Repossessions of PTSB mortgages to increase

The number of Permanent TSB mortgage holders who will face repossession is set to increase in the coming years, the bank’s head of asset management confirmed yesterday.

PTSB asset management unit managing director, Shane O’Sullivan made the announcement yesterday at an appearance of the bank’s top level executives in front of the Oireachtas Finance Committee.

Mr O’Sullivan stressed, however, that the rise would be coming from a very low base with 23 repossessions executed to date this year — the vast majority of which involved vacant properties.