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PERMANENT TSB HAS reduced its portfolio of non-performing mortgages to 10 per cent of their peak levels.
The bank has offered a total of 19,000 resolution strategies to customers with a total of 15,700 accepted.
The bank said in a statement today that non-performing home loan and buy-to-let mortgages are falling across both early and late arrears.
At the end of April this year, PTSB’s internal bad bank, the Asset Management Unit, had engaged with over 80 per cent of struggling customers, with over 2/3rds receiving so called ‘sustainable treatments’.
In this morning’s statement, the bank urged “the minority of our long-term arrears customers who have not yet engaged…to do so, as it is our clear preference to restructue a loan, where appropriate, rather than resort to legal action.”
PTSB said that its approval rate for mortgages increased by 80 per cent at the end of April compared to the same month last year. Market share for new mortgages stands at around 13 per cent, up from a low of 1.6 per cent at the end of 2012.
There was no mention of the level of mortgage drawdowns.
The bank alluded to the ongoing process of selling its commercial property loan book, which is reportedly advancing with several international equity players, including Lone Star, eyeing the portfolio.
It said: “The group is actively exploring disposal opportunities for these loans.”
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Those problem mortgages will increase as they continuously raise their variable interest rate.
“The bank has offered a total of 19,000 resolution strategies to customers with a total of 15,700 accepted.”
I went to them, their offer was insulting, and unworkable. Technically, they offered me a “resolution strategy”..
spin spin not true
Please elaborate.
Spot on Kate.
PTSB’s collection’s department have some sick way of categorising eviction notices and dirty threatening legal letters as “resolutions”
and the morons in the central bank, the financial ombudsman and the department of finance are playing along.
Apart from the odd split mortgage which puts the borrower in an even worse position than before PTSB have done fcuk all to help their distressed mortgage customers,
ohh except maybe putting up their mortgage rates last week.
“How kind of them”.
Zombie bank staffed with slot machines.
How pathetic.
The increase in mortgage rates only affects those of us who are paying our mortgages.
They also affect all mortgage customers, the taxpayer who owns the bank and the stability of the housing market in Ireland etc etc etc.
Pushing the interest rates up, increases defaults and arrears and further zombifies this excuse of a bank, which will no doubt come looking for another hand out.
If they ran their business responsibly very few of their customers would be in arrears.
Let’s not forget that this was a bank who handed over all of its depositors money (money that did not belong to it)
to a criminal corrupt cabal (Anglo) with no guarantee that they would ever get it back.
what they do is increase variable rate on mortgages to cover the loss of the tracker and the problem mortgages and then spin statistics to say that the average variable mortgage is under 80,000 so it won’t cost much
have your say