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Stress Test

Permanent TSB submit plan to the ECB a week early

The bank failed the latest ECB stress test after an €855 million shortfall was identified.

Permanent TSB CONFIRMED today that they have formally submitted their Capital Plan to the European Central Bank (ECB) ahead of the deadline for submission of Sunday next.

Last week, the bank failed the latest ECB stress test after an €855 million shortfall was identified.

Fail

Permanent TSB is the only Irish bank out of the 25 eurozone banks that failed.

The group said it has already “provided for” over 80% of the shortfall identified in ECB tests on the back of both progress made in 2014 and the Group’s existing Contingent Convertible notes.

They said that they are in advanced planning with international investment bank, Deutsche Bank, to raise capital from international investors in the coming months.

Group Chief Executive Jeremy Masding said the bank has already addressed over 80% of the €855 million shortfall that the ECB identified.

PTSB were given two weeks to submit capital plans to the ECB.

Read: Report card in… Permanent TSB has an €855m shortfall>

Read: Permanent TSB, along with 25 other eurozone banks expected to fail stress test>

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