Permanent TSB to sell non-performing loans to Morgan Stanley

Lender continues to clean up its balance sheet with €390 million sale

Some €223 million worth of loans in the portfolio are owner-occupier mortgages with the remaining €167 million relating to buy-to-lets

Permanent TSB has agreed to sell a portfolio of largely non-performing loans worth €390 million to Morgan Stanley as it continues to clean up its balance sheet.

The lender said the deal would complete in 2022 and added that there would be no impact on the terms and conditions of individual loan accounts.

Morgan Stanley intends to securitise the portfolio following completion of the acquisition. PTSB said this would not have any effect on customers ...