Chief Executive of Permanent TSB Jeremy Masding has told the Oireachtas Finance Committee that the bank should be fined over the tracker mortgage scandal.

He said that all of the facts would be put to the Central Bank and they would make a decision.

He said an internal report was commissioned into the tracker mortgage scandal, which found it was not a deliberate action and was due to the absence of controls within the bank.

Mr Masding told the Committee the report was shared with the Central Bank and that he understands it has not been shared with the Department of Finance.

He said that no one had lost their job as a result of the tracker mortgage scandal. However, he said that since 2012 the management team at the bank had been changed.

Sinn Féin's finance spokesperson Pearse Doherty said money was wrongly taken from people's accounts and huge amounts of hurt and pain had been inflicted on those families.

He said the bank had "stolen opportunities'" from the families and in some cases they had taken the roof over their head.

Deputy Doherty said Mr Masding was in charge when the tracker mortgage scandal happened and had fought it in the courts.

Mr Masding also told the Committee that a Bill which would stop banks from selling home loans without borrowers' permission would have a negative affect on the banking industry.

Deputy Doherty introduced the No Consent, No Sale Bill 2019 at the beginning of the year.

Mr Masding said the proposed legislation would make it more difficult for banks to repair and strengthen their balance sheets.

He also said the bank had reduced the proportion of non-performing loans on the bank's balance sheet from 26% to 10%.

However, he said the bank's non-performing loan ratio of 10% remains about three times the European average.

Mr Masding said he cannot rule out further loan portfolio sales to so called 'vulture funds'.

He told the Committee that the bank needs to bring down the average non-performing loans figure to 3.5% in order to satisfy European authorities.

Mr Masding said it would take over two to three years to get the rate down to the European average of 3.5%.

He also said all the indications were they were at the end of a positive economic cycle and that he does not want the bank in a situation where the balance sheet is exposed to economic shocks.

Fianna Fáil's finance spokeseperson Michael McGrath said in the last year PTSB had sold mortgages relating to about 20,000 properties and almost 13,000 of those were owner occupier mortgages.

He said that raised a lot of concern for those who are affected because many of these so called "vulture funds" do not offer comprehensive mortgage solutions.