Michael McGrath (Cork South Central, Fianna Fail)
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95. To ask the Minister for Finance if he will provide an update on Permanent TSB's plans to sell non-performing mortgages; the number, and book value, of mortgages for sale; the current position with regard to the proposed sale; and if he will make a statement on the matter. [32634/15]

Michael Noonan (Limerick City, Fine Gael)
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The deputy may be aware that Permanent TSB  committed in the Restructuring Plan, details of which were announced by the Group on 9 April 2015, to dispose of the Irish Commercial Real Estate and the UK loan books. On 11 March 2015, the Group announced that it had agreed the sale of €1.5billion of non-core Irish Commercial Real Estate loans, in addition to GBP £2 billion of UK lending assets and the UK subsidiary company, CHL. Both of these transactions have since completed. On 9 July 2015, the Group announced that it had agreed the sale of c.€500million  Irish Commercial Real Estate loans; this transaction is scheduled to complete before the end of October and will conclude the disposal of non-core Irish loans. The sale of residual UK assets is ongoing.  

The Group also committed in the Restructuring Plan to reducing the value of defaulted Irish Tracker mortgages through a combination of measures, including cures and asset sales by a pre-determined date and according to a pre-determined schedule.  I am advised by Permanent TSB that it is their clear preference that such a reduction would be achieved by way of completed treatments in order to cure the defaulted loans rather than other means. Such an objective provides the best outcome for affected customers. If the target cannot be met through such an approach or by other means, then Permanent TSB would be required by the Restructuring Plan to sell such loans within the pre-determined timelines.