Michael McGrath
Question:94. Deputy Michael McGrath asked the Minister for Finance his plans for the State's holding in Permanent TSB; and if he will make a statement on the matter. [9519/13]
View answerThursday, 21 February 2013
Questions (94)
Written answers
A way forward for Permanent TSB was agreed with the Troika in April 2012 which envisaged it playing an important role in the future of Irish retail banking, being a more focused retail bank bringing an element of competition to the marketplace which has consolidated significantly since 2008. In this regard Permanent TSB submitted a Restructuring Plan to the European Commission in June 2012. Permanent TSB has made significant progress in delivering its Restructuring Plan since then.
As the Deputy will be aware Permanent TSB Group is currently run in three separate management units, a good bank, an Asset Management Unit (AMU) and a UK mortgage business (CHL). Ultimately a separation of the good bank from CHL and the AMU is desirable and it will be part of discussions with our External Partners. In the meantime we will work with Permanent TSB to enhance the value of our investments through the continued delivery of the Restructuring Plan, which will, if delivered, provide the State with more optionality regarding the future structure of Permanent TSB.