PTSB to sell €76m worth of non-performing loans to Mars Capital

The deal will see Mars take control of about 490 loans secured against 455 properties, which are linked to 410 borrowers

All the loans are classed as non-performing, PTSB said, with around 55% related to tracker loans.

Permanent TSB has agreed to sell a tranche of soured loans to a unit of Mars Capital.

The transaction will see the lender offload the loans, worth €76m in gross balance sheet value, to Mars as part of a consortium arrangement with Mars Capital and “certain funds managed or sub-advised by Apollo," the bank said on Friday.