Donohoe supports Permanent TSB's decision to put itself up for sale

Eva Osborne

The Minister for Finance, Paschal Donohoe, has said he is aware of Permanent TSB's decision to put itself up for sale and is supportive of it.

Ireland's third-largest bank is entering a formal sale process with the intention of identifying a new long-term owner.

The bank said operations are unaffected by the announcement and it will continue to support its customers as normal.

Minister Donohoe currently holds 313,382,197 ordinary shares in PTSB, representing 57.4 per cent of the issued share capital of PTSB.

In a statement on Thursday morning, Minister Donohoe said: “PTSB has made great progress in building a strong competitive franchise in the Irish retail banking market as evidenced by its Q3 2025 trading update released today.

"With increased investor interest in European banks, this presents the State with the opportunity to exit its last remaining shareholding in an Irish bank after 17 years.

“The State’s investment in PTSB was made during the financial crisis to safeguard the stability of the banking system and protect depositors.

"A sale of the State’s investment would be consistent with the objective of recovering taxpayer funds that were used to rescue the Irish banks and deploying these to more productive purposes.

“The State has and continues to be very supportive of PTSB, and the Government believes that it is in the long-term interests of PTSB and citizens in general that the Bank be returned to full private ownership.

“PTSB is an important part of the retail banking market and wider Irish economy, and its continued sustainable growth provides choice to consumers.”

The Minister currently holds 313,382,197 ordinary shares in PTSB, representing 57.4 per cent of the issued share capital of PTSB.

The Department of Finance has appointed Rothschild & Co and William Fry as financial and legal adviser, respectively, in relation to the FSP (Formal Sale Process).