Bank of Ireland has raised €2.9 billion in term funding, lender confirmed today.

In a statement this afternoon, the bank said it executed a bi-lateral secured term funding trade today, and combined with a similar trade at the end of June, provided the bank with about €2.9 billion in funding.

The funding is not covered from by the Government guarantee.

"These trades were executed amidst a volatile market backdrop and are in line with the group's commitments under its deleveraging plan," said

"They demonstrate the strong quality of the assets on our balance sheet and the strength of our international relationships."

Bank of Ireland said it anticipates carrying out further secured trades later this year.