herald

Wednesday 13 December 2017

PTSB bank to raise €525m

banking

permanent tsb said the company plans to raise €525m in capital from private investors to plug a hole identified in European bank stress tests last year and repay state funds.

The State-owned bank was the only Irish lender to fail the bank stress tests and said yesterday that it expected to raise €400m in new equity.

PTSB, headed up by Jeremy Masding (above), will use the capital to repurchase €400m worth of contingent capital notes the state holds in the bank and fill the capital shortfall.

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