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Permanent TSB says it will increase lending fivefold this year

Permanent TSB says it will significantly increase lending for mortgages and personal loans in 2013.

Image: Sasko Lazarov/Photocall Ireland

PERMANENT TSB SAYS it plans to increase lending to personal customers fivefold in 2013.

In a statement released this afternoon, the CEO of the bank said it will lend around €450 million in 2013, up from less than €90 million in 2012.

PTSB says it expects to lend around €350 million for mortgages, €100 million for personal loans and €5 million in new credit card finance.

The bank has been undergoing a restructuring plan in a bid to deal with impaired loans which could not be paid back in full after the boom.

“Banks make money by lending so it’s imperative that we return to sustainable, sensible and profitable lending as soon as practicable and we are committed to doing so this year,” said CEO Jeremy Masding.

Irish banks and financial institutions have been repeatedly criticised for not lending to businesses and personal customers during the recession.

Central Bank figures released during the week found that the lending to Irish households dropped by 3.6 per cent in the twelve months to November 2012.

Lending for house purchases was down 1.6 per cent on the previous year and lending for consumption and other purposes also fell by 1.9 per cent.

PTSB had an after-tax loss of €566 million for the first six months of 2012.

Read: PTSB hits back after Shatter’s criticism of ‘out of touch’ MacSharry >

Read: Noonan hasn’t asked Permanent TSB staff on over €200k to take pay cut >

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