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Leone Arancio RMBS S.R.L.: 06 July 2018


The principal source of payment of interest and repayment of principal on the notes will be the collections and recoveries made in respect of monetary claims and connected rights arising out of residential mortgage loan agreements entered into by ING Bank N.V., Milan Branch, in the course of its business, and purchased by the Issuer from the Originator on 14 June 2018 and, on a revolving basis, the further purchase of Subsequent Portfolios from the Originator.

ING Italy started its business by introducing a Savings Account product - the first savings account to be offered in the country and, in 2004, the subsidiary started launching mortgage products.

Eligibility criteria (includes): Mortgage Loans that were granted in accordance with the laws and regulations concerning credito fondiario; Mortgage Loans that did not provide at the time of disbursement for any subsidy or other benefit in relation to principal or interest; that have been granted to individuals; that are secured by a Mortgage created over Real Estate Assets in accordance with applicable Italian laws and regulations and are located in the Republic of Italy; that are fully disbursed and in relation to which there is no obligation or possibility to make additional disbursements; Loans for which at least a Principal Instalment has been duly paid; Loans that did not have any Unpaid Instalment; are governed by Italian law; Loans originated exclusively by ING.

At the initial cut-off date (1 March 2018) the portfolio consisted of 77,193 loans (advanced to 77,193 borrowers), where the average principal balance per borrower is Eur103,106. Product type (by current balances): floating – 65.51%, adjustable – 19.61%, fixed – 12.28% and Rata Costante – 2.60%. The current WA LTMV is 52.64% (original WA LTMV was 62.76%) and the WA seasoning is 61.16 months. Regional concentration: Northern Italy – 51.24%, Central – 28.71% and Southern – 20.05%.

The Notes have been issued on a partly paid basis by the issuer, and all notes have been retained by ING.

CRR 405: The retention and due diligence requirements (under CRR 405) are expected to apply in respect of the Notes.

Compare/contrast: 2018 Popolare Bari Mortgages Srl, Brera RMBS Sec Srl