ank of Ireland Group has raised £350 million of term funding through a sterling securitisation transaction via its UK subsidiary.

The transaction was issued by Bank of Ireland (UK) plc (BOI UK) via the securitisation of prime, BOI-branded UK residential mortgage loans and represents BOI UK’s inaugural wholesale funding transaction.

The organisation said the transaction provides “cost efficient” and longer term funding to BOI UK and “demonstrates continued progress in transforming its business and delivering against its priority of improving returns”.

The senior tranche of the notes are rated AAA by Moodys & Fitch with a coupon of SONIA +83 bps.

Lead investment banks on this transaction were Lloyds Bank Corporate Markets and Merrill Lynch International.

There is no impact on BOI UK’s customers as a result of this securitisation transaction.  BOI UK will continue to service these mortgage accounts and the contractual terms and conditions of these residential mortgage loans remains the same.