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As part of the group's strategy to diversify its sources of funding a number of securitisations of mortgage loans have been undertaken. Five of the seven securitisations undertaken to date relate to group's UK mortgage business, which is carried on through Capital Home Loans Ltd. These securitisations have been issued under the "Auburn" name, of these three remain outstanding. The other two mortgages securitisations have been in respect of loans originated in Ireland and these have been issued in the "Fastnet" name, one of these has matured. Under the terms of these securitisations, the rights of the providers of the related funds are limited to the mortgage loans in the securitised portfolios and any related income generated by the portfolios, without recourse to Irish Life & Permanent Group Holdings plc. Details of each of the securitisations are set out below.
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