Bank of Ireland's UK subsidiary has raised £350m through its first wholesale funding transaction.

The fundraising was based on the securitisation of prime British residential mortgages, which had a AAA rating from ratings agencies Moodys and Fitch.

Lloyds Bank Corporate Markets and Merrill Lynch International were lead investment banks on the transaction.

Bank of Ireland said the fundraising would have no impact on its British customers and the bank would continue to service the mortgages, with terms and conditions remaining the same.