Frankfurt keen to see €400m PTSB CoCo bonds converted

The European Central Bank is set to face down the government over the conversion of Permanent TSB’s €400 million capital buffer into equity.

Sources close to the process said that the ECB is pushing for a full conversion of the so-called ‘CoCo’ bonds, which the Frankfurt authorities are eager to be converted into equity.

The bank and the government, which is a 99.2 per cent shareholder in PTSB, are reportedly eager to avoid ...