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Permanent Bank International Ltd welcomes restructuring plan for parent group

permanent tsb, the trading name of Irish Life & Permanent plc which owns Permanent Bank International Ltd in the Isle of Man, has welcomed an announcement from the Irish Government regarding the strategic plan for the Group.

The plan will create a viable, customer focused and competitive retail bank capable of resuming normal lending into the Irish market. Those businesses and assets that are not core to the new banking group will be placed into a separate Asset Management Unit.

Carlton Freegard, Managing Director of Permanent Bank International Ltd, said:

“This is excellent news for Permanent Bank International, our customers, and for the Isle of Man. The restructuring plan reaffirms our position within the Group while strengthening and consolidating our relationship with permanent tsb. We will develop our customer base in the Isle of Man and elsewhere by concentrating upon basic banking. We will continue to provide and enhance the uncomplicated, clearly priced products and distinctive customer service upon which our reputation stands. ”

In a joint statement the Chairman and Chief Executive of permanent tsb bank, Alan Cook and Jeremy Masding respectively, said that they welcomed the progress that has been made. They said:

“This decision follows the most intensive and detailed review ever undertaken of the options for permanent tsb bank. No option was excluded from consideration including the outright closure of the bank. However, we believe that there is a compelling case that a viable, competitive bank can be created from the current permanent tsb by separating out the different elements of that bank into distinct business units and that permanent tsb itself is the most suitable vehicle for managing that process in the short to medium term.”

Mr Masding added: “It’s clear that within the current business, there is the potential to develop a customer focused, profitable and competitive player in the Irish market. This also offers the best route for the taxpayer to recover some of the very substantial amounts of money which they have invested in the business. Our goal is create a best-in-class retail bank which can serve its customers, its shareholders and the wider community and which can begin to repay Irish taxpayers for the support they have given the institution in recent years.”

Permanent Bank International was established on the Isle of Man in 1994. The Bank is a specialist international savings and deposit bank, offering competitive Sterling and Euro accounts for up to five years. It is licensed by the Isle of Man Financial Supervision Commission and based on the second floor of Britannia House, Athol Street, Douglas, Isle of Man.

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