Permanent TSB has announced a five-fold increase in its lending targets for 2013.

In a statement, the bank said it would be significantly increasing targets for areas such as mortgages, personal loans and credit cards.

It says this year it has a projected lending of €450m, compared to €90m for the whole of last year. Further increases are envisaged in subsequent years.

It says the ability to recommence lending follows deposits growth and progress on restructuring.