Permanent TSB would suffer ‘catastrophic’ PR backlash over loans sell-off
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Permanent TSB is likely to suffer "near catastrophic PR blowback" if its effort to sell non-performing home loans is successful, a leading analyst warned. PTSB is selling off a huge block of loans in. A US-based private equity firm has purchased 50 per cent of Capital home loans’ book from parent company permanent tsb. cerberus capital LP.
Permanent TSB is contacting some of its buy-to-let mortgage customers who are in arrears to see if they would surrender the property to the bank, which will then write off any remaining debt on.
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Permanent TSB has reported a profit of 40m for 2017, the bank’s first profit since the financial crisis, but said it had no choice on the sale of some of its non-performing loans.
But for the sake of argument, let’s assume that he is fair dinkum, and examine a few of the ideas floated to make us all suffer for his ambition. why didn’t they do it sooner and make it permanent?
Permanent TSB has confirmed the sale of almost 11,000 non-performing mortgages to a vulture fund. The portfolio is being bought by Start Mortgages for 1.3bn from the bank. It includes 3,300 buy.
Economist says Permanent TSB mortgage sell-off won’t lead to flood of repossessions. sell 20,000 distressed loans at a value of around 4bn.. at a new Dublin property to be reduced from 12.
A spokesman for Permanent TSB said the move followed recent comments by chief executive Jeremy Masding (inset) who said the bank would pursue a number of actions to deal with non-performing loans.
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The bank has over one million customers in Ireland. The chief executive of Permanent TSB is Jeremy Masding, who succeeded Kevin Murphy in that capacity in February 2012. He retired in June 2013. In March 2011 during the Irish banking crisis the bank was said to be in need of an external 4.0 billion bailout.