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TSB acquires a new book

BAILED-out Permanent TSB has acquired the Irish deposit book of British lender Northern Rock, worth over €650m.

The Northern Rock deal comes six months after Permanent TSB acquired €3.6bn in deposits from Irish Nationwide Building Society in an attempt to lower its loan-to-deposit ratio, which is the highest in the industry.

Permanent TSB, the banking arm of Irish Life and Permanent, which has been effectively nationalised in the face of a €4bn capital hole, did not detail the cost of the acquisition.