PTSB chief executive Eamonn Crowley is hoping that regulators will allow the bank to free up capital as it reviews the risk weightings on its mortgages. Photograph: Nick Bradshaw for The Irish Times
By contrast, the risk weighting on new Bank of Ireland and AIB mortgages is in the 20s, which means that they can write new business more competitively. BofA Global Research analyst Alastair Ryan said that some €270 million of equity capital – the equivalent of a third of PTSB’s current market value – could be “liberated” if mortgage risk-weights on the bank’s high quality home loans were reduced to the levels of its two larger peers.
Some 70 per cent of PTSB’s €20.2 billion of mortgages have been issued since strict central bank lending rules were introduced nine years ago, Mr Crowley said last week as the group unveiled full-year results. The portfolio includes loans taken over from Ulster Bank as part of the UK-owned lender’s exit from the Irish market.
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