Ptsb Sees Loss Of 997 Million Euro In 2013

PTSB SEES LOSS OF 997 MILLION EURO IN 2013

Permanent TSB bank has reported a loss of 997 million euro for 2013. The bank says the loss was unchanged on the previous.

It said that the amount of money it set aside to deal with troubled loans rose to 927 million euro, which is an increase of 44 million euro.

The bank CEO Jeremy Masding said he believed the bank had turned the corner and that it had lent 270 million euro for new mortgages in the last year.

“Permanent TSB business – the bank – has returned to profitability; the asset management unit continues to provide long-term sustainable treatments for customers in arrears” he said.

“In terms of our non-core businesses we’re now actively in a place where we can deleverage”.

“So as I say I wouldn’t insult you by saying ‘if you look at the numbers’ – it’s still hundreds of millions of losses”.

“However, when I look under the bonnet I am happy with the progress that we’re making” he added.

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