| Third RMBS for Irish market |
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| Ireland’s largest life insurance and mortgage company, Irish Life & Permanent plc, (IL&P) has issued its second residential mortgage backed securitisation (RMBS), Fastnet Securities 2 PLC. It is the largest ever residential mortgage backed securitisation programme undertaken by an institution in Ireland. |
Ireland’s securitisation market has never been busier, with another mortgage bank securitising its home loans.
Following First Active and Start Mortgages’ recent forays into the market, Ireland’s largest life insurance and mortgage company, Irish Life & Permanent plc, (IL&P) has issued its second residential mortgage backed securitisation (RMBS), Fastnet Securities 2 PLC. It is the largest ever residential mortgage backed securitisation programme undertaken by an institution in Ireland.
Fastnet Securities 2 PLC will issue €2.15 billion in residential mortgage-backed floating-rate notes, the collateral will consist of first-lien residential mortgage loans originated by IL&P in the Republic of Ireland.
According to Peter Fitzpatrick, group finance director of IL& P, the international interest in the programme underlined the confidence in the Irish housing market; ‘This offering attracted very strong demand right across Europe with over 75 financial institutions supporting the offer,’ he said.
Fitzpatrick confirmed that the funds raised will be used to support mortgage lending at permanent tsb bank. IL&P has an approximate 20 per cent share of the Irish residential mortgage market.
EBS Building Society is also expected to shortly issue its fourth RMBS in its Emerald series. |
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| Article appeared in the August 2006 issue.
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