Roundstone Securities No.2: 01 April 2024

Essentially a re-financing of Roundstone Securities No.1, which closed in September 2018, and where the Issuer will make payments on the Notes from payments of principal and revenue on a portfolio comprising mortgage loans, the beneficial interest in which will be sold to the Issuer by the seller, which were purchased by the Seller from Bank of Scotland plc (the Original Seller) and secured over residential properties located in Ireland.

The current portfolio consists of 8,359 accounts (9,646 sub-accounts) with all of the mortgage loans in the mortgage portfolio being originated by the original seller between 2000 and 2010. The average current balance per account is Eur198,279 and the largest is for Eur6.739mln. Repayment type (by current balances): interest only – 56.22%, repayment – 42.77%, part & part – 1.00%. Interest rate type: variable – 99.96%, fixed – 0.04%. Valuation type: full – 89.63%, drive by – 2.06%, desktop – 1.14%, other – 7.17%. Occupancy type: owner occupier – 77.90%, BTL – 22.10%. Additional information: Number of accounts restructured – 13.76%, Performing Loans – 80.76%, Loans in Arrears >= 3 month – 15.31%. The WA current LTV is 62.36%, WA indexed is 54.78% and the WA original LTV was 71.18%. The WA seasoning is 206.52 months. Regional concentration: Dublin – 57.15%, Kildare – 6.42% and Cork – 5.99%.

EU & UK Risk Retention: On the Closing Date, Barclays Bank Ireland PLC (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 EU Securitisation Regulation and Article 6 of the UK Securitisation Regulation. As at the Closing Date, the retention will comprise the Retention Holder holding not less than 5% of the nominal value of each Class of Notes (other than the Class X2 Notes) sold to Noteholders.

US Risk Retention: The Retention Holder as "sponsor" under the US Credit Risk Retention Requirements (in such capacity, the Sponsor) intends to satisfy the US Credit Risk Retention Requirements by directly acquiring and retaining an eligible vertical interest (an EVI) equal to a minimum of 5.0% of the nominal value of each Class of Notes issued by the Issuer on the Closing Date.

Compare/contrast: Roundstone Securities No.1, Merrion Square Residential 2023-1, Dilosk RMBS No.8 (STS)