'We're short of options' - Permanent TSB to proceed with sale of distressed loans

The bank has posted its first full-year profit in a decade

'We're short of options' - Permanent TSB to proceed with sale of distressed loans

Jeremy Masding. Photo: RollingNews.ie

Permanent TSB says it still has no option but to sell thousands of home loans, despite giving out over a €1 billion in new lending.

The bank's annual results out today show it's increased its share of the mortgage market to almost 13%.

It also made its first profit in a decade last year, making €40 million after tax.

PTSB has caused a political controversy with its plan to offload around 18,000 distressed mortgages from its books – approximately 14,000 of which are private homes.

However, CEO Jeremy Masding says they're still going ahead with plans to sell the mortgages in arrears.

He told Newstalk Breakfast: "We've used all the options available to us - short-term treatments, long-term treatments, mortgage-to-rent, [and] assisted voluntary sale. 

"Our track record in supporting customers in financial difficulty shows we're not short of managerial focus nor compassion - what we're now short of is options."

He added: "I'm satisfied that the bank is trending in the right direction to be a seriously strong competitor in the Irish banking market."