Permanent TSB Agrees Transaction To Reduce Further Its Non-Performing Loan Ratio

12 Sep 2019

Dublin, 12th September, 2019. Permanent TSB has agreed to sell a Non-Performing Loan (“NPL”) portfolio to the retail credit firm Start Mortgages DAC (“Start Mortgages”), in co-operation with LSF Irish Holdings 101 DAC, both affiliates of the Lone Star Funds.


Start Mortgages, authorised by the Central Bank of Ireland since November 2008, will become the servicer of the loans when the transaction completes. The portfolio consists of 1932 borrower relationships comprising both 1422 PDHs (Private Dwelling Homes) and 510 BTLs (Buy To Lets). A borrowing relationship can be a single borrower, or two or more joint borrowers. Start Mortgages will commence servicing the loans in early 2020.


The sold portfolio has a gross balance sheet value of €506 million and a net book value of €274 million. Following the completion of this sale, the NPL ratio at Permanent TSB will reduce from c. 10% to c. 7%.


All loans included in the sale are categorised as non-performing by reference to regulatory definitions. Permanent TSB is writing to all customers, whose loans are included in the portfolio, with information related to the change in the ownership and servicing of their loan. Frequently Asked Questions, including details on why loans are categorised as Non-Performing and further information, are available on the Permanent TSB website. (


All loans will continue to be covered by the protections of the relevant Central Bank consumer codes and regulations. The terms and conditions of all loans included in the portfolio, as well as any “Alternative Repayment Arrangements” agreed between customers and Permanent TSB, remain unchanged.


Commenting on the sale, Jeremy Masding, Chief Executive, said:

It is important to note all customers will continue to be afforded existing regulatory protections after the transfer and that Start Mortgages is required to honour the terms and conditions of the Restructure Agreements or Alternative Repayment Arrangements in place for customers included in this sale’’.


Any customer with questions in relation to the loan sale can contact the Bank’s dedicated team on 1800 855 010 or 021 601 3700.


PTSB was advised on the transaction by EY and Mason, Hayes & Curran. 



Issued on behalf of Permanent TSB by

Gordon MRM

Back to all

Request a Callback! One of our consultants will get in touch ASAP