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Permanent TSB CEO defends €3.7B bad-loan sale

Permanent TSB Group Holdings Plc CEO Jeremy Masding has defended the Irish lender's plans to launch a €3.7 billion nonperforming loan portfolio sale, saying the bank needs to cut bad debt quickly for its own good and to support Ireland's economic development, the Irish Independent reported.

The sale of the portfolio, which is dubbed Project Glas and includes 14,000 owner-occupier mortgages, has prompted criticism over customer protection issues.

Masding said Irish legislation offers sufficiently robust protections to customers and argued that the Irish central bank governor has confirmed that when a loan is sold, the protections travel with it and that borrowers are safeguarded from risks, according to the report.