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The policy of the group is to have diversified sources of
funding. The majority of our wholesale funding is conducted through
three programmes:
- EUR 15 billion Euro Note
- US$ 10 Billion Commercial Paper
- EUR 8 Billion Commercial Paper
Details of these programmes and two other smaller ones are given
below as well as benchmark issues in respect of the Euro Note
programme. In addition to these programmes, we also enter into
bi-lateral loans with other financial institutions.
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| Ratings |
|
Moody's |
S&P |
| Senior |
Aa3 (Long) P-1 (Short) |
A+ (Long) A-1 (Short) |
| Dated Subordinated |
A1 |
A |
| Undated Subordinated |
A1 |
A- |
History
1997 established at GBP 1 billion.
1998 increased to GBP 2.5 billion.
2001 increased to GBP 5 billion.
2004 increased to Euro 12 billion.
2006 increased to Euro 15 billion.
| Dealers |
| ABN Amro |
Bank of Ireland |
Barclays Capital |
| Commerzbank Securities |
HSBC |
Irish Life & Permanent |
| J P Morgan Cazenove |
Merrill Lynch International |
Royal Bank of Scotland |
| UBS Investment Bank |
|
|
Apart from this dealer group Reverse Inquiry is available under the programme.
Benchmark Issues
To date (July 2007) there were 459 private and public notes issued under the Euro Note Programme. The majority were smaller private deals but large public notes were also issued. Details of these benchmark deals are as follows:
| SENIOR: |
Amount |
Issue Date |
Maturity Date |
|
GBP 150,000,000 |
October 1997 |
October 2007 |
|
EUR 500,000,000 |
April 2003 |
April 2008 |
|
EUR 300,000,000 |
May 2004 |
May 2008 |
|
USD 600,000,000 |
May 2005 |
May 2010 |
|
EUR 750,000,000 |
Feb 2006 |
Feb 2011 |
|
EUR 200,000,000 |
Jan 2006 |
Jan 2008 |
|
EUR 200,000,000 |
Sep 2006 |
Sep 2008 |
|
GBP 600,000,000 |
Jan 2007 |
Jan 2010 |
| |
| SUBORDINATED: |
|
| |
|
EUR 500,000,000 |
February 2001 |
February 2011 |
|
EUR 150,000,000 |
July 2003 |
July 2013 |
|
EUR 200,000,000 |
Dec 2005 |
Dec 2015 |
|
EUR 300,000,000 |
May 2007 |
Dec 2017 |
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| Ratings |
| Moodys |
P-1 |
| S&P |
A-1 |
History
1998 established at $1 billion.
1999 increased to $2 billion.
Dec 2003 increased to $4 billion.
Nov 2005 increased to $6 billion.
2008 increases to $10 billlion.
| Dealers |
| JPMorgan Securities Inc. |
Merrill Lynch |
| Goldman Sachs & Co. |
Citigroup |
| Bank of America |
|
This programme is supported by a $300 million Backstop Facility.
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| Ratings |
| Moodys |
P-1 |
| S&P |
A-1 |
History
1999 established at EUR 1 billion.
2003 increased to EUR 2 billion.
2004 increased to EUR 4 billion.
2006 increased to EUR 8 billion.
| Dealers |
| Barclays Capital |
Bank of America Securities |
| Deutsche Bank |
Irish Life & Permanent plc |
| UBS Warburg |
|
Apart from this dealer group Reverse Inquiry is available under the programme.
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Established 2004
Minimum amount: EUR 1,000,000, GBP 1,000,000 or USD 1,000,000
Minimum Term: One month
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2006 established at EUR 3 billion.
Minimum amount: EUR 500,000
Minimum term: One day.
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2004 issuance of USD 750 million.
2005 issuance of USD 1.5 billion.
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