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Dublin: 4 °C Friday 25 April, 2014

“Too early” to make a call on the future of PTSB – bank CEO

Jeremy Masding says he is confident that the bank has a future and says that 2,200 staff are working hard to compete in Ireland.

Jeremy Masding arrives at Leinster House today
Jeremy Masding arrives at Leinster House today
Image: Sam Boal/Photocall Ireland

THE CHIEF EXECUTIVE of Permanent TSB says that any decision on the future viability of the company is premature.

Jeremy Masding was speaking today in front of the Oireachtas Finance Committee and was asked by Fianna Fáil finance spokesperson Michael McGrath about the future of the bank, which received €4 billion in state bailout funds.

“The last time I was here I explained that we had submitted a restructuring plan to the ECB to show that there was a journey to viability

For the record, management doesn’t submit the restructuring plan, the shareholder (ie the Government) does. And the fact that the shareholder was willing to submit that plan would I hope give confidence that there is a future for this organisation.

Masding says that he is confident that the plan, which includes the retention of the bank’s retail bank, which he called “absolutely vital for competition in this country”, will be approved.

Masding said that the bank was working to give Finance Minister Michael Noonan options.

“What do these options mean? You could separate the good bank. You could separate the good bank and the assets management unit.  I think it’s too early to make a call.

I’m confident that the team I have around me will deliver and, over time, we will deliver a model which will be attractive to investors.

Read: Permanent TSB has offered 3,500 split mortgages, has taken legal cases against 1,600

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