AIB to raise €2bn in funding

AIB, which announced record profits of €1.7 billion last week, is to raise €2bn in specialist funding sooner than expected.

The bank is expected to issue its first Asset Covered Security (ACS) before a planned change to legislation governing the Irish ACS market. No exact date or amount to be raised has been given.

However, the issue will allow AIB to use its pool of mortgages as a source of finance from large-scale investors such as major institutions and international central banks.