Irish state-owned lender Permanent TSB is likely to start selling its 6.9bn UK residential mortgage loans in 2014, as part of its restructuring plan submitted to the European Union antitrust authorities in August.
Sources close to the matter were reported by media sources as saying that the bank is also planning to dispose of other parts of its 10bn non-core unit, including the Irish subprime mortgages and commercial real-estate loans next year.
"They are looking at selling tranches of loans from that collective non-core book beginning in the first half of next year," the sources added.
Permanent TSB has split the firm into a good bank, an asset management unit and a non-core division, which will be sold as part of 10 billion portfolio assigned.
The bank, which is regulated by the Central Bank of Ireland, is planning to sell the UK loan book in batches over the next three years.
According to a source, Permanent TSB CEO Jeremy Masding also wants to sell the infrastructure supporting the mortgage unit in the UK and outsource loan servicing to the new owner.
