European Residential Loan Securitisation 2019-PL1: 19 October 2019

A stand-alone issue, where the Issuer will make payments on the Notes from payments of principal and revenue on a portfolio comprising mortgage loans originated by Permanent TSB plc and secured over primarily residential properties and certain commercial or mixed properties located in Ireland. The Mortgage Portfolio will be purchased by the Issuer from the Seller (LSF XI Glas Investments DAC) on the Closing Date.

As at the cut-off date (31 July 2019) the portfolio consists of 4,240 loans (secured on 3,906 properties), where the average loan balance is Eur159,371 and the largest is Eur3.923mln. None of the loans are in arrears of more than 3+ months. Occupancy Type (by current balances): BTL – 56.02%, owner occupied – 43.98%. Repayment type (by current balance): P&P – 39.97%, repayment – 33.38% and interest-only – 26.65%. Interest rate type: variable – 94.84%, fixed – 5.16%. The WA indexed current LTV is 75.94% and the original WA LTV was 75.57%. The WA seasoning is 12.31 years. Regional distribution: Dublin – 38.21%, Cork – 8.24% and Kildare 6.31%.

Significant Investor: The Seller will, on the Closing Date, purchase 100% of the Class Z Notes and 100% of the Class X Notes.

EU Risk Retention: Lone Star International Finance DAC (the Retention Holder) will retain, as an originator for the purposes of the Securitisation Regulation, on an on-going basis until the maturity of the Notes, a material net economic interest of not less than 5% in the securitisation in accordance with Article 6(1) of Regulation (EU) 2017/2402, through its interest and exposure in the profit participating loan entered into with the Seller, an interest in the first loss tranche represented by the Class Z Notes, directly held by the Seller, in accordance with Article 6(3)(d) of the Securitisation Regulation. The aggregate Principal Amount Outstanding of the Class Z Notes as at the Closing Date is equal to at least 5% of the nominal value of the securitised exposures.

US Risk Retention: The Retention Holder 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.

STS: The Notes are not intended to be designated as STS for the purposes of the Securitisation Regulation.

Compare/contrast: European Residential Loan Securitization 2017-1 NP, Finance Ireland RMBS No. 1