Statement by Permanent TSB Group Holdings plc
Permanent TSB plc (trading as Permanent TSB) is the wholly owned retail banking subsidiary of Permanent TSB Group Holdings plc)
Wednesday 26th October 2016. The Chairman of Permanent TSB Group Holdings plc (PTSBGH), Mr. Alan Cook, has confirmed that he will retire from the Board at the end of his six-year term as scheduled on the 31st March 2017. Mr. Cook has confirmed his decision to the Board at this time in order to allow sufficient time to select and appoint a successor. This selection process is now underway and a further announcement will be made in due course.
Mr. Cook was appointed to the Board of what was then Irish Life & Permanent Group Holdings plc in 2011 for a six-year term. His appointment came in the aftermath of the financial crash which had required the Group to raise €4 billion in new capital.
During the intervening period, Alan has overseen the extensive restructuring and rebuilding of the Group including:
· the recapitalisation of the Group by the Irish State and the complex sale and separation of the Irish Life business. This sale resulted in the return of €1.3 billion of the State's €4 billion investment;
· the radical restructuring of the Group's banking business, Permanent TSB;
· the creation of a comprehensive and effective infrastructure to help customers in mortgage arrears resulting in a reduction of 47% in arrears since peak (90+ days in arrears);
· the European Commission approval of the Restructuring Plan for Permanent TSB and the execution of a substantial de-leveraging plan;
· the successful 2015 re-IPO which reduced the Irish State's shareholding in the Group from 99.2% to 74.92%, returned €509 million to the Irish State and facilitated the admittance of PTSBGH shares to trading on the main markets of the Irish and London Stock Exchanges.
· the return of the Group to profitability as confirmed in the most recent set of results (published July 2016 for half year 2016).
Speaking today, Jeremy Masding, Group Chief Executive, paid tribute to Alan; "Alan has worked tirelessly to deal with the horrendous impact of the financial crash on taxpayers, on customers and on the Group itself. I have no doubt that through his effort; Alan has helped ensure that the impact was substantially less severe for our customers, for the taxpayer and for staff in the bank than would otherwise have been the case. It is appropriate that the confirmation that he will step down at the end of his term of office comes shortly after we have announced a very welcome return to profitability. I know I speak on behalf of everyone in the Group when I say that we are deeply appreciative for his support, leadership and dedication over the last six years."
Ciarán Long
Group Secretary
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