Finance Ireland RMBS No. 5: 28 October 2022
A stand-alone issue, where the Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising mortgage loans and their related security originated by Finance Ireland Credit Solutions Designated Activity Company (the "Originator" and "Retention Holder") and by Pepper Finance Corporation (Ireland) (the "Back Book Originator") and secured over residential properties located in Ireland and sold by Finance Ireland as the Seller to the Issuer on the Closing Date. Both Finance Ireland and the Issuer confirm that the assets backing the issue of the Notes and the Notes themselves are not part of a re-securitisation.
As at the cut-off date (12 October 2022) the portfolio consisted of 1,750 loan accounts, where the average current balance is Eur235,980 and the largest is for Eur1.219mln. All loans were provided on a full valuation basis. Originator (by current balances): Finance Ireland – 97.92%, Pepper – 2.08%. Occupancy Type: owner-occupied – 100.00%. Repayment type: repayment – 99.55%, interest only – 0.45%. Interest rate type: fixed – 80.65%, variable – 19.35%. The WA current LTV is 69.56% (original LTV was 72.71%) and the WA seasoning is 17.27 months. Regional concentration: Dublin – 50.78%, Mid-East – 20.33% and South-West – 7.28%. Additional information: First Time Buyers – 43.64%, self employed – 15.74%.
EU & UK Risk Retention: On and from the Closing Date Finance Ireland will, as an originator for the purposes of the EU Securitisation Regulation and the UK Securitisation Regulation, retain on an ongoing basis a material net economic interest of not less than 5% in the securitisation. On the Closing Date such interest will be, in each case, comprised of the Originator holding no less than 5% of the nominal value of each Class of Notes sold or transferred to investors on the Closing Date.
US Risk Retention: Finance Ireland intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions that meet certain requirements.
STS: It is intended that a notification will be submitted to ESMA and the Central Bank by Finance Ireland, as the Originator, confirming that the requirements of Article 18 and Articles 19 to 22 of the Securitisation Regulation for designation as STS securitisation have been satisfied with respect to the Notes.
Compare/contrast: Finance Ireland RMBS No.4, Fastnet Securities 18, Kinbane 2022-RPL 1 DAC