April 9, 2019 / 2:11 PM / 13 days ago

Ireland's PTSB sees bad loan ratio falling to EU average by 2022

DUBLIN, April 9 (Reuters) - Ireland’s Permanent TSB anticipates it will take two to three years to cut its non-performing loan (NPL) ratio to the European average of 3 percent of its loan book from 10 percent currently, the bank’s chief executive said on Tuesday.

Jeremy Masding said the bank would likely use a wider variety of approaches to reducing its ratio after cutting it from 26 percent in early 2017 through one large loan sale and a securitisation deal.

He said it would take any opportunity to make faster progress.

“We’re nearer the end of a positive economic cycle than the beginning and I don’t want to be in a situation where the bank has a balance sheet which has stress in it and which is exposed to economic shocks,” Masding told a parliamentary committee. (Reporting by Padraic Halpin; Editing by Jan Harvey)

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