22 May 2013 11:30
permanent tsb Group Holdings plc - AGM Statement
permanent tsb plc (trading as permanent tsb) is the wholly owned retail banking subsidiary of permanent tsb Group Holdings plc)
permanent tsb Group "back in the banking business" - Chairman
Wednesday 22nd May 2013 - permanent tsb is back in the banking business with plans to approve lending of up to 9 times more this year than in 2012, the Group's Chairman said today. Speaking at the Annual General Meeting of permanent tsb Group Holdings plc, Chairman Alan Cook said the Group is competing again for mortgage business, car loans, educational loans and current accounts.
"We've been able to open the doors to lending through permanent tsb again," said Mr Cook.
Mr Cook said the Group's Bank plus Two strategy, designed to create three distinct businesses, shows it is making "real progress" in addressing its problems and taking decisive action to improve the position of customers and the taxpayer.
"Our strategy is now settled and clear. It is about creating three distinct businesses from the overall Group," said Mr Cook.
"The first of these will be a viable, efficient and profitable bank - permanent tsb bank - that can lend money, service its customers' needs and compete with the larger banks in Ireland."
"Alongside the bank we have created two special business units - the Asset Management Unit for our challenging loans in Ireland and a 'Non-Core' unit. Through these units, we can provide a dedicated, sophisticated and sympathetic response to customers whose loans are in arrears or find a better home for those businesses that do not fit with our long-term strategy".
Mr Cook said the Group has three major priorities:
·; To restructure the business, creating a viable competitive banking force for the Irish marketplace
·; To work closely with customers in arrears to help them manage their challenges
·; To use capital efficiently in the management of 'Non-Core' portfolios
"It has been another very challenging year for the Irish economy in general and for this company, along with many others. But it has been one during which we have made real progress in addressing our problems and taking decisive action to help the position of our customers and the position of the taxpayer, who has invested so heavily in our business and whose support has been critical to us over the past number of years."
Ciarán Long
Group Secretary
Further Information:
Ray Gordon
Gordon MRM
Ph: 01 6650452
Ph: 087 2417373