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Ireland’s largest RMBS deal Back  
First Active plc, part of the Ulster Bank Group, has raised €1.75 billion through the launch of its ninth public residential mortgage backed securitisation (RMBS). This is the largest Irish issue to date, building on the on-going First Active Celtic securitisation programme.

The issue is secured on a portfolio of Irish residential mortgages. It gives First Active’s parent - Ulster Bank Group - access to the asset-backed financial markets where it can optimise its use of capital and diversify its sources of funding. The Royal Bank of Scotland Group (Ulster Bank Group’s parent) arranged the transaction, which was co-managed by Citigroup.

First Active is the leading issuer of asset backed paper in the Irish market and since its first securitisation in 1998, has issued mortgage backed securities of €5 billion.

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