With Ulster Bank pulling out of Ireland, Permanent TSB is eyeing up much of its loan book. Talks are ongoing between PTSB and Ulster Bank’s parent, NatWest. To get the deal done, it’s reported PTSB would need about €500 million from the government, its 75 per cent shareholder (though we’re very early on in what would be a complex transition, and as we’ll see that number is subject to change). Why would the government plough a further €500 million into PTSB? From its perspective, there are three big advantages to the deal.  The first is that a tie up with…

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