Group expects to be ‘investable’ by 2017

Permanent TSB chief Jeremy Masding has said 2016 to 2017 is a realistic target date for the sale of the state-controlled bank, despite it being unlikely the entire group will be profitable by that stage.

Speaking after a fractious AGM yesterday, he noted progress made by the pillar banks and how private capital still seems attracted to Ireland and said “we’d like to think we’ll have an investable entity, by then, so I don’t see why it wouldn’t be realistic”.

On the rumours of a merged Permanent TSB/Ulster Bank entity forming a strengthened “third force” in Irish banking, Mr Masding said there has been no talks between the banks on the issue. He added that there was no update from Brussels regarding the formal approval of PTSB’s restructuring plan.