Grand Canal Securities 1: 28 April 2017

A stand-alone issuance where the Issuer will make payments on the Notes from, among other things, payments of principal and interest received from a portfolio comprising mortgage loans originated by Irish Nationwide Building Society (1,811 loan parts) and Springboard Mortgages Limited (928 loan parts) to borrowers secured on properties in Ireland to be acquired by the issuer from the Beneficial Title Seller on the Closing Date.

The Beneficial Title Seller Mars Capital Ireland Holdings DAC was established for the purposes of acquiring residential mortgage loans advanced to borrowers in Ireland, and other assets. The Master Servicer, MCFID is a 100% subsidiary of Mars Acquisition Limited and, since 2015, MCFID has acted as credit servicer in respect of more than €1 billion of Irish mortgage assets. The Market Portfolio Purchase Agent, Mars Capital Finance Limited is a 100% subsidiary of Mars Acquisition Limited. Mars Capital Finance Limited acquires, originates (through its brand Magellan Homeloans) and administers commercial and residential mortgage loans advanced to borrowers secured on properties in England and Wales, Northern Ireland and Scotland.

As at the cut-off date (31 December 2016) the portfolio consists of 2,232 loans (in 2,739 parts) secured on 2,274 properties. The average current loan balance is Eur148,638. Self-certified borrowers account for 21.7% of the portfolio, and 13.7% of the loans have been restructured. Repayment Type (by current balances): Capital & Interest 82.6%, Interest Only 17.4%. Rate type: variable 96.6%, other 3.4%. Occupancy Type: first home 91.3%, BTL 8.5%, second home 0.2%. The WA current LTV is 58.2% (original LTV was 71.1%) and the WA seasoning is 118 months. Regional concentration: Dublin 23.9%, South West 15.9%, Border 14.8% and South East 12.2%.

Significant investor: On the Closing Date, the Beneficial Title Seller will acquire 100% of the Class Z1 Notes, the Class Z2 Notes and the Class Z3 Notes. The Beneficial Title Seller may subscribe for Notes from time to time.

CRR 405: The Beneficial Title Seller (Mars Capital Ireland Holdings DAC) will undertake that it will retain at all times until the redemption of the last of the Senior Notes and the Class X Notes a material net economic interest of not less than 5% in the nominal value of the securitised exposures (representing downside risk and economic outlay) in accordance with the text of Article 405 of the CRR, Article 51 of the AIFMR and Article 254 of the Solvency II Regulation. As at the Closing Date, such interest will be comprised of an interest in the first loss tranche. Such retention will be achieved by holding a sufficient amount of the Class Z1 Notes, the Class Z2 Notes and the Class Z3 Notes.

The Beneficial Title Seller does not intend to retain a risk retention interest contemplated by the U.S. Risk Retention Rules in connection with the transaction described in the Prospectus in reliance on the Foreign Safe Harbour. Consequently, the Notes may not be purchased by, and will not be sold to, any person except for persons that are not "U.S. persons" as defined in the U.S. Risk Retention Rules.

Compare/contrast; Dilosk, European Residential Loan Securitization 2017-1, Phoenix Funding 6 plc