Dilosk Welcomes €1 Billion Funding Support For Non-Bank Lenders
Dublin, Ireland: Dilosk DAC (trading as ICS Mortgages) welcomes the announcement by the Competition and Consumer Protection Commission (CCPC) that Bank of Ireland will make available €1 billion in total funding to Dilosk and Finance Ireland through the purchase of residential mortgage backed securities to be issued in the future. This commitment will contribute to the Irish mortgage market through an increase in funding and an expected reduction in the cost of funding.
Dilosk, as an established issuer in the European securitisation market, has enjoyed the backing of a wide array of financial institutions and the Bank of Ireland announcement will further support the Dilosk funding model and assist its growth ambitions as a leading non-bank lender in the market.
Dilosk earlier this month agreed its largest warehouse facility with three international investment banks providing it with up to €900 million of funding. This new warehouse facility will allow Dilosk build on its five major bond deals totalling €1.3 billion issued into international markets since 2015. Today’s Bank of Ireland commitment to invest in future residential mortgage backed securities will further support Dilosk/ICS Mortgages continued growth ambitions and success.
“We welcome the CCPC announcement and in particular the news that Dilosk has been announced as one of the two recipients that will receive €500 million each for our securitisation programme over the next three years. This funding availability is a positive development for the Irish mortgage market which will support ICS Mortgages’ growth and ambitions to reach a 10% market share over the next few years. We also welcome the acknowledgment from the CCPC of the key role that non-bank lenders such as ICS Mortgages have now, and will provide in the medium term in promoting competition and providing an alternative choice to Irish consumers for their mortgage needs.”
Dilosk currently has circa €1.4 billion of mortgages under management.