Irish Life & Permanent plc Funding

Subject: Irish Life & Permanent plc funding

Date: 2nd November 2011

Bank raises €1.15bn of unguaranteed funding

Irish Life & Permanent plc raised unguaranteed funding totalling €1.15 billion in two separate transactions in the market today.

The principal element of the funding is a bilateral transaction with an international investment bank for stg£0.9 billion (€1.0 billion) which is secured on the bank's UK mortgage book. It follows a similar transaction in August when the bank successfully raised stg£1.4 billion of unguaranteed funding.

Furtherfunding of €145 million was put in place by permanent tsb Finance, the car finance subsidiary of the bank, through a private placing secured against its Irish car finance loan book. This transaction is the first auto-finance securitisation in the Irish market since the start of the financial crisis. The €145 million in funding was drawn down today.

Acquisition of Northern Rock deposits

Approval for the transfer of the Irish deposit taking business of Northern Rock to Irish Life & Permanent plc was granted by the Minister for Finance on 1st November and a statutory instrument issued to give effect to the transfer. The transaction is scheduled to be completed by the year end.

Contacts:

Investor Relations

Barry Walsh, Head of Investor Relations

Tel: +353 1 704 2678

Media

Ray Gordon, Gordon MRM

Tel: +353 1 665 0450