Temple Quay No.1 PLC: 19 November 2022
A stand-alone transaction, where the Issuer will make payments on the Notes from payments of principal and revenue received from a Mortgage Portfolio comprising Mortgage Loans secured over properties located in England, Scotland, Wales and Northern Ireland, the beneficial interest in which will be sold to the Issuer by GovCo UK. The Additional Mortgage Portfolio may be purchased by the Issue from the Seller on the Additional Mortgage Purchase Date and if purchased will be subject to the satisfaction of the Additional Mortgage Purchase Conditions.
The Mortgage Portfolio will include Mortgage Loans originally lent by each of (i) Bank of Ireland (UK) PLC ("BOIUK"); (ii) The Governor and Company of the Bank of Ireland, acting through its UK branch ("GovCo UK" and the " Seller"); (iii) Bristol & West plc ("B&W") (whose business was transferred to GovCo UK in 2007); and (iv) Bank of Ireland Home Mortgages Limited ("BIHM").
The Initial Mortgage Portfolio (as at 31 July 2022) consists of 5,226 mortgage loans originated between April 1982 and March 2022. These loans were advanced to 3,869 borrowers and secured on 4,173 properties, and the average loan balance per property was £123,443. Occupancy type: Owner-Occupied – 75.94%, BTL – 24.06%.
Repayment type: interest-only – 86.12%, repayment – 13.88%. Interest rate type: variable – 83.67% fixed – 16.32%. Income Verification: Non-Verified – 34.19%, Self-certified, no check – 26.58%. The WA current LTV is 81.80% (original LTV was 81.18%) and the WA seasoning is 175.30 months. Additional data: self-employed – 49.74%. Loans in arrears: s >=1 month – 43.58%, >=3 months – 27.51%. Regional concentration: Greater London – 17.42%, North West – 13.55%, South East – 11.72% and East Anglia – 9.05%.
UK and EU Risk Retention: On the Closing Date, GovCo UK (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 UK Securitisation Regulation and Article 6(1) of the EU Securitisation Regulation. At the Closing Date, the Retained Interest will consist of the Retention Holder holding the VRR Loan Note.
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 final rules promulgated under Section 15G of the US Securities Exchange Act of 1934, but rather intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions.
STS: The Notes are not intended to be designated as a UK STS securitisation or an EU STS securitisation for the purposes of the UK Securitisation Regulation or the EU Securitisation Regulation.
Compare/contrast: Bowbell No 1 plc (Redeemed), Parkmore Point RMBS 2022-1, PRPM Lagado 2022-1 DAC