The non-performing loan (NPL) sale is another positive step from permanent tsb Group (PTSB), with good capital accretion and also ahead of our expected timelines for sales. Reducing the NPL ratio to 7.2% moves PTSB closer to its medium-term mid-single-digit ratio and converging with domestic peer NPL ratios. The sale coincides with the ECB’s announced policy changes, which are in line with our expectations – i.e. no negative impact to tracker mortgage income.