IRISH LIFE and Permanent has raised €1.15 billion in unguaranteed funding using UK mortgages and Irish car loans as collateral.

The company said that it raised £900 million sterling (€1 billion) in a “bilateral transaction” with an international investment bank which it did not identify. The loan was secured on the company’s €7.5 billion UK mortgage book.

A further €145 million was borrowed privately secured on the company’s car finance loan book.

Irish Life and Permanent said this was the first loan deal secured on an Irish motor finance book since the start of the financial crisis in 2008. A spokesman declined to disclose the cost of the borrowings but described the loans as “competitively priced”.

Irish Life and Permanent raised £1.4 billion sterling of unguaranteed funding in August. Bank of Ireland has raised €5.1 billion of unguaranteed funding since the summer. Allied Irish Banks is the only bank that has not yet raised unguaranteed funding using loans as collateral.

Bank of Ireland has also raised a deposit running to hundreds of million of euro from a US multinational company in recent weeks sourced through contacts of the bank’s new North American shareholders. A spokeswoman for the bank had no comment to make.

The three surviving Irish banks which are not being run down have raised €14.6 billion by issuing Government-guaranteed bonds to themselves over the past 10 days and using the bonds to draw cash from the European Central Bank.

AIB is the latest bank to raise funding with so-called “own-use” bonds, borrowing €4.5 billion on Tuesday, according to the website of the National Treasury Management Agency, which manages issuances under the bank guarantee.

Bank ofIreland has raised €6.8 billion with three “own-use” bonds since October 24th, rolling over similar bonds issued previously.

Irish Life and Permanent raised €3.3 billion on October 25th.