Bank to increase lending five-fold

(07 Jan 2013)

logo permanent tsb Thumbnail0It is reported in todays Irish Examiner that Permanent TSB is planning to increase the amount of money it lends for mortgages, personal loans and credit cards five-fold in the coming year. Last year the bank lent less than €90m but it has now factored lending of €450m into its plans for the current year.

The bank’s new-found largesse is based on a growth in deposits and progress on restructuring how it operates, including the closure of many branches.

Its group chief executive Jeremy Masding said that the bank’s ability to finance new lending followed from its success in doubling the size of its deposit book to approximately €12bn and making significant progress on its restructuring plans over the last year.

“We will continue to increase our provisions linked to historic lending but they are in line with the scenario laid out in our restructuring plan and we’re making great progress on implementing that plan,” he said.

For full report please log onto Irish Examiner website

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