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Oban Cards 2021-1 plc: 30 January 2021

The underlaying receivables are a portfolio of designated credit card accounts (and any other such credit card accounts that may be so designated in future) originated by the Transferor (Vanquis Bank) in England and Wales, Scotland and Northern Ireland and certain other permitted jurisdictions. The Receivables arising on these credit card accounts will be purchased by the Receivables Trustee, subject to certain criteria being satisfied.

Vanquis Bank Limited is a private limited company incorporated in England and Wales. It is an authorised payment institution and acts as the legal title holder and card lender in respect of the accounts originated by it, including the accounts within the Securitised Portfolio. Vanquis Bank launched in 2003 and is a leading issuer of credit cards in the non-standard credit market in the UK. Vanquis Bank held a 23.6 % market share of all UK debt outstanding in the non-standard credit card market in the year to March 2020. Vanquis Bank is currently wholly-owned by Provident Financial plc.

The Securitised Portfolio comprises some, but not all, of the Vanquis Bank's brands and is a representative cross-section of the Total Portfolio. The accounts within the Securitised Portfolio include, as at the Series 2021-1 Closing Date, accounts operated under the Vanquis classic brand, accounts operated under the Chrome brand (including the Chrome balance transfer product), accounts operated under the Argos brand and accounts operated under the Aquis brand. Following the Series 2021-1 closing date, further credit card accounts originated or acquired by Vanquis Bank Limited and operated under the above or additional brands will be added to the Securitised Portfolio.

The initial Portfolio as at 30 September 2020 comprised of 1,318,819 accounts, of which 297,256 had a £0 balance.

UK Risk Retention: The Transferor, (Vanquis Bank Limited) as originator of the securitisation for the purposes of the UK Securitisation Regulation, confirms that it will retain a material net economic interest in the securitisation of not less than 5% of the nominal value of the securitisation in accordance with Article 6 of the UK Securitisation Regulation, as amended by regulation 8 of the Securitisation (Amendment) (EU Exit) Regulations 2019 (as in force at the Series 2021-1 Closing Date) by way of a retention in accordance with Article 6(3)(d) (as in force at the Series 2021-1 Closing Date) of the first loss tranche.

US Risk Retention: The transaction is not intended to involve the retention by a sponsor of at least 5% of the credit risk of the securitised assets for purposes of compliance with the U.S. Risk Retention Rules, but rather intends to rely on an exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.

Compare/contrast: NewDay Funding 2019-2, NewDay Partnership Funding 2020-1, Gracechurch Card Programme Funding plc