Dáil Éireann Debate, Tuesday - 28 April 2015
135. Deputy Pearse Doherty asked the Minister for Finance if he will stall the sale of any more loan books at Permanent TSB, until such time as legislation is enacted to regulate all mortgage book owners. [16761/15]
Amharc ar fhreagraI have been informed that Permanent TSB has no current plans to sell any Irish residential mortgage loan books. I have also been informed that they have commenced a sale process for their remaining Irish Commercial Real Estate loan book and are likely to sell their UK mortgage loans in tranches in 2015 and 2016. Both the Irish Commercial Real Estate and the UK loan book sales are commitments of the Restructuring Plan approved by the European Commission, details of which were announced by Permanent TSB on 9 April 2015.
The deputy may also be aware that Permanent TSB has committed in the Restructuring Plan to reduce the value of defaulted Irish Tracker mortgages through a combination of measures, including cures and asset sales by a pre-determined date and according to a pre-determined schedule. I am advised by Permanent TSB that it is their clear preference that such a reduction would be achieved by way of completed treatments in order to cure the defaulted loans rather than other means. Such an objective provides the best outcome for affected customers. If the target cannot be met through such an approach or by other means, then Permanent TSB would be required by the Restructuring Plan to sell such loans within the pre-determined timelines.
