Permanent TSB “Back in the Banking Business” – Chairman

Permanent TSB Group is back in the banking business with plans to approve lending of up to nine times more this year than in 2012, the chairman said today.

Speaking at its annual general meeting, Alan Cook said the group is competing again for mortgage business, car loans, educational loans and current accounts.

“We’ve been able to open the doors to lending through Permanent TSB again,” he said.

The ‘Bank plus Two’ strategy, designed to create three distinct businesses, shows it is making “real progress” in addressing its problems and taking decisive action to improve the position of customers and the taxpayer, he noted.

“Our strategy is now settled and clear. It is about creating three distinct businesses from the overall group. The first of these will be a viable, efficient and profitable bank – Permanent TSB – that can lend money, service its customers’ needs and compete with the larger banks in Ireland.

Cook said the group major priorities include restructuring the business and working closely with customers in arrears to help them manage their challenges.

“It has been another very challenging year for the Irish economy in general and for this company, along with many others. But it has been one during which we have made real progress in addressing our problems and taking decisive action to help the position of our customers and the position of the taxpayer, who has invested so heavily in our business and whose support has been critical to us over the past number of years.”