PTSB and the tracker-mortgage scandal

Sir, – The Central Bank has fined PTSB ¤21 million for "serious failings". But what does this actually mean? Who pays the fine? It's not the staff that pays, nor is it the management, nor the directors. We're left with the shareholders and customers. Since PTSB is majority-owned by the Government, this means that yet again it's the taxpayer that has to fork out.

We need to ask the question, in what sense is this a punishment?

Who exactly is being punished and how will this lead to improved behaviour in the future? – Yours, etc,




Co Dublin.

Sir, – The Government unsurprisingly appears to be at least contemplating a U-turn on the bankers' pay cap by seeking advice from the Central Bank on the removal of same ("Government to get report on possible removal of ¤500,000 bankers' pay cap", May 30th). Maybe I am missing something, but with AIB's profits at €1.25 billion and Bank of Ireland's at €835 million for 2018, it seems to me that the pay cap is not causing too much damage at those institutions.

Furthermore, comparing bankers’ salaries to those of other industries is disingenuous: few industries and companies have the sheer arrogance of the Irish pillar banks who, with a history of holding entire governments in their thrall, effectively operate in a risk-free environment. There will always be a taxpayer bailout close to hand should their mismanagement and incompetence cause any upset.

Ironically this review of salaries was announced on the same day as the fine of €21 million on PTSB for their roles in the tracker scandal.

I personally think a little more reflection by the Irish banks is needed, and that even contemplating bankers’ salaries is in no way a priority for our Minister for Finance. – Yours, etc,



Dublin 6.

Sir, – Am I alone in believing it pointless fining Permanent TSB millions of euro? This cost can only be passed on to the bank’s customers.

Better to take those responsible to court. – Yours, etc,


Dublin 6.

Sir, – I see that PTSB’s fine was originally set at €30 million but that the bank received a discount of 30 per cent due to its quick agreement to the settlement terms!

This gives a completely new meaning to the age-old banking jargon of “terms and conditions apply ”. – Yours, etc,



Co Wicklow.