Fastnet Securities 2 PLC

The last foray by Irish Life & Permanent in the RMBS market was in 1999, so the deal
had some rarity value.
IL&P were hopeful of printing +11bps , but oversupply meant a +12 print.

This was the third Irish RMBS since June 2003, and the largest yet in size.

French money market funds were quoted as major buyers of the class A1 tranche,
but interest was broad across Europe.

Perhaps the wait will not be so long next time ..... Mark Fields of IL&P "We see
securitisation as forming an integral part of our funding strategy going forward"