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Permanent TSB withdraws €900M split mortgages from Project Glas

Permanent TSB Group Holdings PLC said its board has decided to withdraw approximately €900 million in split mortgages from a portfolio of nonperforming loans put up for sale in February.

"The value of the loans remaining in Project Glas is approximately €2.2 billion and we believe it will complete in the current year," PTSB CEO Jeremy Masding said. The withdrawal and other previous actions by the bank reduce the number of properties linked to loans remaining in the portfolio to 11,200 from an initial 18,000.

The mortgages withdrawn from the Project Glas portfolio are linked to about 4,300 homes, the Irish bank said in its first-quarter trading update. The borrowers of these mortgages are meeting the terms agreed by the bank, it added.

PTSB's board is engaging with regulators over the regulatory classification of the withdrawn mortgages and will consider alternative options for the loans, including continuing to maintain the bank's relationship with the account holders. The company reported a €100 million reduction in its stock of nonperforming loans to €5.2 billion in the first quarter, due to cures and reduced default flow.

The bank's pro forma fully loaded common equity Tier 1 ratio was 13.2% at March-end, down from 15.0% at the end of 2017.