PTSB close to securing EU restructuring agreement

Permanent TSB is on track to secure European Commission approval for a restructuring plan, according to a person with knowledge of the matter.

The bank and the Government agreed to the terms of the plan with the Commission, subject to legal documentation being completed, according to the person, who asked not to be identified. The person couldn’t say how long this would take.

“We are in contact with the Irish authorities on PTSB in the context of its restructuring plan,” Ricardo Cardoso, a European Commission spokesman, said declining to comment further.