Permanent TSB to sell UK mortgage loans in 2014

Permanent TSB plans to start selling its €6.9 billion UK residential mortgage loans next year, according to two people with knowledge of the matter.

The bank also intends to begin disposing of other parts of its €10bn non-core unit, including its Irish subprime mortgages and commercial property loans, next year, said the people, who asked not to be identified.

The sales are part of a restructuring proposal the bank submitted to European Union antitrust authorities in August.