Ex-PTSB CEO wins appeal over Central Bank inquiry finding

Former Permanent TSB chief executive David Guinane has won an appeal against the findings of a Central Bank inquiry over his role in PTSB's treatment of tracker mortgage customers during the financial crisis.

Last year a Central Bank inquiry found that Mr Guinane participated in regulatory breaches by the lender relating to its treatment of tracker mortgage customers between 2009 and 2010.

He was the first individual to face an inquiry for their role in the tracker mortgage controversy and to be found to have participated in any breaches.

Mr Guinane was subsequently fined €80,000 and was subject to a reprimand.

However, the former PTSB CEO appealed the decision of the inquiry to the Irish Financial Services Appeals Tribunal (IFSAT), which has now overturned it.

In a decision published on its website, the Tribunal concluded that the Central Bank inquiry "erred in law; acted ultra vires and unreasonably" and "failed to give fair notice of certain issues; and failed to give reasons" for its decision.

Mr Guinane, who worked for PTSB for more than 25 years, and served as chief executive of the bank between 2007 and 2012, has welcomed the decision "to fully exonerate" him of the allegations made by the Central Bank.

'Deeply flawed process' - Guinane

In a statement, he added: "In clearing me, the Tribunal found that the inquiry conducted by the Central Bank was unfair. The Central Bank acted 'ultra vires, irrationally and in breach of constitutional fair procedure'.

"Although this long and protracted process began in 2017, it is only in recent months that I finally received a genuinely fair and independent hearing before the Appeals Tribunal. This deeply flawed process, which has cost millions in taxpayer funds, has had a profound effect on my family and on my career.

"I wish to acknowledge the more than 40,000 mortgage customers at the heart of these events. They suffered real hardship during the 'Tracker Mortgage Scandal' and what was done to them was wrong. They deserved full accountability."

Mr Guinane said the Central Bank "tried to single me out as a scapegoat".

"It is extraordinary that I was the only individual to be subject to a formal enquiry in respect of the tracker issue. It now seems that no individual will ever be held accountable for the widespread harm done to consumers by this issue.

"This is the third time in less than two years where serious questions have been raised about Central Bank treatment of senior financial executives. Maintaining and growing the international financial services sector in Ireland is a key national strategic goal.

"Unless swiftly and appropriately addressed the inadequacies exposed by these cases will damage Ireland's hard-won image as a location for international financial services firms," Mr Guinane added.

Read more: Former PTSB CEO says he is being made a 'scapegoat'

Central Bank 'does not propose' to appeal decision

In a statement, the Central Bank has said it "does not propose to appeal IFSAT's findings".

The regulator said it established the inquiry "to investigate a potential contravention of Irish financial services legislation, arising from investigations conducted as part of the Central Bank’s tracker mortgage examination".

It added that the investigation into PTSB started in 2014 and finished in 2019, with the lender admitting 42 regulatory breaches and receiving a €21 million fine and reprimand.

The statement said "this led the Central Bank to investigate whether Mr David Guinane had participated in PTSB’s breach of the Consumer Protection Code 2006.

"Following its investigation, the Central Bank found that it had reasonable grounds to suspect that Mr Guinane had participated in PTSB’s breach and established a statutory inquiry. Conducted in 2024 it was chaired by an independent inquiry member, Mr Peter Hinchliffe who delivered his findings in 2025".

The Central Bank said "certain enhancements" have been made to its inquiry process and that "these reforms were further strengthened by the publication of ASP (Administrative Sanctions Procedure) Guidelines in December 2023, which provide greater detail and clarity on the inquiry process based on our experience of the operation of Inquiries over the last decade. The conclusion of this case marks the last Inquiry conducted under the previous ASP regime."

The regulator also said a "previously announced external review of the Bank’s wider enforcement activities is under way".