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IL&P Group Holdings (283)

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Wednesday 02 November, 2011

IL&P Group Holdings

Irish Life & Permanent plc Funding

RNS Number : 3584R
Irish Life & Permanent Grp HldgsPLC
02 November 2011


Subject:           Irish Life & Permanent plc funding


Date:               2nd November 2011



Bank raises €1.15bn of unguaranteed funding


Irish Life & Permanent plc raised unguaranteed funding totalling €1.15 billion in two separate transactions in the market today.


The principal element of the funding is a bilateral transaction with an international investment bank for stg£0.9 billion (€1.0 billion) which is secured on the bank's UK mortgage book. It follows a similar transaction in August when the bank successfully raised stg£1.4 billion of unguaranteed funding.


Furtherfunding of €145 million was put in place by permanent tsb Finance, the car finance subsidiary of the bank, through a private placing secured against its Irish car finance loan book. This transaction is the first auto-finance securitisation in the Irish market since the start of the financial crisis. The €145 million in funding was drawn down today.



Acquisition of Northern Rock deposits


Approval for the transfer of the Irish deposit taking business of Northern Rock to Irish Life & Permanent plc was granted by the Minister for Finance on 1st November and a statutory instrument issued to give effect to the transfer. The transaction is scheduled to be completed by the year end.





Investor Relations


Barry Walsh, Head of Investor Relations

Tel: +353 1 704 2678




Ray Gordon, Gordon MRM

Tel: +353 1 665 0450


This information is provided by RNS
The company news service from the London Stock Exchange

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