Dilosk RMBS No. 10: 25 September 2024

Another stand-alone transaction under the Dilosk name. On this occasion the Issuer will make payments on the debt from payments of principal and revenue on a portfolio comprised of mortgage loans originated by First Active plc prior to its business transfer with Ulster Bank Ireland, and 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 (31 May 2024) the portfolio consisted of 3,809 floating rate residential mortgage loans, where the average current balance is Eur90,108 and the largest is for Eur1.044mln. Occupancy type: owner-occupied – 99.64%, BTL – 0.36%. Repayment type (by current balances): annuity - 100.0%. Mortgage Loan Purpose: purchase – 42.81%, re-mortgage - 33.44, equity release – 23.75%. Re-structure type: non-restructured – 79.64%, capitalisation – 16.41%, other – 3.96%. The WA current LTV (indexed) is 31.83%, the original LTV was 70.52% and the WA seasoning is 18.2 years. Regional concentration: Dublin - 28.18%, Cork - 10.96% and Kildare – 6.93%.

EU & UK Risk Retention: On the Closing Date and until all the Notes have been redeemed in full, Dilosk as originator (the Retention Holder) 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 and (ii) Article 6 of Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017. As at the Closing Date, the EU Retention and the UK Retention will each be satisfied by the Retention Holder subscribing for and thereafter holding an interest in not less than 5% of the nominal value of each Class of Notes.

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

Compare/contrast: Dilosk No.9, Jamestown Residential 2024-1