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Finance Ireland RMBS No. 1: 27 July 2019

A stand-alone issue, where the issuer will make payments on the notes from payments of principal and revenue received from a portfolio comprising mortgage loans and their related security originated by Finance Ireland Credit Solutions Designated Activity Company (the "Originator" and "Retention Holder") and by Pepper Finance Corporation (Ireland) Designated Activity Company (the "Back Book Originator") and secured over residential properties located in Ireland and sold by Finance Ireland as the seller to the Issuer on the Closing Date. Both Finance Ireland and the Issuer confirm that the assets backing the issue of the Notes and the Notes themselves are not part of a re-securitisation.

Finance Ireland is Ireland’s largest non-bank lender with lending operations across commercial mortgages, auto finance, SME leasing and agri finance. In 2018 it expanded its lending activities through the establishment of a new residential mortgage lending division to serve the Irish market. Finance Ireland acquired Pepper's mortgage distribution platform (and other assets) on 11 December 2018. As at the date of the Prospectus, Finance Ireland holds the legal title to all mortgage loans it has acquired from Pepper and acts as the lender of record in relation to the loans originated by it as well as to those loans acquired from Pepper.

As at the cut-off date (31 May 2019) the portfolio consisted of 1,364 loan accounts, where the average current balance is Eur212,780 and the largest is for Eur1.217mln. Al loans were provided on a full valuation basis. Originator (by current balances): Pepper – 80.57%, Finance Ireland – 19.43%. Occupancy Type: owner-occupied – 88.62%, BTL – 11.38%. Repayment type: repayment – 98.29%, interest only – 1.71%. Interest rate type: variable – 66.1%, fixed – 33.9%. The WA current LTV is 67.05% (original LTV was 69.19%) and the WA seasoning is 12.38 months. Regional concentration: Dublin – 62.88%, Mid-East – 19.58% and West – 3.92%. Additional information: self employed – 27.72%.

Significant Investor(s): The Retention Holder will, on the Closing Date, acquire at least 5% of each of the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class Z Notes, the Class Y Notes, the Class X Notes, the Class R1 Notes and the Class R2 Notes. Finance Ireland will, on the Closing Date, acquire 100% of the Class Y Notes. SFF will, on the Closing Date, acquire 47.5% of the initial principal amount of the Class R1 Notes and 47.5% of the initial principal amount of the Class R2 Notes. PLI will, on the Closing Date, acquire 47.5% of the initial principal amount of the Class R1 Notes and 47.5% of the initial principal amount of the Class R2 Notes.

EU Risk Retention: On and from the Closing Date, Finance Ireland will, as an originator for the purposes of the Securitisation Regulation, retain on an ongoing basis a material net economic interest of not less than 5% in the securitisation in accordance with the text of Article 6(3)(a) of Regulation (EU) 2017/2042 of the European Parliament and of the Council of 12 December 2017. On the Closing Date, such interest will be comprised of the Originator holding no less than 5% of the nominal value of each Class of Notes sold or transferred to investors on the Closing Date.

US Risk Retention: Finance Ireland intends to rely on an exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions that meet certain requirements.

Compare/contrast: European Residential Loan Securitization 2019-NPL1, Mulcair Securities DAC