SPECIALIST DEBT SECURITIES AND THE IRISH STOCK EXCHANGE
May 1st, 2012 by Conor McCabe
Mortgage-backed securities form part of the rise in specialised debt securities which occurs on the Irish stock exchange after 1999.
The first Irish mortgage securitisation took place in October 1995 when Irish Life Homeloans repackaged £100 million in residential mortgages as a special purpose vehicle and opened it up to investors. The company was not a retail bank – that is, its funds did not come from deposits but from the purchase of money on credit on the wholesale money markets.
The credit raised by the special purpose vehicle was used to fund more mortgages. ‘When the move is completed’ wrote the Irish Times, the company ‘will have securitised about 25 per cent of its mortgage loan book and will have boosted its lending power by £100 million.’
One month later the company announced the creation of another mortgage-backed security – this time for £200 million. Chief Executive Mr. Brian McManus said that securitisations were an important fund-raising option as they ‘could be organised quickly with a minimum of administrative, legal and technical delay.’ This certainly seems to have been the case, as in just over four weeks, Irish Life Homeloans had securitised almost 75 per cent of its mortgage book. Old mortgages were being used to fund new mortgages.
First National Building Society entered the securitisation market in 1996, with a £200 million issue, followed by another in 1998, also for £200 million.
Below is a list of Irish mortgage-backed securities that I’ve been able to identify so far, and which were listed on the Irish Stock Exchange.
From 2001 onwards they became more and more important to how Irish financial institutions funded their mortgage business, and at the same time added to the mortgage bubble itself.
The Irish Stock Exchange Daily Official List, 10th November 1995
000-165 - IRELAND RESIDENTIAL SECURITISED HOME MORTGAGES
479-600 - Class A1 Mortgage Backed Floating Rate Notes
479-611 - Class A2 Mortgage Backed Floating Rate Notes
479-622 - Class B Mortgage Backed Floating Rate
The Irish Stock Exchange Daily Official List, 30th December 1996
000-165 - IRELAND RESIDENTIAL SECURITISED HOME MORTGAGES
479-600 - Class A1 Mortgage Backed Floating Rate Notes
479-611 - Class A2 Mortgage Backed Floating Rate Notes
479-622 - Class B Mortgage Backed Floating Rate
The Irish Stock Exchange Daily Official List, 31th December 1997
000-165 - IRELAND RESIDENTIAL SECURITISED HOME MORTGAGES
479-600 - Class A1 Mortgage Backed Floating Rate Notes
479-611 - Class A2 Mortgage Backed Floating Rate Notes
479-622 - Class B Mortgage Backed Floating Rate
The Irish Stock Exchange Daily Official List, 30th December 1998
000-437 - CELTIC RESIDENTIAL IRISH MORTGAGE SECURITISATION
436-304 - Class A Secured Floating Rate Notes
436-315 - Class B Secured Floating Rate Notes
000-413 - CELTIC RESIDENTIAL IRISH MORTGAGE SECURITISATION
289-694 - Class A Secured Floating Rate Notes
289-724 - Class B Secured Floating Rate Notes
000-165 - IRELAND RESIDENTIAL SECURITISED HOME MORTGAGES
479-600 - Class A1 Mortgage Backed Floating Rate Notes
479-611 - Class A2 Mortgage Backed Floating Rate Notes
479-622 - Class B Mortgage Backed Floating Rate
The Irish Stock Exchange Daily Official List, 30th December 1999
000-437 - CELTIC RESIDENTIAL IRISH MORTGAGE SECURITISATION
436-304 - Class A Secured Floating Rate Notes
436-315 - Class B Secured Floating Rate Notes
000-605 - CELTIC RESIDENTIAL IRISH MORTGAGE SECURITISATION
852-665 - Class A Mortgage Backed Floating Rate Notes
852-665 - Class B Mortgage Backed Floating Rate Notes
000-413 - CELTIC RESIDENTIAL IRISH MORTGAGE SECURITISATION
289-694 - Class A Secured Floating Rate Notes
289-724 - Class B Secured Floating Rate Notes
000-551 - CELTIC RESIDENTIAL IRISH MORTGAGE SECURITISATION
741-224 - Class A Mortgage Backed Floating Rate Notes
741-235 - Class B Mortgage Backed Floating Rate Notes
000-618 - FASTNET SECURITIES 1 PLC
885-069 - Class A1 Mortgage Backed Floating Rate Notes
885-081 - Class A2 Mortgage Backed Floating Rate Notes
885-092 - Class M Mortgage Backed Floating Rate Notes
000-165 - IRELAND RESIDENTIAL SECURITISED HOME MORTGAGES
479-600 - Class A1 Mortgage Backed Floating Rate Notes
479-611 - Class A2 Mortgage Backed Floating Rate Notes
479-622 - Class B Mortgage Backed Floating Rate
The Irish Stock Exchange Daily Official List, 16 November 2000
SEDOL – 0436304 - CELTIC RESIDENTIAL IRISH MORTGAGE SECURITISATION No.2 plc - Class A Secured Floating Rate Notes - Ir£188,000,000
SEDOL 0436315 Celtic Residential Irish Mortgage Securitisation No..2 plc Class B Secured Floating Rate Notes Ir£12,000,000
SEDOL 0852654 Celtic Residential Irish Mortgage Securitisation No.4 plc Class A Mortgage Backed Floating Rate €285,000,000
SEDOL 0852665 Celtic Residential Irish Mortgage Securitisation No.4 plc Class B Mortgage Backed Floating Rate €15,000,000
Sedol 0289694 Celtic Residential Irish Mortgage Securitisation No.1 plc Class A Secured Floating Rate €190,000,000
Sedol 0289724 Celtic Residential Irish Mortgage Securitisation no.1. plc Class B Secured Floating Rate €10,000,000
Sedol 0741224 Celtic Residential Irish Mortgage Securitisation No.3 plc Class A mortgage Backed Floating Rate €237,500,000
Sedol 0741235 Celtic Residential Irish Mortgage Securitisation No.3 plc Class B Mortgage Backed Floating Rate €12,500,000
Sedol 0175890Celtic Residential Irish Mortgage Securitisation No.5 plc Class A Mortgage Backed Floating Rate €282,000,000
Sedol 0177249 Celtic Residential Irish Mortgage Securitisation No.5 plc Class B Mortgage Backed Floating Rate €18,000,000
ISIN – XS0118088243 Celtic Residential Irish Mortgage Securitisation No.6 plc - Class A1 mortgage backed- €280,000,000
ISIN – xs0118089134 Celtic Residential Irish Mortgage Securitisation No.6 plc - Class A2 mortgage backed - €50,000,000
ISIN – xs0118089308 Celtic Residential Irish mortgage securitisation no. 6 plc - Class B Mortgage Backed - €20,000,000
ISIN – xs0113780729 Emerald Mortgages No.1 plc Class A secured floating rate notes €473,400,000
ISIN – xs0113780992 Emeradl mortgages No.1 plc Class B secured floating rate notes €21,600,000
ISIN – xs0103524442 - Fastnet Securities 1 plc - Class A1 mortgage backed floating rate €210,000,000
ISIN – xs0103524525 - Fastnet Securities 1 plc - Class A2 mortgage backed floating rate €350,000,000
ISIN – xs0103524798 - Fastnet Securities 1 plc - Class M mortgage backed floating rate €40,000,000
SEDOL – 0479600 - Ireland Residential Securitised home Mortgages (no.1) plc Class A1 mortgage backed floating rate IR£0 (zero)
SEDOL – 0479611 - Ireland residential securitised home mortgages (no.1) plc Class A2 mortgage backed floating rate IR£0 (zero)
SEDOL – 0479622 - Ireland residential securitised home mortgages (no.1) plc Class B Mortgage backed floating rate IR£0 (zero)
ISIN – xs0113180888 - Liberator Securities no.1 plc - Class A mortgage backed floating rate €477,000,000
ISIN – xs0113181779 - Liberator Securities no.1 plc - Class B mortgage backed floating rate €23,000,000
