Irish Finance Minister Paschal Donohoe said Feb. 21 that the regulatory framework for the sale of nonperforming loan books will be reviewed, Reuters reported the same day.

Donohoe told reporters that while the current system has the right level of regulation, he "will look at it afresh in light of the kind of change that could develop to make sure it's as strong as it needs to be."

A few days earlier, Permanent TSB Group Holdings Plc formally began the sale process for an NPL book dubbed Project Glas. The transaction met with political opposition, putting the state-backed lender under pressure from regulators, the newswire said.

Donohoe reportedly said the future condition of the bank was important to Ireland's economy. He added that it was important that the bank's high level of NPLs, which stood at 28% of gross loans as of June 2017-end, is addressed, Reuters wrote.