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PERMANENT TSB has welcomed the government and Troika’s approval for its restructuring plan which will see its loan portfolio split and the creation of a separate Asset Management Unit.
Under the plan, which PTSB says it will submit to the European Commission by the end of June, the bank’s loan book will be divided into performing and non-performing loans.
The bank says it will ‘carve out’ a viable bank from its current business: “The plan will create a viable, customer focused and competitive retail bank capable of resuming normal lending into the Irish market.”
The group’s UK operation will continue as a stand-along unit within the overall group with a loan book of around €7.1 billion. PTSB’s loan book will be around €14.2 billion, and the new asset management wing AMU will have a book of around €12.5 billion.
‘Viable bank’
The bank’s chief executive Jeremy Masding said in a statement that it is “clear that within the current business, there is the potential to develop a customer focused, profitable and competitive player in the Irish market.”
Speaking about the latest Troika review of Ireland’s bailout agreement today, Finance Minister Michael Noonan said that PTSB has the makings of a sound, profitable, retail bank and it would be a tragedy if it is not made profitable again.
“The objective of this plan is to create a viable retail bank focused on lending into the Irish economy,” he said.
Fianna Fáil’s finance spokesperson Micheal McGrath TD said that the bank’s restructuring provides an opportunity to introduce a reduction in the interest rate the bank is charging on its standard variable rate mortgages.
“The penal interest rate being charged is crippling thousands of ordinary Permanent TSB customers around the country, who are effectively trapped because they can’t transfer their mortgage to other banks,” he said today.
“If Permanent TSB is to become a viable, retail bank meeting the needs of the economy, it will need the goodwill of its existing customers and of wider society. It is in the bank’s interest to address the anomaly of its standard variable rate and to give some much needed relief to hard pressed families.”
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Always questions questions questions, but never any answers!
@Colette Kearns: It’s a hospital, the chances of a virus being there is quite high. I think that answers the question
They’re bacteria?
@Timmy:
Eh, no, hospitals being places where bacteria are likely to be found does not answer why they cut the cleaning budget.
@Timmy: TIMMY!
@Timmy: I also think it answers the question, albeit in a superficial and practically inept fashion. The idea in the hospital is to not endanger the patients (or staff) any further. That specifically includes maintaining the highest of hygiene standards, the hospital failed to do that and cutting the cleaning regime was obviously a factor in that.
@Jon Snow: Livin’ a lie, TIMMY!
Of all the things to be cut in a hospital, hygiene!!! I’m not a doctor, but is cleanliness not vitally important in a hospital of all places??
Never happened when the nuns were in charge, the hospitals were always spick and span.
Cutting costs on cleaning and putting people’s lives in danger. Like why not just reduce the boards massive wage bill instead.
@Darren Cooney: you will probably find the Board are all unpaid volunteers.
Lowest bid cleaning contractors???? Hospitals need qualified in-house cleaning staff 24.7
The answer lies in the fact that there’s an antibiotic culture in this country.
@Darren Bates: No… it doesn’t. In the case of these superbugs it’s more to do with an antibiotic problem… in India.
“Questions need to be asked”
The favourite go to line of many a politician, knowing only too well it’ll all be forgotten and buried in a few days/weeks.
Ridiculous to cut the budget. But very misleading article- cleaning or lack there of does not contribute to carbarpenem resistance, the use of that antibiotic does.
The day of drug resistant staph and enterococcus is fast approaching.
@George Beckett: to be infected by the bacterium requires the bacterium to be presence.
The probability of the presence of the bacterium is increased by reduction in cleaning.
Prevention of infection is better than cure, especially in the case of antibiotuc resistance fir the bacterium.
@George Beckett: Eh… the day is here? It’s called MRSA and CRE or VRE. Nobody is disputing how resistance evoloution happens they’re disputing that proper measures aren’t taken to try and prevent the acquisition of these bugs.
@George Beckett:
Yes but it can be controlled by correct aseptic methodology which include cleaning regimes which is lacking in this case
No accountability,no consequences.
“Penny wise, Pound foolish” the mantra of government.
“Penny wise, Pound foolish” the mantra of government.
It’s been widely reported in the past that this hospital has had issues with bullying and it’s ‘management style’, particularly in it’s Emergency Department, resulting in consultants there becoming whistleblowers. I’ve heard whispers that little has changed, the hospital management hire highly qualified staff to help enact changes. But these are consequently bullied and unable to do their job – a job which had been earmarked for another member of staff belonging to a clique within the hospital. Unwilling to admit they have a problem with bullying, the management then become a reluctant party to it.
The lunatics are running this particular asylum, and have been for quite some time, so it should be no surprise when some questionable decisions are made, but just how much latitude are they going to be given before an adult steps in and takes control is the real question. This isn’t the first time patients lives have been put in danger, or even lost in Tallaght Hospital, particularly in it’s Emergency Department, the issues aren’t being resolved and appear to be getting worse.
It would help tallaght hospital if they got half decent cleaners to clean wards/toilets/main hospital areas. Place is filthy
Why not get prisoners to clean then hospitals at 4am. Problem solved.
Get the nuns in with the Dosco brushes n Dettol
Who I mean who, decided a hospital (any hospital) only needed to be cleaned 6 out of 7 days?
Find the person and let him go….
have your say