Oireachtas Joint and Select Committees

Tuesday, 9 April 2019

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Business of Joint Committee
Matters Relating to the Banking Sector: Permanent TSB

Mr. Jeremy Masding:

I will make some general comments about properties in possession following which Mr. O'Sullivan will comment on the process we are going through. On the numbers, it is important first to set the context if that is okay. As of end December 2018, we had 1,193 residential units in possession, down from 1,793 at the end of December 2017. There were 1,122 properties in possession sold during 2018. I use that statistic because in my appearances in 2016 and 2017 I tried to explain to the committee that in terms of building arrears management capability in PTSB, we started back in 2013 at the front end trying to ensure that we provided as many long-term agreements as we possibly could and to keep people in their homes. Gradually, we invested in resources through the value chain so that eventually we got into properties in possession. The commitment I made was that there would be a significant increase in that activity. I hope the committee can see that we are-----

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