PTSB restructuring decision delayed

The European Commission will not decide on Permanent TSB’s restructuring plan until the end of the year as it is still awaiting updated financial information from the Government.

The Government submitted a restructuring plan for PTSB in Jun 2012, which would see the third pillar bank split into a good bank and an asset management unit that would run down its troubled loanbook. Its UK assets would be hived off into another division, which will be put up for sale.

A spokesperson for the European Commission in Brussels said it was waiting for updated information from the Government before it could make a decision on whether the restructuring plan could proceed.