BLP completes €1bn RMBS for The Royal Bank of Scotland

Berwin Leighton Paisner (BLP) has recently completed a securitisation transaction for The Royal Bank of Scotland (RBS) as sole arranger and lead manager of the €1,054,3890,000 issue of Mortgage Backed Floating Rate Notes due 2051 by Celtic Residential Irish Mortgage Securitisation No. 16 Limited.

The deal was the latest in the Celtic series of securitisations and involved a Residential Mortgage Backed Securitisation (RMBS) of Irish mortgage loans originated by First Active p.l.c. (First Active), prior to its merger with Ulster Bank Ireland Limited (Ulster Bank).

Securitisation partner, Tamara Box led the team acting for RBS, assisted by associates Andrzej Janiszewski and Daniel Charvill, and trainee Mike Gunn while partner Tom Church acted for Deutsche Trustee Company Limited as note trustee and security trustee.

McCann FitzGerald were advisers to Ulster Bank as to Irish law.

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