Permanent TSB to write off some unsustainable debt

Permanent TSB is prepared to write-off certain amounts of unsustainable debt relating to its mortgage customers, the bank’s head said yesterday.

Addressing shareholders at the bank’s AGM in Dublin, chief executive Jeremy Masding said that some mortgage debt had already been written off, but refused to disclose how much, claiming it was commercially sensitiveinformation.

However, he added that the bank will continue to write-off unsustainable mortgage debt, but only on a case-by-case basis.