Business Irish

Wednesday 21 August 2019

Masding buys shares in Permanent TSB

Jeremy Masding has acquired shares in Permanent TSB
Jeremy Masding has acquired shares in Permanent TSB
Ellie Donnelly

Ellie Donnelly

Permanent TSB chief Jeremy Masding has purchased 13,611 shares in the bank at a price of £1.09104 (€1.21350) per share.

This is the first share purchase by any director of the bank since the financial crisis.

Permanent TSB chairman Robert Elliott also acquired 16,500 shares at €1.20 per share.

Last week Mr Masding warned that negative ECB rates and further stimulus will pile pressure on all European banks and is leaving them at a disadvantage versus peers elsewhere.

US banks earn money when they keep funds with their central bank while eurozone banks are charged, he said.

Majority State-owned Ptsb reported profit before tax and exceptionals of €42m for the six months to 30 June, a 42pc fall year-on-year.

Profits were whittled down by exceptionals including €14m in respect of its restructuring programme and a €3m charge related to its €21m fine from the Central Bank's investigation into the tracker mortgage scandal.

New lending was up €700m - rising 22pc year-on-year, and the lender's share of the mortgage market was 14.7pc, up from 13.8pc one year ago.

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