Bank to increase lending five-fold

Permanent TSB is planning to increase the amount of money it lends for mortgages, personal loans and credit cards five-fold in the coming year.

Last year the bank lent less than €90m but it has now factored lending of €450m into its plans for the current year.

The bank’s new-found largesse is based on a growth in deposits and progress on restructuring how it operates, including the closure of many branches.