Mulcair Securities No.4 DAC: 25 April 2025

A refinancing of Mulcair Securities No.3 DAC, this is a stand-alone transaction where the Issuer will make payments on the Notes and in respect of the VRR Loan from payments of principal and interest on a portfolio of loans comprising Secured Mortgage Loans and Unsecured Loans. The Mortgage Loans were originated by The Governor and Company of the Bank of Ireland, Bank of Ireland Mortgage Bank, and ICS Building Society.

The Provisional Mortgage Portfolio (as at 31 December 2024) consists of 1,426 mortgage loans advanced on 1,062 properties to 771 borrowers. The average mortgage loan balance is Eur153,686 and the maximum is for Eur3.583mln. The top 5 borrowers account for 11.93% of current balances. Borrower type: BTL – 73.65%, PDH – 26.35%. Repayment type: repayment – 46.70%, P&P – 38.60% and interest only – 14.70%. Interest rate type: variable/tracker – 91.49%, fixed – 8.51%. Defaulted: MIA>=1(%) – 14.97%, 3M+ Arrears (%) – 10.80%. The WA current indexed LTV is 48.27% (original LTV was 74.19%) and the WA seasoning is 18.07 years.

EU & UK Risk Retention: On the Closing Date, Barclays Bank Ireland Plc (the Retention Holder) will retain, as originator, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation (i) as determined in accordance with Article 6(1) of the EU Securitisation Regulation and (ii) as required by SECN 5 as it forms part of the UK Securitisation Framework, but solely as such requirements are interpreted and applied on the Closing Date only. As at the Closing Date, the Retention Requirements will comprise the Retention Holder holding not less than 5% of the nominal value of each Class of Notes sold to Noteholders.

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

STS: The securitisation transaction does not qualify as a simple, transparent and standardised transaction for the purpose of the EU Securitisation Regulation or the UK Securitisation Framework.

Compare/contrast: Mulcair Securities No.3 DAC