ECB support ‘is crucial’ to PTSB plan

European Central Bank support is crucial to the viability of Permanent TSB’s restructuring plan that is with the European Commission, according to sources.

However, it is believed the ECB is opposed to providing any sort of finance for legacy assets with a negative carry trade as it would create a precedent that would be used by other banks across the region.

The Department of Finance is responsible for proposing a restructuring plan for PTSB that will gain approval from the Directorate General of Competition at the European Commission.