Permanent TSB seeks executives for 'good bank'

PERMANENT TSB is seeking to fill six posts on its new executive management team after securing approval from the Government and the troika to carve a good bank out of the troubled lender.

The bank has advertised for a chief financial officer, chief operating officer, chief credit officer, a transactional banking, savings and investment director, a mortgage and consumer finance director and a distribution director.

Chief executive Jeremy Masding is seeking applications from both internal and external candidates to develop the new bank out of the existing lender.

Permanent TSB also announced appointments to the new executive committee. Emil Ivanov, a former director of strategy and planning in the consumer lending division of UK bank Barclays, has been named strategy and planning director of Permanent TSB. Mr Masding also worked at Barclays, from 1984 to 2007.

Three senior executives at Irish Life Permanent remain at the bank to take up the same jobs on the new management team. IlP head of treasury Kieran Bristow is treasurer, while chief risk officer Bill Hannan and human resources director Tony Hession retain their positions. Company secretary Ciarán Long and chief legal officer Cathal McCarthy also have the same roles at Permanent TSB. Bob Young will continue as managing director of the bank’s UK buy-to-let loan business, CHL.

The new management structure of the bank, which is 99.2 per cent State-owned, was a significant part of management’s pitch to the Government and troika of bailout lenders for a good bank-bad bank split.

The Government reached agreement with the EU Commission, the European Central Bank and the International Monetary Fund last month to create a viable bank out of Permanent TSB by transferring troubled loans to an asset-management unit within the bank.

A formal restructuring plan must be submitted to the commission by the end of June, at which time the €4 billion recapitalisation of the bank must be complete with the State’s €1.3 billion purchase of Irish Life, the life assurance part of Irish Life Permanent.

Permanent TSB said that it sees €14.2 billion of loans being left in the viable part of the bank and €12.5 billion of loans transferred to the asset management unit.