Permanent TSB (PTSB) must shift a further €550 million in problem loans before it will meet its own targets – and get a hearing from regulators on lifting a ban on paying dividends, The Irish Times reported. The bank disclosed in its interim results, published on Thursday, that it has €1.7 billion of NPLs on its balance sheet, equivalent to 10 per cent of its loan book, having reduced the ratio from an eye-watering 28 per cent at the start of 2018. Last year, it sold €3.4 billion in non-performing mortgages in the face of considerable political opposition.
Chapter 15 Headlines
Billionaire Beny Steinmetz’s mining company sought bankruptcy protection in the U.S., two months after losing a $2 billion arbitration award to Brazilian mining giant Vale SA, Bloomberg News reported. The court filing by BSG Resources Ltd. on Monday could stymie Vale’s effort to enforce the award, which stems from an ill-fated joint venture with BSGR at the Simandou iron ore mine in Guinea. The government stripped their venture of its rights to Simandou following a probe that found licenses were obtained through corruption. BSGR lists its only U.S.