Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I am conscious that other colleagues wish to contribute as well. The bank did not answer the question in the questionnaire about the level of provision it has made in respect of the €3.7 billion portfolio it intends to sell but from looking at the bank's annual financial statements, details are given of provision coverage, so for PDH loans the rate is 43%. That is as a percentage of non-performing loans more than 90 days in arrears or impaired or both.

For buy-to-let loans, the figure is 63%. By my calculations, Permanent TSB has made provision for a sum of about €1.8 billion for the Project Glas portfolio of €3.7 billion. Its provision, therefore, is close to 50%. Is that broadly correct?