PTSB has agreed the sale of a second and final tranche of a non-performing loan portfolio to Mars Capital Finance Ireland DAC.
The bank said the sale involves a non-performing portfolio with a gross balance sheet value of €76m.
The portfolio comprises about 490 loan accounts secured on about 455 properties. PTSB said the loan accounts are linked to 410 borrowing relationships, adding that a borrowing relationship can be a single borrower or two or more joint borrowers.
All of the loans are classified as non-performing and about 55% are tracker loans, with 10% on fixed rate and 35% on variable rate mortgages.
PTSB said today's deal is not connected with its formal sale process announcement late last month.
The bank said that as has been the case with previous transactions, all customers whose loans are included in this latest sale will continue to have the same regulatory protections under the Consumer Protection Code (CPC) and the Code of Conduct on Mortgage Arrears (CCMA) after the sale.
The loans within the portfolio will continue to be serviced by PTSB for a period of up to six months.
During this time, customers will continue to have the right to avail of PTSB's mortgage products, interest rates and services - subject to applicability and/or terms and conditions - the lender said.
At the end of the six month period, legal title and loan account servicing will transfer to Mars Capital, which is regulated by the Central Bank.
PTSB said today's transaction will increase its Total Capital Ratio by about 10 basis points once fully completed.
It will also reduce its half year non-performing loan ratio to about 1.4% on a pro forma basis, 40 basis points lower than the European average of 1.8%.
It added that it does not currently envisage any further loan sales in the near future.
PTSB said that over the coming days, it will write to all customers whose loans are included in the sale.
The bank said it has published a set of frequently asked questions on its customer support hub to support customers with their queries.
Customers can also contact its dedicated team on 1800 855 010 or +353 21 601 3700 if calling from abroad. Lines are open from Monday to Friday 9am until 5.15pm (excluding public holidays).
Shares in the bank were lower in Dublin trade today.
