The deal was signed in the last few days. The debt is unguaranteed under the ELG scheme and was raised on the back of PTSB's Irish residential mortgage book for a two year term on terms described as “competitive market rates”.
Since the New Year, Permanent TSB has raised over €3.6bn in debt secured against its UK and Irish mortgage books. €1bn is new debt being financed for the first time while €2.6bn is accounted for by the refinancing of maturing debt.
A spokesman said: “We’ve had good success in recent weeks in raising money on the back of our UK and Irish mortgage books. These transactions, and our strong deposit growth, demonstrate our ability to finance our operations on an ongoing basis without reliance on the bank guarantee.”
The spokesman also commented that bar a maturing bond due in April (€1.3bn) , the bank has no major bond maturities until 2015; “we’ve already provided for the maturing April bond and then we have no significant maturities for almost 2 years.”