PTSB raises €1.15bn in funds

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

The principal element of the funding is a bilateral transaction with an international investment bank for €1bn which is secured on the bank’s UK mortgage book.

It follows a similar transaction in August when the bank raised stg£1.4 billion of unguaranteed funding.

Further funding of €145m 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, the first auto-finance securitisation in the Irish market since the start of the financial crisis.

The €145m in funding was drawn down today.

The bank also saidtoday that approval for the transfer of the Irish deposit business of Northern Rock has been granted by the Minister for Finance Michael Noonan. The transfer of the deposit accounts to permanent tsb is scheduled to be completed by the year end.