PERMANENT TSB has welcomed the government and Troika’s approval for its restructuring plan which will see its loan portfolio split and the creation of a separate Asset Management Unit.
Under the plan, which PTSB says it will submit to the European Commission by the end of June, the bank’s loan book will be divided into performing and non-performing loans.
The bank says it will ‘carve out’ a viable bank from its current business: “The plan will create a viable, customer focused and competitive retail bank capable of resuming normal lending into the Irish market.”
The group’s UK operation will continue as a stand-along unit within the overall group with a loan book of around €7.1 billion. PTSB’s loan book will be around €14.2 billion, and the new asset management wing AMU will have a book of around €12.5 billion.
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