First Active raises €1.75bn

First Active has raised €1.75bn through the launch of its ninth public mortgage backed securitisation.

The issue is secured on a portfolio of Irish residential mortgages. It gives First Active’s parent - Ulster Bank Group - access to the asset-backed financial markets where it can optimise its use of capital and diversify its sources of funding.

The Royal Bank of Scotland Group (Ulster Bank Group's parent) arranged the transaction, which was co-managed by Citigroup.