Almost 20,000 PTSB mortgage holders now in arrears
CLOSE to 20,000 owner occupiers whose mortgages are with Permanent TSB are now in arrears, the bank admitted today.
This is up more than 2,500 on the number behind on their repayments just last December.
The bank said this represents 13.2pc of those with residential mortgages, higher than the 11pc for banks as a whole.
When it comes to buy-to-let mortgages some 4,564, or 19pc, or accounts are in arrears, the bank said today.
The bank said it has now put more staff and effort into helping customers who are behind on their repayments.
The new figures on arrears came as Permanent TSB said it swung to a loss in the first half as it set aside more money for bad losses.
The Dublin-based bank, which was once called Irish Life & Permanent and is 99.2pc-owned by the State, made a net loss of €566m compared to a €460m profit a year in the same period last year. Last year’s profit was flattered by a €763m gain from the sale of some junior bonds.
The country’s biggest building society said the percentage of home loan in arrears at the nation’s former largest mortgage lender rose to 14.1 percent of accounts at the end of June from 12pc at the end of 2011.
Chief executive Jeremy Masding said the losses highlighted the challenge facing the bank.