Permanent TSB's plan to acquire €7.6bn in Ulster Bank loans set for full competition probe          

The CCPC has already submitted plans by Bank of Ireland to acquire €9bn in mortgage loans from KBC to a full Phase 2 investigation.

Permanent TSB had finalised an agreement with Ulster Bank in December.

The plan by Permanent TSB to secure €7.6bn in loans and other assets from Ulster Bank is the latest banking deal to be referred to a full investigation by the competition watchdog amid significant concerns over a lessening of competition.                          

The Competition and Consumer Protection Commission, or CCPC, said the deal struck late last year will now be referred to a so-called full Phase 2 investigation "to establish if the proposed transaction could lead to a substantial lessening of competition in the State".