An interesting piece concerning troubled PTSB, which is state owned.
16:24, 3 April 2013 by Bloomberg News
Permanent TSB faces “acute challenges that need to be addressed to assure its viability,” according to the International Monetary Fund.
The government decided last year to split the Dublin-based bank into a consumer lender, an asset-management unit to run down so-called uneconomic loans, and another unit for its British-based mortgages.
“PTSB as an integrated legal entity is only expected to break even in the medium term,” the IMF said in a staff report on Ireland’s bailout program, published today. “Recognising this situation, PTSB’s restructuring plan submitted to the European Commission is based on the separation of the asset management unit, which holds low-yielding and non-performing asset.”
It hasn’t been possible to “implement this approach at manageable funding cost to date,” said the IMF, part of Ireland’s so-called bailout troika.
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