Sapphireone Mortgages FCT 2016-3: 10 December 2016

The third transaction in the series to be issued in 2016, and again the purpose of the issuer is to issue debt securities and units and to purchase from GE Money Bank S.C.A. a portfolio comprising mortgage loans originated by GEMB or, as the case may be, Banque Royal Saint Georges before its merger with GEMB on 31 December 2004, and entered into with borrowers who were individuals resident for tax purposes in France as at the relevant origination date.

The provincial pool (as at 31 October 2016) consists of 11,386 loans (to 9,177 accounts), where the average current loan balance is Eur62,544 and the largest loan in the pool is for Eur659,135. Occupancy Type (by current balances): Owner-occupied 97.89%, Secondary residence 1.11%, BTL 0.81%. Interest rate type (by current balances): Floater 56.85%, Fixed 43.15%. The WA current ILTV is 50.55% and WA seasoning is 53 months. Regional concentration: Ile-de-France 14.27%, Nord-Pas-de-Calais 12.46%, Aquitaine - Limousin - Poitou - Charentes 10.99% and Languedoc - Roussillon - Midi-Pyrénées 10.79%.


CRR 405: GEMB, as Originator, has undertaken that, during the life of the Notes, it shall comply with Article 405 and therefore retain on an ongoing basis a material net economic interest in the transaction which, in any event, shall not be less than 5%. GEMB will ensure such requirement by subscribing, on the Issue Date, Class F Notes such that the total nominal value of the Class F Notes so subscribed equals no less than 5 % of the nominal value of the securitised exposures.

Compare/contrast: Sapphireone Mortgages FCT 2016-2