Dáil Éireann Debate, Tuesday - 20 January 2026
410. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance the State’s role in the oversight of Project Glas; the directions, assurances, or conditions issued to banks regarding the protection of borrowers’ statutory rights under the Code of Conduct on Mortgage Arrears; and if he will make a statement on the matter. [4473/26]
View answer412. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance if he is satisfied that the State, as majority shareholder in Permanent TSB at the time of the Project Glas mortgage sales, discharged its obligations to ensure that legally binding consumer protections were effectively enforced in practice; and if he will make a statement on the matter. [4475/26]
View answer414. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance if the State’s planned exit from Permanent TSB will include a review of the long-term consequences of Project Glas for affected borrowers; and if he will make a statement on the matter. [4477/26]
View answerI propose to take Questions Nos. 410, 412 and 414 together.
Under the procedures detailed in the 2012 (and amended in 2015) Relationship Framework, PTSB must consult with the Minister regarding any material acquisitions, disposals, investments, realisations, restructurings or other transactions.
The following matters were considered as part of PTSB’s non-performing loan (“NPL”) sale consultation process:
• The Central Bank’s expectation that PTSB incorporates the ECB’s guidance on NPLs
• PTSB’s long-term sustainability is improved by removing the financial impact associated with the capital provisioning relating to NPLs. A sale transaction frees up additional capital to support further new first time buyer mortgage lending
• The extensive customer impact assessment completed by PTSB, ensuring that all customers that may have an exit path from NPL status were identified and removed from a sale portfolio perimeter
• Decisions regarding NPL sales are the sole responsibility of the board and management of the banks, which must be run on an independent and commercial basis
• All customer loans included in the NPL sale continue to have the same regulatory protections under the Central Bank’s Consumer Protection Code (CPC) and the Code of Conduct on Mortgage Arrears (CCMA) after the sale. The Central Bank is independent in the performance of its regulatory and consumer protection functions. However, it has indicated that it continually monitors regulated firms’ adherence to their regulatory requirements.
Previous NPL sales are not connected with the recent Formal Sale Process (“FSP”) announcement, and so a review of previous NPL sale transactions would not form part of the FSP. The FSP is conducted by PTSB pursuant to the Irish Takeover Panel Act 1997. The process is overseen by the Takeover Panel and is subject to the Irish Takeover Rules.
