Bank of Ireland Group PLC has kicked off refinancing efforts for a £2.27 billion portfolio of performing U.K. mortgage loans, according to the Irish Independent.

The refinancing will include issuance to third-party investors of bonds backed by a chunk of the loan book worth £250 million to £350 million, the newspaper reported May 23.

Lloyds Bank serves as arranger and lead manager on the transaction, with Bank of America Merrill Lynch as lead manager.