PTSB has 170,000 mortgages in arrears

2012 has been a year when hundreds of Irish people have taken on the banks. Two popular videos from 2012. A fight back has begun and will continue in 2013.

 

See article below regarding troubled PTSB

http://www.irishexaminer.com/business/ptsb-has-170000-mortgages-in-arrears-217512.html

By John Walsh, Business Correspondent

Thursday, December 20, 2012

Permanent TSB has 170,000 mortgages in arrears with a total value of €7.9bn.

Roughly 20% of the residential mortgage book and one-third of buy-to-let mortgages were in arrears.
The figures emerged as PTSB public interest directors Ray MacSharry and Margaret Hayes appeared before the Oireachtas Finance Committee yesterday.
TDs Richard Boyd Barrett and Joe Higgins asked Mr MacSharry what it would cost PTSB if all the mortgages issued between 2000 and 2008 were written down to current market value. The former Fianna Fáil finance minister said he did not have the information but would supply it to the committee as soon as possible.

But the decision to write down that much debt would ultimately be a decision for the bank’s major shareholder — the current finance minister, Michael Noonan, Mr MacSharry said.
He said as public interest directors, he and Ms Hayes were obliged to act in the best interests of the bank. Even though a law introduced in 2010 meant all PTSB non-executive directors had to act in the public interest, he acknowledged there were flaws covering public interest directors.

Public interest directors do not report separately to the Department of Finance or Central Bank. Their duties and obligations did not differ from other non-executive directors, he added. Mr MacSharry said he and Ms Hayes had been at PTSB since 2008 and that "it was about time that they were replaced".

Sinn Féin’s finance spokesman Pearse Doherty wanted to know if a €2.7bn bond be paid next April as scheduled. Ms Hayes said PTSB’s treasurer was looking at options including a bond rollover.

Mr Doherty asked Mr MacSharry was he a suitable candidate as a public interest director given that he was a non-executive director of Bank of Ireland between 1993 and 2005. Mr MacSharry said he resigned from Bank of Ireland in Feb 2005, "before the damaging decisions were made".
No increments, bonuses, or salary increases had been sanctioned since he joined PTSB, he said. He has received €179,000 in fees since joining four years ago and Ms Hayes had received €271,000, although the former secretary general of the Department of Tourism also sat on the audit committee.
It was also announced yesterday that Glen Lucken has been appointed PTSB’s chief financial officer and Dominic Dodd appointed as a non-executive director.