Permanent TSB bank completes its €2.8bn deleveraging programme

Programme was part of restructuring plan between Government and European Commission

Permanent TSB: the assets consisted of commercial real-estate loans involving a number of borrowers. Photograph: Alan Betson / The Irish Times

Permanent TSB: the assets consisted of commercial real-estate loans involving a number of borrowers. Photograph: Alan Betson / The Irish Times

State-owned Permanent TSB bank has completed the final stage of a €2.8 billion deleveraging programme of non-core assets in Ireland with the sale of about €300 million of face value commercial real-estate loans.

This concludes its Irish deleveraging programme, which began in November 2013 and was part of a restructuring plan agreed between the Government and the European Commission as part of its €4 billion bailout from taxpayers following the global financial crash in 2008.

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