Permanent TSB Group Holdings PLC on Friday said the Central Bank of Ireland has decided it is no longer prohibited from paying out dividends to shareholders.
The Dublin-based lender, majority-owned by the Irish government, said the outcome of the CBI’s 2023 supervisory review and evaluation process is effective from Friday. It has been unable to pay dividends since the 2016 CBI supervisory review and evaluation process.
Going ahead, Permanent TSB will be required to submit an ex-ante application for a distribution ahead of any annual general meeting proposal by the board for consideration and approval by the CBI.
Permanent TSB said it will update the market on its medium-term financial targets and distribution policy during 2024.
The Irish government owns 57% of Permanent TSB shares. It once owned 99% of shares in 2011 when Ireland bought shares during the financial crisis because of its systemic importance to the Irish financial system.
Shares in Permanent TSB were up 0.1% to €1.67 each in Dublin on Friday afternoon.
Copyright 2023 Alliance News Ltd. All Rights Reserved.
