Asset Covered Securities programme

IBRC Mortgage Bank €10,000,00,000 Asset Covered Securities (ACS) programme

IBRC Mortgage Bank was incorporated in December 2008.  IBRC Mortgage Bank is a Designated Credit Institution for the purposes of the Asset Covered Securities Act 2001 as amended. This programme provides for the issuance of up to €10bn of Asset Covered Securities backed by commercial mortgage loan assets.

In accordance with the Regulatory Notice re sections 41(1) and 41A(7), as applied and modified by 41B, of the Asset Covered Securities Act 2001 (No.47 of 2001), IBRC Mortgage Bank uses the following reference indices:

• Jones Lang LaSalle Irish Property Index for its Irish commercial property assets.
• IPD UK Quarterly All Property Index for its UK commercial property assets.

As of 10 February 2012, IBRC Mortgage Bank voluntarily undertakes to maintain an Overcollateralisation Level of at least 162%.

For the purpose of this undertaking, Overcollateralisation Level means the proportion of the total principal amount outstanding of commercial mortgage credit assets and substitution assets comprised in the cover assets pool to the total principal amount outstanding of asset covered securities issued by IBRC Mortgage Bank.

IBRC Mortgage Bank will not reduce the Overcollateralisation Level or cancel this voluntary undertaking without first making a public statement.

This voluntary undertaking does not increase or affect the minimum level of regulatory overcollateralisation nor the minimum level of contractual overcollateralisation that IBRC Mortgage Bank must maintain in accordance with the ACS Act.

Please contact portfoliomanagementgroup2@ibrc.ie for further information.