Permanent TSB loan impairment provision hits €1.4bn in 2011
Irish Life & Permanent’s banking business Permanent TSB is expected to make loan impairment provisions of approximately €1.4 billion in respect of 2011.
Irish Life & Permanent’s banking business Permanent TSB is expected to make loan impairment provisions of approximately €1.4 billion in respect of 2011.
This is a sharp rise from the €420 million impairment charge it took in 2010. Almost all of the expected increase is attributable to the bank’s Irish residential mortgage loan book.
In a statement, the bank blamed a change in the assumption for the peak to trough decline in house...
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