AIB has signed a deal with HML to provide the UK’s first 48 hour ‘hot’ standby servicing arrangement. The securitisation consisted of £437.6 million of UK mortgage assets and the 48 hour back-up agreement was created to give investors further assurance over the servicing of the assets.
David Duffy, AIB chief executive, says: “This is a positive return to the markets for AIB and forms part of our longer term, diversified, funding strategy. It is also a further indicator of the improving international sentiment towards Ireland and the Irish financial system.”
A full boarding of the portfolio to HML’s platform has taken place up to the stage where the company could take over servicing responsibility at just 48 hours notice. This includes a full service specification, collections policy and letter suite. HML will receive daily feeds of the portfolio data which will be reconciled on a regular basis to allow it to execute the arrangement at any point.
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