PTSB cashes in on renovation scheme

Permanent TSB is to provide up to €100m for customers looking to undertake improvements to the home on the back of the Home Renovation Tax Incentive Scheme introduced in last month’s budget.

The money can be accessed in a number of ways including extra drawdowns on existing mortgages or via personal loans.

PTSB said yesterday it was accelerating some planned initiatives — it is also launching a range of new risk-based mortgage products for private property investors and increasing resources for small businesses — in light of both ACC Bank and Danske, this week, announcing the closure of their retail banking units.

According to PTSB chief executive Jeremy Masding: “Customers are justifiably concerned that competition could reduce in the Irish banking market as a result of departures like these.

“But for our part, we will use these developments as a spur to grow our business and ensure that other large players don’t simply hoover up disaffected customers from the departing institutions. If business is there to be won, we want to win it.”

Last week, Bank of Ireland launched a €75m fund for borrowers in the light of the new renovation tax scheme.