Record losses for Permanent TSB

Record losses for Permanent TSB

Permanent TSB has made a record loss for the first six months of this year.

The State-owned bank's interim results show an increase in its after-tax losses to €566m, compared to a profit of €413m at the same time last year.

More than 14% of the lender's residential mortgages are now in arrears for more than 90 days - a 2% rise compared to the first half of 2011.

The PTSB chief executive Jeremy Masding said that that while the figures are no surprise, they highlight the challenge ahead.

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