Tuesday, 12 March 2013

Questions (174)

Pearse Doherty

Question:

174. Deputy Pearse Doherty asked the Minister for Finance the involvement of KPMG in the sale of mortgage loan books at Permanent TSB and to provide an assessment of that company’s performance in selling PTSB’s loan books. [12628/13]

View answer

Written answers (Question to Finance)

I can inform the Deputy that KPMG advised Permanent TSB on the potential sale of Capital Home Loans (CHL) and Springboard mortgage loan books. I am advised that the sale of CHL was postponed while a revised Restructuring Plan was being prepared by management. The revised plan now includes CHL as a stand-alone unit as part of Permanent TSB. The decision to engage KPMG to advise on the sale of these loan books was made by the board of Permanent TSB whose management team were responsible for monitoring KPMG’s performance.