European Commission, Irish Government and Permanent TSB accused of conspiracy to defraud
“Srinivasan Devrajan accused TSB Dublin and Cork & Limerick Savings Bank of defrauding most of its depositors from 1958 to 1993 by not paying the advertised interest on the savings and investment accounts”
The bank allegedly did not disclose that it calculated interest on the lowest monthly balance when the usual practice of banks was to pay daily interest.
Central Bank allegedly knew that TSB was advertising Compound Annual Rate 1/12th higher than in fact paid, (save on the 21st day of any month) in breach of Trustee Savings Banks Act 1989 section 27 (1), as is allegedly evident from the letter of Dr. Michael Casey, Senior Adviser, Central Bank dated 6 March 1990 to TSB Dublin and Cork & Limeriock Savings Bank
Quote … ”While we understand that the TSBs’ traditional method of crediting interest to deposits might lead to some difficulties with expressing annual interest rates, we feel that these should not be insurmountable”…Unquote.
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