Oireachtas Joint and Select Committees

Wednesday, 12 November 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Overview of Banking Sector: Permanent TSB

2:25 pm

Mr. Jeremy Masding:

Probably at the end of 2016. I might get a bit technical, so forgive me. Please stop me if I do and I will explain. What I am really after is sustainable profitability. I do not want lumpy numbers because it is not good for investors or the Irish taxpayer. We have got to generate a sustainable level of grounded profits. In response to the Deputy's question, we will go into sustainable profit at year end 2016 or maybe 2017. In the financial accounts we might be profitable sooner, because there could be some provisional write-back that we could put back into our profit and loss account, but that would only be a one-off entry. Potentially, we could be profitable sooner.