Group CEO announces a Mortgage Product Review Group to review legacy mortgage accounts.

Wednesday 30th September 2015: Jeremy Masding, Group Chief Executive of permanent tsb Group Holdings plc. has announced that the Group has established a Mortgage Product Review Group (MPRG) to review the bank's mortgage product suite and to establish if there are any instances where the contractual terms and conditions attached to mortgage accounts are not being fully honoured by the bank and/or whether other material issues such as the provision of key information at relevant times require further examination.

Ger Mitchell who is a member of the bank's executive committee will lead the MPRG. He will be supported by senior manager Gillian O'Shea together with a bank team and external independent expertise in the areas of conduct risk and product design.

The establishment of the MPRG follows the identification earlier in the Summer of approximately 1,100 mortgage customers at the bank who, following an investigation by the Central Bank of Ireland, were found in particular circumstances to have lost a contractual right to a tracker rate mortgage. This led to a Mortgage Redress Programme announced in late July through which impacted customer accounts are now being put back into the correct position and the bank is paying compensation to the relevant customer accounts holders.

Speaking today Mr. Masding said; 'We have no expectation that there are widespread, systemic issues but we think it is appropriate - given what we learned earlier this summer - that we undertake a thorough review of this nature at this time. If through this exercise we uncover any issues then we will contact customers and take whatever steps are necessary to correct their positions as quickly as possible.'

MPRG Director, Ger Mitchell said that customer interests lie at the heart of the permanent tsb business model. He said: 'First and foremost, the MPRG will identify any cases where we believe the relevant products are not operating as intended. But I also believe that our learnings will inform future product development and the way in which the Group engages with customers.'

Customers are advised that they do not need to take any steps at this point in time and the bank will contact them in the event that any issue in respect of their mortgage may be identified.

Issued on behalf of permanent tsb Group by Gordon MRM
ptsb@gordonmrm.ie
Ray Gordon
Ph: 087 2417373

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