Permanent TSB Group Holdings PLC Securitisation of a Non-Performing Loan Portfolio (9448I)
November 29 2018 - 11:00AM
UK Regulatory
TIDMIL0A TIDM73HR
RNS Number : 9448I
Permanent TSB Group Holdings PLC
29 November 2018
This announcement contains inside information under Article 17
of Regulation (EU) 596/2014.
29 November 2018
PERMANENT TSB GROUP HOLDINGS PLC
SECURITISATION OF A NON-PERFORMING LOAN PORTFOLIO
Permanent TSB plc ("PTSB"), a wholly owned subsidiary of
Permanent TSB Group Holdings plc announces today that it has
entered into a securitisation arrangement for a portfolio of
Non-Performing Loans (NPLs), through a Special Purpose Vehicle
named Glenbeigh Securities 2018-1 DAC (Glenbeigh Securities). PTSB
has transferred the beneficial interest in the loans to Glenbeigh
Securities that, in turn has issued notes backed by these loans.
PTSB will hold 5% of the notes.
The transferred NPL portfolio will continue to be serviced by
PTSB for a period of up to six months. At the end of this period,
1) Pepper Finance Corporation (Ireland) DAC trading as Pepper Asset
Servicing will act as the Master Servicer on behalf of Glenbeigh
Securities; and, 2) legal title to the loans will be transferred to
Pepper Finance Corporation (Ireland) DAC.
The transferred NPL portfolio has a gross balance sheet value of
c.EUR1.3 billion and a net book value of c.EUR0.91 billion. The NPL
portfolio carries a risk weighting of c.EUR0.91 billion. In the
year to December 2017, the portfolio generated an operating income
of c.EUR4 million. At completion, PTSB will receive a consideration
of c.EUR0.89 billion. The proceeds will be used for general
corporate purposes.
The Glenbeigh transaction, together with Project Glas (which was
announced in July) when completed, is expected to reduce the NPL
ratio from c.26% at 1 January 2018 to less than 10%. The Glenbeigh
transaction is expected to increase the Common Equity Tier 1 (CET
1) ratio by c.30 basis points on a transitional basis, subject to
regulatory approval.
Ends
For further information, please contact:
Eamonn Crowley Rajesh Manirajan Ray Gordon
Chief Financial Officer Head of Investor Relations Gordon MRM
eamonn.crowley@permanenttsb.ie rajesh.manirajan@permanenttsb.ie ptsb@gordonmrm.ie
+353 1 669 5354 +353 1 669 5622 +353 87 241 7373
Note on forward-looking information:
This Announcement contains forward-looking statements, which are
subject to risks and uncertainties because they relate to
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends, and similar expressions concerning
matters that are not historical facts. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors, which may cause the actual results, performance or
achievements of the Group or the industry in which it operates, to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. The forward-looking statements referred to in this
paragraph speak only as at the date of this Announcement. The Group
undertakes no obligation to release publicly any revision or
updates to these forward-looking statements to reflect future
events, circumstances, unanticipated events, new information or
otherwise except as required by law or by any appropriate
regulatory authority.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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