ECB has not instructed Permanent TSB to sell off loans

The European Central Bank (ECB) has not instructed Permanent TSB or any other Irish bank to sell off non-performing loans, new correspondence has revealed.

The potential sale of 18,000 PTSB mortgages to vulture funds has been the subject of much controversy, with opposition parties calling for greater regulations of these funds.

PTSB intends to sell off €3.7bn in mortgages after being instructed by the ECB to bring down the level of distressed loans it has on its books.