Permanent TSB Group Holdings PLC Sale of Non-Performing Loan Portfolio (1169M)
12 Septiembre 2019 - 08:00AM
UK Regulatory
TIDMIL0A TIDM73HR
RNS Number : 1169M
Permanent TSB Group Holdings PLC
12 September 2019
12 September 2019
PERMANENT TSB GROUP HOLDINGS PLC
SALE OF NON PERFORMING LOAN PORTFOLIO
Permanent TSB plc ("PTSB", "the Bank"), a wholly owned
subsidiary of Permanent TSB Group Holdings plc, has agreed to sell
a Non Performing Loan ("NPL") portfolio ("Glas Tranche II") to the
retail credit firm Start Mortgages DAC ("Start Mortgages"), in
co-operation with LSF Irish Holdings 101 DAC, both affiliates of
the Lone Star Funds. Start Mortgages has been authorised by the
Central Bank of Ireland since November 2008 and will become the
servicer of the Glas Tranche II Portfolio when the transaction
completes.
The portfolio has a gross balance sheet value of EUR506 million
and a net book value of c. EUR274 million. In the year to December
2018, this loan portfolio generated net interest income of c. EUR6
million. At completion, PTSB will receive cash consideration of
EUR264 million. The proceeds will be used for general corporate
purposes.
This transaction will reduce the overall NPL ratio at PTSB from
c. 10% to c. 7% and increase the Common Equity Tier 1 Ratio by c.
30bps.
Ends
For further information, please contact:
Eamonn Crowley Nicola O'Brien Leontia Fannin
Chief Financial Officer Head of External Head of Corporate Affairs
eamonn.crowley@permanenttsb.ie Reporting & Investor & Communications
+353 1 669 5354 Relations leontia.fannin@permanenttsb.ie
Nicola.OBrien@permanenttsb.ie +353 87 973 3143
+353 1 669 5283
Note on forward-looking information:
This Announcement contains forward-looking statements, which are
subject to risks and uncertainties because they relate to
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends, and similar expressions concerning
matters that are not historical facts. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors, which may cause the actual results, performance or
achievements of the Group or the industry in which it operates, to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. The forward-looking statements referred to in this
paragraph speak only as at the date of this Announcement. The Group
undertakes no obligation to release publicly any revision or
updates to these forward-looking statements to reflect future
events, circumstances, unanticipated events, new information or
otherwise except as required by law or by any appropriate
regulatory authority.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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