Crediper Consumer SRL: 21 December 2018
The primary source for the payment of interest and the repayment of principal under the Notes will be collections made in respect of consumer loan receivables and connected rights due under personal loan agreements granted to the debtors by BCC CreditoConsumo SpA (CreCo). On each Optional Purchase Date, the Originator may, pursuant to transfer agreements to be entered into from time to time between the Issuer and the Originator in compliance with the terms of the Master Transfer Agreement, sell further portfolios of Receivables to the Issuer, the purchase price of which will be paid by the Issuer out of the principal amounts collected in respect of the Receivables.
BCC CreditoConsumo SpA belongs to Iccrea Banking Group and arose in 2010 from the Joint Venture between Iccrea Holding SpA and Agos Ducato SpA. Agos Ducato was a minority shareholder and industrial partner under an outsourcing agreement. The actual shareholders are Iccrea Banca 96% and Cassa Centrale Raiffeisen 4%. BCC CreditoConsumo SpA was set up to cater for the financial needs of households that are customers of the cooperative and rural banks. BCC CreditoConsumo SpA designs, develops and implements solutions for accessible and customised funding.
Eligibility criteria (includes): the Receivables are denominated in Euro; are governed by Italian law; the Debtors have entirely paid the first three Instalments of the relevant Amortising Plan; the payments from the relevant Debtors are made through Direct Debit; the Receivables derive from Consumer Loan Agreements according to which CreCo has granted non-purpose consumer loans; are granted to Debtors that are Italian or European citizens or in any event residing in Italy; the relevant Consumer Loan Agreements have a fixed rate with monthly instalments; no Debtor has had payment obligations vis a vis CreCo classified as Defaulted Receivables.
The initial portfolio (as at 9 November 2018) is made up with 76,107 receivables advanced to 76,018 clients, and all advanced via the French Amortisation method. The average current principal due is Eur8,540 and the largest is Eur28,717. The portfolio is highly granular, with the top 20 debtors accounting for just 0.09% of balances. The WA seasoning is 24.23 months. Regional distribution (by outstanding principal): North – 64.73%, Centre – 22.19%, South – 13.09%.
EU Risk Retention: The Originator will retain a material net economic interest of at least 5% in the Securitisation in accordance with Article 405 of Regulation (EU) No. 575/2013 and Article 51 of Delegated Regulation (EU) No. 231/2013.
Compare/contrast: Quarzo Srl (2018), Sunrise SPV 50