Michael McGrath (Cork South Central, Fianna Fail)
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151. To ask the Minister for Finance if he will publish or make public his consultation with a bank (details supplied) in relation to the sale of a project under the relationship framework agreement; and if he will make a statement on the matter. [38748/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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In the first instance, I can confirm that consultation did take place in relation to Project Glas, as required under the Relationship Framework with PTSB.

In my response to the bank as part of the consultation, I acknowledged PTSB’s assertion that extensive efforts had been made to reach sustainable restructures with these borrowers and that they had been facilitated in doing so during the sale process.

I also noted a number of matters including how critically important the transaction was to the viability and future success of PTSB and which was being pursued on foot of a regulatory requirement; the materially positive financial impact for the bank both in terms of reducing the NPL ratio and the accretion in capital; the bank had chosen to take out performing PDH split mortgages from the sale portfolio and excluded cases where mortgage to rent was an option; and the bank’s intention to minimise customer disruption and ensure all borrowers that are transferring are informed of their rights in a timely and straight forward manner.

In my response I also highlighted that housing and homelessness is a priority issue for the Government and it was therefore imperative that the bank was willing and able to promptly deal with all customers queries and concerns by having sufficient resources devoted to helplines and other customers communication channels. In addition, I asked the bank to facilitate a meeting between the successful purchaser of the portfolio and the Housing Agency as soon as possible post the closing of the sale.