Dáil Éireann Debate, Thursday - 30 June 2016
84. Deputy Michael McGrath asked the Minister for Finance the implications for Permanent TSB's activities in the United Kingdom if that country is outside the European Economic Area; the proportion of Permanent TSB's revenues that arise in the United Kingdom; and if he will make a statement on the matter. [19008/16]
Amharc ar fhreagraPermanent TSB (" PTSB") has informed me that it no longer transacts new business in the UK and has been deleveraging its non-core UK based mortgage business. It has made significant progress in this regard, having sold GBP £2.5bn of UK Mortgages in 2015 in conjunction with its UK mortgage servicing platform, Capital Home Loans Limited ("CHL"). PTSB owns a further GBP £2.5bn (as at 31 May 2016) of UK Mortgages which it also considers to be non-core and which it intends to deleverage. PTSB has funding arrangements in place to manage currency risk, with approximately 80% of the Group's GBP assets being directly funded in GBP.
Of PTSB's interest income for the last six months of 2015 approximately 10% was generated by the residual UK mortgage portfolio. Further detail on PTSB's UK portfolio is available in the Permanent TSB 2015 Annual Report.
