Mortgage fund raises €2.15bn

IRISH LIFE & PERMANENT Irish Life & Permanent (IL&P) has raised €2.15 billion in Ireland’s largest ever mortgage securitisation.

The funds will support the bank’s continued strong mortgage lending growth.

The programme — called Fastnet II — was fully subscribed. It is the largest residential mortgage backed securitisation programme undertaken by an institution in Ireland.

Peter Fitzpatrick, group finance director with IL&P, said that the international interest in the programme underlined the confidence in the Irish housing market.

“This programme is an important part of our ongoing fundraising operations to support our mortgage lending programme,” he said.