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Citizen Irish Auto Receivables Trust 2020: 18 November 2020

As per the original deal in the series (Citizen Irish Auto Receivables Trust 2017), the Issuer will make payments on the notes from payments received in respect of a portfolio of loans by which new and used passenger motorised cars and light commercial vehicles are financed. Such portfolio will be purchased by the Issuer on the Closing Date.

The seller, First Citizen, is a privately owned company primarily staffed by former employees of Permanent TSB Finance Limited. First Citizen acquired the entire Permanent TSB Finance Limited operational platform. Prior to this acquisition, Permanent TSB Finance Limited had been one of the largest consumer finance companies in Ireland, with a market share of over 35%. From 1993 to 2011, Permanent TSB Finance Limited was the largest provider of car finance in Ireland, with brands including Credit Opel, Nissan Credit, Hyundai Credit, BMW Financial Services and Kia Credit. In February 2014, First Citizen began providing finance in the auto industry by way of the Receivables Agreements in the Portfolio.

Eligibility criteria (includes): the receivables must be denominated in and be payable in euro; the receivables must relate to the relevant Receivables Agreements consisting of consumer and non-consumer hire purchase contracts, acquisition leases, contract hire and hire drive contracts; each Receivables Agreement must only relate to one Financed Object other than Purchased Receivables which are hire drive contracts; no rental instalment is more than 90 days overdue as at the Closing Date; each Receivables Agreement bears interest calculated at a fixed rate; the relevant Obligor in relation to each Purchased Receivable must not be the subject of a bankruptcy, examinership or insolvency proceeding; at least one instalment has been paid by the relevant Obligor.

The portfolio consists of 13,335 loans, all via a monthly payment contract, where the average loan balance is Eur12,842. Product type (by number of loans / current balance): Consumer Hire Purchase 10,795 / 77.74%; Non-Consumer Hire Purchase 2,157 / 18.39%; Non-Consumer Contract Hire 209 / 2.37% and Non-Consumer Lease 174 / 1.50%. The WA LTV is 76.41% and the WA Loan Age of the Portfolio is 10 months.

EU Risk Retention: On the Closing Date and while any of the Notes remain outstanding, First Citizen Finance DAC (the Retention Holder) will, as originator for the purposes of Regulation (EU) 2017/2402, hold and continue to retain on an ongoing basis (through its holding of the Class E Notes) a material net economic interest in the first loss tranche of not less than 5% of the nominal value of the securitised exposures, pursuant to paragraph (d) of Article 6(3) of the Securitisation Regulation.

US Risk Retention: The Seller intends to rely on an exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.

Volcker Rule: The Issuer is not and, after giving effect to any offering and sale of the Notes and the application of the proceeds thereof, will not be a "covered fund" for purposes of regulations adopted under Section 13 of the Bank Holding Company Act of 1956.

Compare/contrast: Citizen Irish Auto Receivables Trust 2018, Azure Finance No.2 plc