Holders of more than €500 million in Irish Life & Permanent subordinate bonds have accepted the group’s buyback offer at a rate of 20 cent in the euro.

The company had invited holders of €579.65 million in bonds due to mature between 2015 and 2023 to tender for settlement by a deadline yesterday. The bank will redeem €48.84 million in bonds that were not tendered at a rate of 0.001 per cent. A further €23.786 million in non-callable subordinated capital notes due in 2018 will remain outstanding.