Permanent TSB (PTSB) is taking the initiative in its drive toward normality. It plans to sell more than €4bn of mortgages in two tranches: Project Nepal, a buy to let book of €1.2bn and Project Tibet, a €3bn book of owner- occupier mortgages. Non-performing loans represent 28% of its total book; regulators want this whittled down to single digits. PTSB decided to hack, rather than whittle. Project Tibet will be the first time a living Irish bank sells distressed owner- occupier mortgages.

Source: The Times February 18, 2018 00:06 UTC