcharging in many instances which drove customers in to arrears. They should now return to the courts and have the repossession orders annulled where this is possible. This would allow people to return to the home which they should never have lost in the first place.

“PTSB gave every impression this week that they wanted to put this issue behind. There is a lot of work to be done before this can be said to be the case. Compensation payments should be made expeditiously and where a customer’s credit record has been impaired this should be rectified. Any outstanding legal actions against customers in this category should be dropped and where possible any repossessions which took place should be reversed,” concluded Deputy McGrath.