Fastnet Securities 13: 30 October 2017

This will be another stand-alone transaction where the Issuer will make payments on the notes from payments of principal and revenue on a portfolio comprising mortgage loans originated by Permanent TSB plc and secured over residential properties located in Ireland.

At the cut-off date (31 May 2017), the portfolio consists of 6,098 full valuation mortgage loans with an average mortgage loan balance of Eur131,779 and a largest current loan of Eur1.463mln. There are no self-certification loans nor BTL loans in the portfolio. Borrower type: owner-occupied 100%. Repayment terms (by total balances): repayment 99.56%, interest-only 0.44%. Interest rate type: Standard Variable Rate 51.61%, ECB Base Rate 22.63% and Fixed Rate 25.76%. The WA current (indexed) LTV is 62.10% (original LTV was 70.00%) and the WA seasoning is 57.2 mnths. Regional concentration (by total balances): Dublin 41.41%, Cork 12.22% and Kildare 6.39%.

Significant Investor: Permanent TSB will, on the closing date, purchase 100 per cent of the Class Z Notes.

CRR 405: Permanent TSB will, until the maturity of the notes, in the capacity of originator, hold on the closing date following the issue and subscription of the Class Z notes and retain on an ongoing basis from the closing date a material net economic interest of not less than 5% of the nominal value of the securitised exposures (the Retained Amount) in accordance with Article 405(1) of Regulation (EU) No 575/2013, referred to as the Capital Requirements Regulation.

The transaction is not intended to involve the retention by a sponsor for purposes of compliance with the U.S. Risk Retention Rules, but rather it is intended to rely on an exemption provided for in Rule 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.


Compare/contrast: Fastnet 12, European Residential Loan Securitization 2017-1 NP, Grand Canal Securities 1