Bank of Ireland has issued about €1.1 billion of secured debt, due for repayment in early 2015, in a “bilateral” trade.

“Combined with similar trades executed during the summer, they provide the bank with about €4 billion of term funding with a weighted average duration of 2.4 years at a spread of 250 basis points over three-month Euribor,” the lender said. Secured funding is not covered by the bank guarantee. Separately Moody’s Investors Service downgraded B of I UK division’s deposit ratings to Ba1 from Baa3.