Shares in Irish Life & Permanent have jumped in Dublin after the bank confirmed that it has secured a funding deal to cover €3 billion of debt which was due to mature in the current quarter.
It said the funding facilities to replace this debt had been provided by a wide range of investors, with maturities out to a maximum of three years.
IL&P said the cost of the funding was in line with figures given in a trading update last month.
Analysts have pointed to IL&P's relatively high reliance on wholesale money markets to fund its activities. Raising funds on these markets has become more difficult because of the credit crunch.
Shares in IL&P closed up 54 cent at €5.15 in Dublin.
