A fund linked to Irish Life International was one of the beneficiaries of loans from the US Federal Reserve through its term asset-backed securities loan facility. The scheme was set up to increase the flow of credit to households and businesses and was available to any US company that owned eligible collateral.

Documents at the Fed list Irish Life as a material investor in the S3 Global Multi-Strategy Fund and S3 Global Multi-Strategy Fund (TALF) which both tapped the Fed for funding in the financial crisis.

Under the programme, the Fed issued non-recourse loans with a term of up to five years to holders of eligible securities. The amount of each loan was less than the market value of the collateral in case that collateral declined in value. Asset-backed securities eligible for inclusion included car loans, credit cards and some convertible mortgage-backed securities. The credit exposure had to be primarily in the US to be eligible.