Dáil Éireann Debate, Wednesday - 28 November 2012
63. Deputy Pearse Doherty asked the Minister for Finance further to the statement by Permanent TSB, in which he is shareholder of 99.5% of the shares, confirming that it is selling two operating units to management for nominal consideration, if he will confirm the number of staff employed at both units and the number of staff being transferred to the buyer of the units. [53111/12]
View answerI have been informed that in line with the Restructuring Plan which Permanent TSB (PTSB) has submitted to the European Commission PTSB has agreed to the disposal of the majority of the loan assets of Permanent TSB Finance Limited to Consumer Auto Receivables Finance Limited, a company established for the purposes of the transaction. The loan assets of Blue Cube Loans Limited, a separate subsidiary of the Group which is operated by Permanent TSB Finance Limited, will also transfer as part of the agreement. In addition a small portfolio of largely corporate loans is being sold to a third party global bank. I have been informed that neither Consumer Auto Receivables Finance Limited nor the global bank are linked to the management of PTSB, Permanent TSB Finance Limited or Blue Cube Loans Limited.
I have been informed that the Consumer Auto Receivables Finance Limited transaction was completed following a competitive sale process. In a separate transaction PTSB has agreed to sell for a nominal consideration the business platform (which does not include any loan assets) of Permanent TSB Finance Limited to First Citizen Finance Limited. This is a new company which has been established and is owned by members of the management team of Permanent TSB Finance Limited and it has entered into a contract to service the acquired loan assets.
Having outlined the background to the transactions above PTSB has informed me that all 82 staff of Permanent TSB Finance Limited are expected to transfer to First Citizen Finance Limited and their terms and conditions are protected under the relevant TUPE legislation.
