The Irish public has once again been betrayed by Permanent TSB, as the institution is poised to sell a tranche of performing loans to a vulture fund.
PTSB will sell upwards of 6,000 loans to a scheme set up in such a way as to not pay taxes at all. The seller will receive almost €900 in return for exposing thousands of families to the machinations of the vulture fund.
It is understood that the fund came into existence in the last couple of weeks, and its ownership remains unclear.