MECENATE S.R.L. Investors Report 20/04/2011. Index

Transcription

1 MECENATE S.R.L. Investors Report 20/04/2011 Index 1. Issuer Available Funds 2. Preenforcement Interest Priority of Payments 3. Preenforcement Principal Priority of Payments 4. Target Cash Reserve Amount 5. Principal Deficiency Ledgers 6. The Notes 7. The Portfolio

2 1. Issuer Available Funds 1.1 Interest Available Funds Interest Components in respect of Mortgage Loans , Item (ii) of Interest Available Funds All interest accrued and paid on the accounts , Swap paid by the Swap counterparty in accordance with the Swap agreement , Payments received from the Issuer from any other party of the transaction document Revenue Eligible Investment Amount ,68 deriving from amount invested out of Claim Transaction Account equal to deriving from amount invested out of Cash Reserve Account equal to deriving from amount invested out of Principal Account equal to Any other amount standing to the credit of Account different from Cash Reserve Excess Allocation from Liquidity Reserve Allocation from Credit Reserve Balance of Cash Reserve Account (only if notes are completely redeemed or at Maturity date) TOTAL INTEREST AVAILABLE FUNDS , Principal Available Funds Principal Components in respect of Mortgage Loans , Item (ii) of Principal Available Funds 63, Principal Deficiency Ledger Amount , Amount credited to the Principal Account , Proceeds deriving from sale of claims Amounts to be credited as per Items (xii) and (xiii) of Interest Priority of Payments Payments received pursuant to Warranty and Indemnity agreement Balance of Expenses Account (only if notes are completely redeemed or at Maturity date) Cash Reserve amount (only if notes are completely redeemed or at Maturity date) TOTAL PRINCIPAL AVAILABLE FUNDS ,73

3 2. Preenforcement Interest Priority of Payments (1) Payment, of outstanding taxes (2) Payment, pro rata and pari passu of: Fees, costs and expenses to maintain the corporate existence of the Issuer Fees, costs and expenses to be paid in connection with listing deposit or rating of notes Fees, costs and expeses due to the Representative of Noteholders 1.800,00 (3) Payment, pro rata and pari passu of: Allocation to Expenses Account up to Retention Amount 3.467,19 the Paying Agents 750,00 the Listing Agent the Agent Bank 500,00 the Computation Agent 1.800,00 the Servicer ,34 the Corporate Servicer 2.926,03 the Collection Account Bank the Transaction Bank 1.500,00 (4) Amounts to the Hedging Counterparty ,69 (5) Interest paid on Class A Notes ,49 (6) Allocation to Class A Notes Principal Deficiency Ledger (7) Interest paid on Class B notes ,00 (8) Allocation to Class B Notes Principal Deficiency Ledger (9) Interest paid on Class C notes ,25 (10) Allocation to Class C Notes Principal Deficiency Ledger ,32 (11) Amount required to reach the Target Cash Reserve Amount (12) Amount to be retained in Principal Account as utilised under item (i) of Preenforcement Principal Priority of Payments in previous Payment dates (13) Amount to be retained on Principal Account if Junior Trigger event of Class C Notes trigger event has occurred ,20 (14) Interest and Principal payable on Subordinated Loan (15) Interest paid on Junior Notes (different from Additional Interest Amount and Additional Remuneration) (16) Allocation to Junior Notes Principal Deficiency Ledger (17) Termination amount under the swap agreement (18) Payment, pro rata and pari passu of: amounts payable to Banca Etruria in respect of Originators Claims amounts payable as Servicer Advance amounts payable under the Letter of Undertaking (19) Fees, costs and expenses to be paid to any other Issuer Creditor (20) Junior Notes Additional Interest Amount

4 (1) Sums due under items from (i) to (ix) of Interest Priority of Payments excluding item (vi) and (viii) (2) Before First Amortisation Interest Payment Date From First Amortisation Interest Payment Date ,73 (3) if item 13 equals NO: repayment of Class A notes principal amount if item (13) equals Yes: repayment prorata and paripassu of rated Notes Principal Amount Class A Notes Principal Amount Class B Notes Principal Amount Class c Notes Principal Amount (4) Interest payable on Class B notes (upon complete reimbursement of class A notes) (5) Repayment of Class B Notes principal amount (upon complete reimbursement of class A notes) (6) Interest payable on Class C notes (upon complete reimbursement of class B notes) (7) Repayment of Class C Notes principal amount (upon complete reimbursement of class B notes) (8) Principal due on Subordinated Loan agreement (upon complete reimbursement of class C notes) (9) Interest payable on Junior notes (upon complete reimbursement of class C notes) (10) Repayment of Junior Notes principal amount until the Principal Amount Outstanding of Junior notes is Eur (11) Repayment of Junior Notes principal amount outstanding (12) Junior Notes Additional Remuneration 3. Preenforcement Principal Priority of Payments Pro Rata Amortisation Conditions (a) Cash Reserve equals or exceeds Target Cash Reserve amount on two preceeding Interest Payment Dates (b) Principal Deficiency Ledger equal to zero (c) Aggregate oustanding principal of Defaulted Claims < 3.3% of Initial Portfolio Outstanding Amount (d) Aggregate oustanding principal of Delinquent Claims < 4.4% of Initial Portfolio Outstanding Amount (e) Aggregate percentage of Outstanding Principal Amount of Class B C and Junior Notes is at least % (f) Portfolio Oustanding Amount > 10% of Initial Portfolio Oustanding Amount (g) No trigger events on Class B, C and Junior Notes (h) 5 Years elapsed since issue date Aggregate Oustanding Principal of Defaulted Claims ,22 Initial Portfolio Outstanding Amount ,77 Aggregate Oustanding Principal of Delinquent Claims ,98 Initial Portfolio Outstanding Amount ,77 Aggregate Outstanding Principal Amount of class B, C and Junior ,00 Aggregate Outstanding Principal Amount of the Notes ,56 Portfolio Oustanding Amount ,20 Initial Portfolio Outstanding Amount ,77 NO NO (13) Pro Rata Amortisation Conditions met NO

