PTSB poaches senior banking official from Department of Finance

PTSB has hired department of finance official Scott Rankin as its head of investor relations. Photograph: Alan Betson / The Irish TimesIn late 2009, Mr Rankin, a former banking analyst, became the first private sector employee to join the department to help officials deal with the fast-developing banking crisis. He was officially employed by the National Treasury Management Agency and was on secondment to the department.

During Mr Rankin’s initial years at the department, he advised on various EU State-aid restructuring plans for bailed-out banks, becoming a banking adviser on the Irish negotiation team with officials from the International Monetary Fund and EU on the State’s 2010 bailout. He also represented the State in recapitalisation talks with Bank of Ireland, AIB and PTSB, which was then known as Irish Life & Permanent.

Mr Rankin joins PTSB at a time when it is seeking to convince regulators to allow it to reduce the implied riskiness of its mortgage book.

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