Permanent TSB has completed the sale of its remaining loan book in the UK to an affiliate of Cerberus Capital Management. 

The deal, confirmed on 27 October, sees loan assets worth around £2.29 billion being transferred.

The lender said the sale of these assets has been completed and settled “in line with the terms set out in the disclosure of the 27 October 2016”.

The loans comprise the total balance of what was left of its former UK subsidiary, Capital Home Loans Limited. 

A year ago a Cerberus affiliate acquired about 50% of Permanent TSB's UK loan book. 

The bank previously said the proceeds of the sale will be used to reduce its group borrowings.