Permanent TSB reports 10 per cent decline in arrears

Permanent TSB has reported a strong start to 2014 with new mortgage approvals up 80 per cent, and arrears below their 2013 peaks.

In a trading statement ahead of its agm today, the lender said total mortgage arrears are now 10 per cent below peak levels hit last year.

New mortgage approvals for the year to April have been approximately 80 per cent higher than the previous year with an estimated market share of new residential mortgage drawdowns of 13 per cent.

"We are very encouraged by the strong start we have made in 2014. On the product side, we are growing our positions in all key markets and on the financial side, we are confident that the Group is continuing its recovery," chief executive Jeremy Masding said.

Permanent TSB, the weakest of Ireland’s three domestic lenders because of its mortgage book, said it opened 65,000 current accounts in the last 12 months.