public company traded as iseq il0a industry financial services founded 1884 headquarters dublin ireland key people jeremy masding ceo alan cook chairman of the board products banking asset management revenue 874million 2014 1 operating income 90 million 2014 1 net income 102 million 2014 1 website www.permanenttsbgroup.ie permanent tsb group holdings plc formerly irish life and permanent plc irish cuideachta bheatha na h ireann is a provider of personal financial services in ireland . contents 1 history 1.1 irish life assurance 1.2 irish permanent building society 1.3 trustee savings bank 1.4 recent history 2 see also 3 external links 4 references history edit the company is historically derived from three different companies irish life assurance irish permanent building society trustee savings bank it trades under the names irish life for life assurance investments and pensions permanent tsb for banking mortgages loans credit and debit cards irish life assurance edit irish life was a life assurance company created in 1939 with state assistance and concentrated on life assurance and investment products . 2 the city of dublin assurance company limited ; the irish life and general assurance company limited ; the irish national assurance company limited ; and the munster and leinster assurance company limited were amalgamated . 2 later some british companies shed their irish operations and merged them into this new company . they were 2 the prudential the britannic the liverpool victoria friendly society the pearl and the refuge . shares in the business were finally sold to the public in july 1991 . 2 in 1965 irish life entered the uk market and competed against its former parent initially under its own name . 2 in 1999 irish life assurance plc and the irish permanent building society merged to form the irish life and permanent group . 3 in march 2012 irish life assurance was sold to the irish state for 1.3 billion as part of a bank recapitalisation program following the irish financial crisis . 4 irish permanent building society edit permanent tsb previously the irish permanent building society was founded as the irish temperance permanent benefit building society which was founded in 1884 . 3 in 1940 under new managing director edmund farrell its name was changed to irish permanent building society . farrell and later his son edmund farrell jnr managed the building society until about 1990 . 5 in 1992 irish permanent finance specialising in auto finance was established . 3 in 1992 branch operations were opened in london and belfast . 3 in 1992 a banking subsidiary established in the isle of man . 3 in 1994 the irish private banking operation of guinness & mahon was acquired . 3 in 1996 capital home loans a uk mortgage lender was acquired . 3 it was a mutual organisation jointly owned by those saving and borrowing . it demutualised to form a plc on 21 september 1994 . irish permanent was a predominantly personal banking and mortgage company which currently does business in the name of permanent tsb because of the 2001 acquisition of the irish trustee savings bank from the government of ireland . 3 trustee savings bank edit the origins of the tsb bank date back to 1816 when the first irish savings bank was established in waterford . 6 shortly afterwards savings banks were established in cork dublin monaghan and limerick . the dublin and monaghan banks merged in 1977 followed by the amalgamation of the cork and limerick banks in 1986 . in 1988 waterford was incorporated into the dublin bank and finally in 1992 cork and limerick savings bank amalgamated with trustee savings bank dublin to form tsb bank . it was purchased by irish life and permanent from the government of ireland in 2001 . 3 recent history edit during the irish banking crisis the group was split . the profitable irish life group was purchased by the government for 1.3 billion and subsequently sold to great west lifeco in july 2013 . 7 the bank received a further 2.7 billion of capital from the irish state 8 bringing it into majority state ownership . 3 the group has over one million customers in ireland . the chief executive of irish life & permanent was kevin murphy who succeeded denis casey in that capacity in may 2009 . 9 he retired in june 2013 . in march 2011 during the irish banking crisis the bank was said to be in need of an external 4.0 billion bailout . 10 this view is disputed by shareholders . 11 in february 2011 seb skandinaviska enskilda banken ab acquired irish life international ltd ili so it now operates under the corporate name life international assurance company limited . 12 on 19 february 2013 great west lifeco of canada announced its acquisition of the irish life group for 1.3 billion . this was disputed by the shareholders . the supreme court gave its judgement on 9 july 2013 13 rejecting the shareholders application to delay the sale pending the hearing of their challenge of the sale . this was heard on 21 january 2014 . 14 and concluded on 13 february 2014 . judgement was reserved and on 15 august 2014 the case was referred to europe . 15 16 see also edit list of irish companies external links edit official website of the group permanent tsb official website references edit a b c annual report 2015 pdf . permanent tsb . retrieved 28 january 2016 . a b c d e cummings david 2007 . handbook of international insurance between global dynamics and local contingencies . springer . p. 573 . isbn 978 038734162 0 . a b c d e f g h i j group history . retrieved 29 january 2016 . government buys irish life for 1.3 billion . rt . 29 march 2012 . retrieved 29 january 2016 . how the farrell dynasty built up the irish permanent . independent.ie . retrieved 29 january 2016 . seanad ireann 23 jun 1965 trustee savings bank bill 1965 second and subsequent stages . . retrieved 29 january 2016 . great west lifeco completes acquisition of irish life pdf . www.irishlifegroup.ie . irish life group . retrieved 2013 07 18 . no new matters allowed in ptsb recapitalisation challenge . the independent . 21 february 2013 . retrieved 28 january 2016 . irish life & permanent appoints kevin murphy as new chief executive irish times . irish times . 18 june 2009 . retrieved 27 july 2009 . banks need fresh 24 billion central bank . rt news . 31 march 2011 . retrieved 31 march 2011 . skoczylas piotr . ptsb bank does not need anywhere close to 4bn extra capital . website for shareholders of irish life & permanent group holdings plc il & p . scotchstone capital fund . retrieved 31 august 2011 . sweden s seb life buys irish life international for 26m . the irish times . 24 february 2011 . retrieved 29 january 2016 . great west lifeco update on irish life transaction . canada newswire . 9 july 2013 . retrieved 9 july 2013 . ptsb shareholders take on minister . irish examiner . 20 january 2014 . retrieved 20 january 2014 . hosford paul 15 august 2014 . was it legal high court refers ptsb bail out case to europe . the journal . retrieved 16 august 2014 . managh ray 15 august 2014 . judge to seek eu ruling on bank shareholders challenge . irish examiner . retrieved 16 august 2014 . v t e banks of the republic of ireland allied irish banks bank of ireland danske bank permanent tsb kbc bank ireland rabobank ireland ulster bank retrieved from https en.wikipedia.org w index.php title permanent tsb & oldid 724621474 categories banks of irelandfinancial services in the republic of irelandcompanies listed on the irish stock exchangeformer state sponsored bodies of the republic of irelandcompanies established in 1884irish brandshidden categories engvarb from october 2013use dmy dates from october 2013articles containing irish language text navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store 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