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Permanent TSB has agreed to sell its non-performing credit portfolio, "Glas Project", to the credit Retail Start Start Mortgages, a subsidiary of Lone Star Funds.
Following the transaction, TSB's permanent non-performing loans will reduce its overall customer loan portfolio by 25pc to 16pc
The portfolio has a gross balance sheet value of approximately 2, 1 billion euros and a net book value of 1.3 billion
The loan portfolio generated an operating profit of 8 million euros in December 2017.
The PTSB will receive a cash consideration of 1.3 billion euros for loans.
The product will be used for general purposes.
Jeremy Masding, Managing Director of PTSB said the protections that exist for homeowners transfer with a loan when it is sold.
"Clients will continue to benefit from the protection of existing regulatory protections after the transfer," Masding said. Masding said the bank remains committed to reducing its NPL ratio in the short term. a single figure: "reduce unproductive loans is a necessary step for us to complete the reconstruction of the PTSB as a"
The state-sponsored PTSB was the subject of harsh criticism in February when He unveiled the sale of a mega mortgage loan, which prompted CEO Jeremy Masding to insist that the bank had no choice but that a loan sale.At a hearing before the finance committee of Oireachtas, he stated that the lender was under increasing regulatory pressure to reduce the bank's debt ratio of 26pc to the end. from 2017 to the EU average of Mr. Masding argued that it is "in the interest of the state that the bank manages its non-performing loans tolerable level. "
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