Public interest directors at PTSB not to seek re-election

The two public interestdirectors in Permanent TSB have announced that they will not be seeking re-election to the board.

The directors, Margaret Hayes and former finance minister Ray MacSharry, who were appointed by former finance minister Brian Lenihan, informed the board of Permanent TSB yesterday that they would not be seeking re-election at the bank’s forthcoming annual general meeting.

The announcement came two days after the state-controlled bank reported that its pre-tax losses for 2012 had more than doubled from €424m in 2011 to €999m last year.