Dilosk RMBS No. 8 (STS): 27 February 2024

Another stand-alone transaction under the Dilosk name. On this occasion the Issuer will make payments on the Notes from payments of principal and revenue on a portfolio comprising mortgage loans which were originated by Dilosk DAC and are secured over residential properties located in Ireland.

The primary business of Dilosk is the origination and funding of residential mortgage loans in Ireland with a particular focus on Buy-To-Let mortgages.

At the cut-off date (30 November 2023) the portfolio consisted of 1,878 owner-occupied repayment mortgage loans, where the average current balance is Eur225,280 and the largest is for Eur1.139mln. Interest rate type: Fixed – 91.2%, floating – 8.8%. Mortgage Loan Purpose: purchase – 72.6%, Re-mortgage with equity release – 19.1%, re-mortgage – 8.3%. The WA current LTV (non-indexed) is 66.1%, the original LTV was 70.2% and the WA seasoning is 21.7 months. Regional concentration: Dublin - 43.2% and Mid-East - 22.2%.

EU & UK Risk Retention: On the Closing Date and until all the Notes have been redeemed in full, Dilosk as originator will retain a material net economic interest of not less than 5% in the securitisation as required by (i) Article 6 of Regulation (EU) 2017/2402 (the "EU Securitisation Regulation") and (ii) Article 6 of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017, laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (the "UK Securitisation Regulation").

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 Securities Exchange Act of 1934, as amended, but rather intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions.

STS: It is intended that a notification will be submitted to ESMA and the Central Bank of Ireland by Dilosk DAC, as the originator, confirming that the requirements for designation as a STS securitisation (the "EU STS Requirements") have been satisfied.

Compare/contrast: Dilosk No.7, Finance Ireland RMBS No. 6