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Fingal Securities RMBS: 25 May 2020

The Issuer will make payments on the notes from payments of principal and revenue on a portfolio comprising mortgage loans secured over residential properties located in Ireland, the beneficial interest in which will be sold to the Issuer by the Seller. The mortgage loans were purchased by the Seller from Bank of Scotland plc (the Original Seller) and immediately on-sold on the same day to Fermanagh Securities RMBS DAC (the Warehouse Issuer). The Mortgage Portfolio will be purchased by the Seller from the Warehouse Issuer and sold to the Issuer by the Seller on the Closing Date.

At the cut-off date, the portfolio consisted of 3,871 mortgage accounts (4,516 sub-accounts) where the average current account is Eur205,887 and the largest is Eur2.504mln. Valuation type (by current balances): Full, internal and external inspection – 96.70%, desktop – 1.70% and drive-by – 1.60%. Occupancy type: owner-occupied – 77.97%, BTL – 22.03%. Loan purpose: purchase – 69.90%, remortgage – 23.35%, Re-mortgage with Equity Release – 6.76%. Repayment type: interest only -56.79%, repayment – 40.49% and P&P – 2.72%. Interest rate type: variable – 99.98%. The WA current indexed LTV is 63.93% (the WA original LTV was 64.31%) and the WA seasoning is 161.12 months. Regional concentration: Dublin – 56.59%, South-West – 9.77% and Mid-West – 5.69%.

Significant Investor: It is expected that on the Closing Date: (a) the Retention Holder will acquire at least 5% of each class of Rated Notes, the Class Z Notes and the Class R Notes; (b) an affiliate of the Retention Holder will acquire 100% of the Class X1 Notes and 5% of the Class X2 Notes; and (c) a third party investor (and its affiliates) will acquire 95% of the Class B Notes, the Class C Notes, the Class D Notes, the Class Z Notes, the Class R Notes and the Class X2 Notes.

EU Risk Retention: Barclays Bank plc (the Retention Holder) will retain, as originator, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation in accordance with Article 6(1) of the Securitisation Regulation. As at the Closing Date, such interest will be comprised of an interest in each Class of Notes (other than the Class X1 Notes and the Class X2 Notes) sold to Noteholders, in accordance with Article 6(3)(a) of the Securitisation Regulation.

US Risk Retention: The transaction is not structured to comply with the U.S. Credit Risk Retention Requirements, and no party to the transaction intends to retain at least 5% of the credit risk of the securitised assets for purposes of compliance with the U.S. Credit Risk Requirements. If the U.S. Credit Risk Retention Requirements apply, it is intended that the applicable sponsor rely on an exemption provided for in Section 20 of the U.S. Credit Risk Retention Requirements regarding non-U.S. transactions.

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

Compare/contrast: Burlington Mortgages No.1 DAC, Finance Ireland RMBS No. 1, Strandhill RMBS DAC