Dáil Éireann Debate, Tuesday - 27 March 2018
198. Deputy Michael McGrath asked the Minister for Finance when he was first informed of a bank's (details supplied) planned sale of a loan portfolio; and if he will make a statement on the matter. [14115/18]
Amharc ar fhreagraI was first informed by Department officials of PTSB’s intention to offer this particular portfolio of loans for sale on Friday 19th January. My officials were first briefed on the timing of the sale, and potential composition of the portfolio, earlier that week.
As this information was commercially sensitive, and as I am obliged to comply with stock exchange disclosure and market abuse rules, I was not in a position to discuss it publicly at the time.
I should emphasise at this stage that no loan has been sold yet and we won’t know how many loans will be sold for a number of months. In addition, it is not known to whom the loans will be sold. However, I want and expect PTSB to be transparent with their customers when it comes to this sale process as it evolves.
As I indicated previously, if the transaction proceeds I expect to be formally consulted on the disposal in due course as provided for in the Relationship Framework between the Minister and the bank.
