Inhibits translation of capped and polyadenylated mRNAs by displacing PABPC1 from the poly(A) tail. Interacts (via central acidic portion and C-terminus) with PABPC1 (via the second and third RRM domains and the C-terminus). Expressed at very high levels in pancreas, at high levels in testis and at moderately high levels in brain, heart and lung (at protein level). Ubiquitinated in vitro. Belongs to the PAIP2 family. It is uncertain whether Met-1 or Met-14 is the initiator.