Paschal Donohoe defends mortgage sell-off decision

Finance Minister Paschal Donohoe has defended Permanent TSB’s decision to potentially sell off 18,000 mortgages to vulture funds, saying it will protect jobs and the economy.

Mr Donohoe said the future health of PTSB, the third largest bank in the country, is “vital” to the economy, with deposits of over €17bn and 2,000 staff.

He acknowledged the “worry and concern” caused by the bank’s announcement to sell off €3.7bn of loans, which include 14,000 family homes.