Permanent TSB chief sees 'complex' Ulster Bank deal by year-end at earliest

Chief executive Eamonn Crowley said he was determined to complete the purchase of mortgage loans in the carve-up of Ulster Bank as it exits the Republic

Permanent TSB CEO Eamonn Crowley.

The boss of Permanent TSB said he was determined to complete the purchase of mortgage loans in the carve-up of Ulster Bank as it exits the Republic, but the "complexity" of any deal means it would likely be struck at the end of the year, at the earliest.    

Permanent TSB – which is 75% owned by the Government – stepped forward three months ago to participate in the carve-up of the Ulster Bank's €20bn loans books. Permanent TSB wants to acquire a large chunk of Ulster's €14bn mortgage loan books, while AIB is seeking to buy €4bn of its corporate loans.      

In a briefing to reporters, Eamonn Crowley said it was too early for the bank to disclose the amount of shareholder funds it will need to clinch any transaction.        

"There is a lot of interest among our shareholder base about what we are doing here," Mr Crowley said, referring to the State and minority shareholders.  

Citing the acquisition of deposits in the past, he said it wasn't an issue the bank was scared of, but the issue of taking on Ulster Bank current accounts would "become clearer" in time. The "migration of a current account from any bank is not a straightforward activity", he added.    

Mr Crowley reiterated it had increased its mortgage market share in recent months. It reports six-month earnings in July.