Permanent TSB has named the members of its Independent Review Panel who will hear appeals from customers who lost their homes and investment property after "serious failures" by the bank in managing mortgage interest rates.

The panel, the first of two to be established by the bank, will also be open to appeals from people who have been involved in legal action with the lender over their mortgages.

Former Law Society president James McCourt, who is also a member of the Chartered Institute of Arbitrators, will chair the panel.

He will be joined by former insurance ombudsman Caroline Gill, a barrister who also served as deputy financial services ombudsman as well as chief executiv eof the Consumers Associaiton of Ireland.

The third member of the panel will be chartered accountant Cyril Maybury, a member of the audit committee of the Houses of the Oireachtas and chairman of the business law committee at the Consultative Committee on Accounting Bodies in Ireland.

A second panel, the Customer Appeal Panel, which will hear appeals from all other affected customers, will feature two independent members and one Permanent TSB representative.

Details of this panel will be announced separately in coming days.

Using the appeals process will not affect a customer’s right to make a complaint to the Financial Services Ombudsman and/or to pursue the matter through the courts.