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

I thank the Minister for his reply. Permanent TSB has high levels of capital. I too have read the financial results and trading statement. Residential lending is its core business. It has a market share of 11.9% in respect of mortgage drawdown. It must also be said, however, that it has a very high level of non-performing loans at 28%. There is considerable pressure from the European Central Bank to reduce that to single digit figures. The most likely way to achieve that is through a sell-off of Permanent TSB's loan portfolio. I have been critical of how the bank treats some existing customers, particularly with regard to mortgage pricing. For example, some of those who have now been offered a fixed rate are not offered the same rate as new customers. I put it to the Minister that he should be open to proposals or offers from major international players that might look to the Irish market and see Permanent TSB as a potential entry point and platform. The Minister should be open to at least considering such approaches and, indeed, he should actively seek them out.

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