Permanent TSB has confirmed a deal to offload over 6,000 non-performing loans.
According to PTSB, it has reached a "securitisation" deal with Pepper Ireland - explaining that the "transfer of mortgage loans is similar to a loan sale".
Nearly all of the loans being transferred to Pepper Finance were taken out on family homes.
The loans - under the umbrella of Project Glenbeigh - have a gross value of €1.3 billion.
The bank - which will continue looking after the loans for up to six months, before Pepper gains legal title to them - says it's writing to all affected customers.
Permanent TSB says it has been assured that the Pepper Ireland will work with customers when the payment arrangements are up for review to, where possible, "identify the best long term sustainable solution".
CEO of PTSB, Jeremy Masding, says customers will still be covered by Central Bank consumer protection codes when the loans are transferred.
He explained: "It enables those customers who have long term treatments to continue with those long term treatments - the treatments are part of their loan terms and conditions, and they travel into the transaction.
"The protections around those treatements also travel with the loan."
Customers can contact PTSB's helpline on 1890-500-223 or 021-601-3855, with the company extending the line's opening hours in the wake of the deal.
PTSB drew controversy earlier this year with their decision to sell a non-performing loan portfolio for €1.3 billion to Start Mortgages - an Irish-regulated affiliate of an American so-called vulture fund firm called Lone Star.
Reacting to the latest announcement, Sinn Féin accused both Permanent TSB and the Government of 'abandoning families'.
Finance spokesperson Pearse Doherty said: "I am disgusted at the attitude of Permanent TSB only a short time after their last sale was announced.”
Fianna Fáil's Michael McGrath, meanwhile, stressed that customers need to be protected.
He argued: "The transaction announced today is undoubtedly better than an outright sale to a so called ‘vulture fund’ but important questions need to be answered as to how exactly this will work for the affected borrowers."
