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First Asian financing for IL&P Back  
Irish Life & Permanent plc raised $600 million in the group’s first major fund raising exercise in an Asian targeted issue. The funds raised will be used to support permanent tsb’s mortgage lending in the Irish market.
The transaction, which was undertaken by Irish Life & Permanent Group Treasury and jointly managed by HSBC Bank plc and Nomura Bank International plc, is a five-year transaction which will mature in 2010. The deal is structured at a floating rate equal to LIBOR plus 12.5 basis points.

Peter Fitzpatrick, group finance director, said that the deal represented the Group’s first deal targeted at the Asian investor base, and that IL&P met many institutions which had never previously engaged in an Irish funding deal like this.

Also, IL&P recently announced some senior management appointments. Denis Casey, the new chairman of Financial Services Ireland (FSI), is to move to chief executive of permanent tsb, the group’s banking business, succeeding Brian McConnell who is to retire at the end of June.

Kevin Murphy, currently chief executive of Irish Life Investment Managers (ILIM), will take over in Casey’s old position of CEO of Irish Life (Retail), while Gerry Keenan, the current director of investment development at ILIM, will move into Murphy’s role.

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