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IL&P raises €1.15bn

IRISH Life & Permanent has raised €1.15bn in unguaranteed loans using Irish car loans and UK mortgages as security.

The institution said it had secured €1bn in a "bilateral transaction" with an unnamed international investment bank.

The company admitted that it used its €7.5bn UK mortgage book as collateral.

A spokesperson described the loans as "competitively priced".