Morglas ABS 2025-1 PLC: 25 October 2025

A stand-alone transaction, where the Issuer will make payments on the Notes and Certificates from a portfolio of unsecured consumer loans advanced by the Seller to individuals resident at the time of the initial advance in the United Kingdom.

The Portfolio will consist of unsecured consumer loan agreements regulated under the Consumer Credit Act 1974 to individuals resident in England, Wales or Scotland at the time of the initial advance. Such loans were entered into by Admiral as the original lender in the ordinary course of its business.

As at the portfolio reference date (31 August 2025) the pool consisted of 22,135 receivables, where the Average Outstanding Receivables Balance is £12,058 and WA seasoning is 7.61 months.

UK & EU Risk Retention: Barclays Bank PLC (the Retention Holder) as “originator” will retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation at the Closing Date. Such interest will take the form of the Retention Holder holding not less than 5% of the nominal value of each Class of Notes.

US Risk Retention: The Seller intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions that meet certain requirements. The transaction is not structured to comply with the US Risk Retention Rules, and no party to the transaction intends to retain at least 5% of the credit risk of the securitised assets.

STS: The Notes and Certificates are not intended to be designated as a STS securitisation within the meaning of the EU Securitisation Regulation or the UK Securitisation Framework.

Compare/contrast: Asimi Funding 2025-1, PCL Funding X plc (Series 2025-1)