Permanent TSB has submitted a plan to the European Central Bank outlining how it will fix the €855m capital shortfall identified in recent banking stress tests.

The bank – along with 24 other European banks that failed the test – had until Sunday to submit a plan to the authority.

In a statement PTSB confirmed that it done so this evening, though it did not give any further details.

Following the release of the stress test results late last month the bank said it was able to cover 80% of the shortfall through financial actions taken during the year and the conversion of bonds held in the bank.

It said it would aim to raise the remaining capital from private investors, with PTSB chief executive Jeremy Masding saying the bank would “very probably” seek to raise additional capital to what was required by the ECB.