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.

28th February, 2012
Permanent TSB loan impairment provision hits €1.4bn in 2011
The bank said that there was also a significant increase in the number of Permanent TSB mortgage loan accounts greater than 90 days in arrears.

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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