PTSB sells loans in arrears to Mars Capital 

Approximately 70% of the accounts in the portfolio are on a tracker or fixed rate product, with the remainder being on a variable rate product. Pic: Andres Poveda

Permanent TSB has agreed the sale of a non-performing loan portfolio to Mars Capital, a credit services firm that manages mortgages sold by banks to vulture funds.

Permanent TSB, which trades as PTSB, completed the deal as part of a consortium arrangement with Mars Capital and certain funds managed by US based vulture fund Apollo Global Management.