Permanent TSB ‘has strong future’ despite mortgage arrears figures hike

PERMANENT TSB — which yesterday reported a significant increase in mortgage arrears levels since the turn of the year — has a “strong, viable and sustainable future”, according to its management.

A trading update published by parent group Irish Life & Permanent (IL&P), revealed that arrears cases (90+ days) among PTSB’s residential mortgage customers were up 17% to 13,500 during the first four months of 2011 from the previous quarter.

Early arrears cases — less than 90 days — rose from 4,800 to 5,000 over the same timeframe. The bank said consumer finance arrears are “stable”, but that its British mortgage book “continues to trend downwards”.