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TSB on track for profit

BAILED-OUT Permanent TSB is on the right path to turn a profit by 2014, the Government has informed the European Commission.

The restructuring plan sent to Brussels at the end of last month outlines that the bank will remain as a standalone institution.

The bank received €2.8bn of State support around the same time as this report.

Permanent TSB's €37.5bn loan book is expected to suffer about €800m a year in impairments from 2011 to 2013 as it has a large amount of unprofitable tracker loans.