Shamrock Residential 2024-1 DAC: 14 December 2024
A stand-alone transaction, where the Issuer will make payments on the Notes from, among other things, payments of principal and revenue on a portfolio of mortgage loans secured over properties located in Ireland, the majority of which are residential properties.
The mortgage loans were originated by: (a) in respect of the Leaf III and Leaf IV sub-portfolios, Allied Irish Banks, AIB Mortgage Bank Unlimited Company, AIB Group (UK) plc, EBS DAC and Haven Mortgages Limited (Leaf Mortgage Loans); (b) in respect of the Elemfin sub-portfolio, Permanent TSB plc and TSB Bank plc (the Elemfin Mortgage Loans); (c) in respect of the Bordeaux sub-portfolio, Permanent TSB plc, Start Mortgages DAC, Bank of Scotland (Ireland) Limited and Nua Mortgages Limited (the Bordeaux Mortgage Loans); (d) in respect of the Phoenix III sub-portfolio, Allied Irish Banks, AIB Mortgage Bank Unlimited Company, EBS DAC, Haven Mortgages Limited, Irish Nationwide Building Society (including Anglo Irish Bank, Irish Bank Resolution Company, Hill Samuel (Ireland) Ltd, Scottish Legal Trustee Ltd, Irish Industrial Building Society and Irish Mutual Building Society) and Springboard Mortgages Limited (the Phoenix III Mortgage Loans); and (e) in respect of the Corrib sub-portfolio, Allied Irish Banks, public limited company, AIB Mortgage Bank Unlimited Company, AIB Finance Limited, EBS DAC, EBS Mortgage Finance Unlimited Company, ICS Building Society, Bank of Ireland Mortgage Bank Unlimited Company, The Governor and Company of the Bank of Ireland, First Active plc and Ulster Bank Ireland DAC (the Corrib Mortgage Loans).
At the cut-off date (31 August 2024) the provisional pool consisted of 2,094 mortgage loans, where the average mortgage loan balance is Eur146,541 and largest current balance is Eur5.800mln. Originating Lender (by no. of loans / current balance): PTSB loans 647/30.83%, AIB loans 569/24.61%, EBS 348/17.88%, Ulster Bank loans 224/11.80%, others 306/14.88%. Property type: Residential – 89.64%, Commercial – 6.31%, Land – 1.91%, other – 2.13%. Occupancy Type (by current balances): Owner occupied –85.82%, BTL – 14.18%. Mortgage type: Purchase – 29.52%, Re-mortgage – 4.55%, ND – 65.20%. Income Verification: Verified – 96.65%, Self-certified no checks – 1.32%, ND – 2.03%. Repayment Method (by current balances): Annuity – 75.02%, P&P – 13.99%, Interest only – 9.58% and ND – 1.41%. Interest Rate Type: Floating – 79.28%, no index – 20.41%, other – 0.41%. Additional information: Months in arrears: >3.00 – 18.60; ever re-structured – 73.44%. The indexed CLTV is 51.61% (original LTV was 73.36%) and the WA seasoning is 17.58 years. Regional concentration: Dublin – 32.29%, Cork – 8.42% and Meath – 7.18%.
EU & UK Risk Retention: Morgan Stanley Principal Funding Inc (the Retention Holder) will, as at the Closing Date, undertake to retain, on an ongoing basis until the Final Maturity Date or the date on which the Notes (other than the Class X Notes) are redeemed in full, a material net economic interest of not less than 5% of the nominal value of the securitised exposures in the securitisation as required by (i) Article 6(1) of the EU Securitisation Regulation and (ii) Article 6(1) of the UK Securitisation Regulation.
US Risk Retention: The Retention Holder intends to comply with the requirements of the US Risk Retention Rules by acquiring on the Closing Date and retaining, either directly or through a majority-owned affiliate, the US Risk Retained Interest in the form of an eligible vertical interest equal to not less than 5% of each Class of Notes issued by the Issuer on the Closing Date.
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: Shamrock Residential 2023-1 DAC, Kinbane 2024-RPL 2 DAC