Irish

Wednesday 30 July 2014

Permanent TSB ready to sell €2.5bn 'non-core' loans

Published 24/06/2014|11:21

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Group chief executive Jeremy Masding, chairman Aidan Cook and company secretary Ciaran Long at the PTSB agm. Colm Mahady/Fennells

STATE owned Permanent TSB says it is ready to sell its €2.5bn of "non-core" loans including commercial property and so called sub-prime mortgages.

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The bailed out lender has hired Morgan Stanley to sell the loans.

“Morgan Stanley has been appointed to sell the two portfolios,” said spokesman said

The loans are likely to be sold at a steep discount to their “face” value.

The sale includes mortgages originally made by Springboard Mortgages, which was active from 2006 to 2012 and made €466m of loans.

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