Guinane wins appeal against tracker mortgage inquiry decision
The Irish Financial Services Appeals Tribunal (IFSAT) upheld David Guinane's appeal on October 22, 2026, overturning the April 23, 2025 inquiry decision. The Central Bank of Ireland will not appeal the tribunal's findings.
Tribunal overturns independent inquiry findings
The overturned decision concerned permanent tsb plc (PTSB) and David Guinane.
The Central Bank established the statutory inquiry to investigate a potential breach of Irish financial services legislation arising from its tracker mortgage examination.
Independent appointee Peter Hinchliffe chaired the four-year inquiry, with the substantive hearing held in early 2024 and findings delivered in 2025.
Guinane then appealed to IFSAT, an independent tribunal that hears appeals against certain Central Bank decisions.
The Central Bank will apply to the High Court for confirmation of IFSAT's decision under the Central Bank Act 1942.
Inquiry decision makers drawn from its Regulatory Decisions Panel assess suspected breaches, make determinations and impose sanctions.
PTSB admitted 42 regulatory breaches
The Administrative Sanctions Procedure (ASP) investigation into PTSB began in 2014 and concluded on May 30, 2019.
PTSB admitted 42 breaches and received a €21 million fine and reprimand.
The Bank then found reasonable grounds to suspect Guinane's participation in PTSB's breach of the Consumer Protection Code 2006.
The first ASP inquiry began in 2015; five have concluded through findings or settlement.
The Central Bank (Individual Accountability Framework) Act 2023 enhanced the process, followed by ASP Guidelines in December 2023.
An old regime closes
The Bank identifies this case as the final inquiry under the previous ASP regime.
The appeal outcome concerns Guinane; the statement separately records PTSB's admitted breaches and sanction.
A previously announced external review of the Bank's wider enforcement activities remains under way.