Finance Ireland Auto Receivables No.1 DAC: 19 November 2023

The Issuer will make payments on the Notes from a portfolio comprising receivables under or in connection with certain hire purchase and personal contract plan agreements originated by Finance Ireland Credit Solutions with customers.

Finance Ireland is Ireland’s largest non-bank lender with lending operations across commercial mortgages, auto finance, SME leasing, residential mortgages and agri finance. Finance Ireland is regulated by the Central Bank.

The 17,349 Purchased Receivables comprise claims against customers in respect of payments due under the HP and PCP Agreements for the provision of credit for the purchase of new (25.20%) and used (74.80%) motor vehicles. The HP and PCP Agreements are governed by Irish law. The average current balance is Eur16,615 and the largest is for Eur124,546. The WA seasoning is 6.89 months. Regional concentration: Dublin – 25.38%, Cork – 11.00% and Kildare – 6.39%.

EU & UK Risk Retention: On and from the Closing Date until all of the Notes have been redeemed in full, Finance Ireland, as an originator (in its capacity as the Retention Holder) for the purposes of (i) Regulation (EU) 2017/2402 of the European Parliament and (ii) the EU Securitisation Regulation as it forms part of domestic law of the United Kingdom by virtue of the EUWA, will retain on an ongoing basis a material net economic interest of not less than 5% in the securitisation.

US Risk Retention: The Retention Holder 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 of Ireland by Finance Ireland.

Compare/contrast: Citizen Irish Auto Receivables Trust 2023, Finance Ireland RMBS No. 6