5 4. Ta rget Ca sh Reserve Amount Principal Amount Outstanding of the rated notes , Percentage on Initial Amount Outstanding of the rated notes 0, Cash reserve amount of two preceding Interest Payment dates equals or exceeds Target Cash Reserve Amount yes Principal Deficiency Ledgers equal to zero yes Outstanding Principal of Deliquent claims not higher than 4.4% of Initial portfolio Outstanding Amount yes Outstanding Principal of Defaulted claims not higher than 2.02% of Initial portfolio Outstanding Amount yes years elapsed since issue date no Target Cash Reserve Amount , Cash Reserve Amount Before Payments , Amount required to reach the Target Cash Reserve Amount Ca sh Reserve Account Ledgers Liquidity Ledger Balance before payments , Allocation as per item (xi) of Income Priority of Payments Transfer to Interest Available Funds or Principal Available Funds Liquidity Ledger Balance after payments , Credit Ledger Balance before payments , Allocation as per item (xi) of Income Priority of Payments Transfer to Interest Available Funds or Principal Available Funds Credit Ledger Balance after payments ,40

6 5. Principa l Deficiency Ledgers 5.1 Principal Deficiency Amount , Junior Notes Principal Deficiency Ledger Debit balance of the Junior Notes Principal Deficiency Ledger Principal Amount Outstanding of Junior Notes , Allocation to Junior Notes Principal Deficiency Ledger , Debit balance of the Junior Notes Principal Deficiency Ledger after payments 5.3 C Notes Principal Deficiency Ledger Debit balance of the Junior Notes Principal Deficiency Ledger , Principal Amount Outstanding of C Notes , Allocation to C Notes Principal Deficiency Ledger , bis PDL to be released Debit balance of the Junior Notes Principal Deficiency Ledger after payments 5.4 B Notes Principal Deficiency Ledger Debit balance of the B Notes Principal Deficiency Ledger Principal Amount Outstanding of B Notes , Allocation to B Notes Principal Deficiency Ledger Debit balance of the Junior Notes Principal Deficiency Ledger after payments 5.5 ANotes Principal Deficiency Ledger Debit balance of the A Notes Principal Deficiency Ledger Principal Amount Outstanding of A Notes , Allocation to A Notes Principal Deficiency Ledger Debit balance of the A Notes Principal Deficiency Ledger after payments

7 6. The Notes Principal Amount Outstanding Before payment Payments due Payments done After payments Unpaid interest Principal Interest Principal Interest Outstanding principal Unpaid interest Class A Notes , , , , , ,56 Class B Notes , , , ,00 Class C Notes , , , ,00 Junior Notes , , , , ,63 Total Notes , , , , , , , ,63 Applicable Interest Rate EURIBOR SPREAD Class A Notes 1,142000% 1,012000% 0,130000% Class B Notes 1,262000% 1,012000% 0,250000% Class C Notes 1,582000% 1,012000% 0,570000% Junior Notes 3,012000% 1,012000% 2,000000% Accrual days 90 Class B Notes Trigger Event outstanding Class C Notes Trigger Event outstanding Junior Notes Trigger Event outstanding no no yes

8 Number Oustanding Principal "Oustanding Principal of the performing Claims" * ,69 "Outstanding Principal of the Delinquent Claims" * ,98 "Outstanding Principal of the Defaulted Claims" * ,22 of which: ,10 "Outstanding Principal of the Crediti ad Incaglio" * ,69 "Outstanding Principal of the Crediti in Sofferenza" * ,54 "Initial Portfolio Outstanding Amount"(at issue date) term defined in the terms and conditions of the Notes ,77 "Outstanding Balance of the Defaulted Claims at Collection Date declared during the current Collection Period (Principal Balance)" ,98 "Net Outstanding Balance of the Defaulted Claims Since Issue Date (principal balance)"* ,53 "Cumulative Defaulted Claims Since Issue Date (principal balance)" ,99 of which "Cumulative Crediti in Sofferenza Since Issue Date (principal balance)" ,17 * The data do not include the "Crediti in Sofferenza" Part 1 Collections Collections during the "Collection Period" ( ) a Collections from "Portfolio": a.1. Interest Components * ,35 a.2. Principal Components * ,92 Paid Principal Instalments ,07 Prinicipal Prepayments ,85 a.3. Penality Interests 5.419,25 a.4. Prepayments Fees ,86 a.5. Other (specify) a.6. Total (a.1. a.6.) ,38 abiscollections from "Moratoria famiglie"***: abis.1. Interest Components * abis.2. Principal Components * Paid Principal Instalments Prinicipal outstanding abis.3. Penality Interests abis.4. