It was announced today that Permanent TSB has entered into a so-called “securitisation agreement” that will see over 6,000 loans moved to a special purpose vehicle which will be financed on the bond markets.
The nature of the transaction and the transfer of loans is similar to a mortgage sale. Permanent TSB has said that it will continue to service the loans for a period of 6 months and then the servicing will be transferred to Pepper Finance Corporation.
Pepper Finance Corporation will then hold legal title to the loans and will handle day to day management of the loans.
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