PTSB sells bonds on the back of mortgages & buy-to-lets

PTSB sells bonds on the back of mortgages & buy-to-lets

Bank creates two special entities which are each backed by assets of €1.4 billion. One in five loans in portfolio are currently in negative equity

Permanent TSB is selling bonds against a bundle of thousands of home loans and investment properties as the state-controlled lender continues to repair its balance sheet.

The bank has created two special entities called Fastnet Securities 14 and Fastnet Securities 15, which are each backed by assets of about €1.4 billion to securitise some of its loan book.

Securitising its loan book means the bank will still have the day-to-day relationship with borrowers through collection of mortgage payments...

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