Irish Permanent has secured #220 million (£175 million) funding for its mortgage book. The floating rate funds are an add-on to the bank's euro issue last February and are costing 0.195 of a percentage point more than the interbank rate.

As a result Irish Permanent is paying 3.395 per cent for the three-month floating monies, over two whole percentage points below its variable rate mortgages.

(# signifies the euro)