Summerhill Residential 2024-1 : 28 June 2024

Essentially a re-financing of Summerhill Residential 2021-1, which closed in June 2021 (all investor reports and LLD available on EuroABS).

A stand-alone transaction, where the Issuer will make payments on the Notes from payments of principal and revenue on a portfolio comprising mortgage loans secured over residential properties located in Ireland. The loans in the Mortgage Portfolio were originated by Irish Nationwide Building Society (subsequently transferred to Irish Bank Resolution Corporation Limited), Bank of Scotland plc, Bank of Scotland (Ireland) Limited, Start Mortgages DAC and Nua Mortgages Limited.

Originator…………….. No. of Mortgage Accounts ……… …. % of Total Current Balance

NUA …………………………….. 36 ………………………………………2.65%
Start ………………………....… 248 ………………………………… 18.75%
BofS …………………….…….. 379 ……………………………………..37.44%
INBS …………………………... 917 …………………………………… 41.16%
Total …………………. …..… 1,580 ……………………………………100.00%

Overall there are 1,580 accounts (2,278 sub-accounts) and the Average Current Balance at account level is Eur146,534. Occupier type: owner-occupier – 95.84%, BTL – 4.16%. The WA indexed LTV is 57.16% (original TV was 79.71%) and the WA seasoning is 18.3 years. Regional distribution: Dublin – 33.00%, Kildare, Meath, Wicklow, Louth – 19.09%.

Additional data:

Performing Loans (0 month)….. (% of Current Balance)……63.42%
Loans in Arrears > 1 month…… (% of Current Balance)……36.58%
Loans in Arrears > 3 month…… (% of Current Balance)……29.31%

UK & EU 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 UK Securitisation Regulation and Article 6(1) of the EU 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 sold to Noteholders.

US Risk Retention: The Retention Holder has agreed to act as a "sponsor" under the US Credit Risk Retention Requirements and intends to satisfy the US Credit Risk Retention Requirements by acquiring and retaining, directly, an eligible vertical interest (EVI) equal to a minimum of 5% of the nominal value of each Class of Notes.

STS: The Notes are not intended to be designated as a EU STS securitisation or a UK STS securitisation for the purpose of the UK Securitisation Regulation or the EU Securitisation Regulation.

Compare/contrast: Summerhill Residential 2021-1