Permanent TSB? More like Permanent inability.

Permanent Tsb are in the financial news again, this time its not for ripping off brokers though, its because their sub-prime mortgage wing ‘Springboard’ have had their funding pulled by Merrill Lynch. Springboard is a joint venture between PTsb and Merrill Lynch, the question now is ‘what does a mortgage company who can’t lend money do?’. I suspect they will be standing in line with the Woodworm who specialises in concrete only products.

The same thing happened several months back to another lender and they swiftly left the market. The concern now is for the IL&P share price, Dennis Casey will have some serious wangling on his hands to avoid disaster because he now has a war on several fronts, in fact, if I could raise Bismark from the dead and get a decent Prussian translator I would do it and let the original ‘Mr. Blood and Guts’ lay down some facts for the beleaguered CEO of Permanent Tsb.

Today’s news is about the fact that a major bank (Merrill Lynch) is pulling funding from Springboard, they are not pulling …

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