Construction News

03/04/2012

Permanent TSB Reports Substantial Mortgage Losses

Permanent TSB has reported that 12% of mortgages are more than 90 days in arrears.

A total of €1.4bn was set aside to cover loan losses.

The State-controlled bank's annual report results showed a record loss of €424m in 2011.

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"A key challenge for the business and for our customers is arrears, and we are working hard to manage this situation with our customers and with other stakeholders," said Irish Life Permanent chairman Alan Cook.

(GK)

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