First Active raises €1.75 billion

FIRST ACTIVE, part of the Ulster Bank Group, has raised €1.75 billion through the launch of its ninth public mortgage backed securitisation.

This is the largest Irish issue to date, building on the ongoing First Active securitisation programme.

The issue is secured on a portfolio of Irish residential mortgages.

Michael Torpey, Group Finance Director, Ulster Bank Group, said: “This latest €1.75 billion securitisation from First Active, which is Ireland’s largest to date, experienced very strong demand from the international financial markets with significant levels of over subscription. Its success demonstrates the international markets confidence in First Active, the quality of its mortgage book and the Irish economy - in particular the housing market.”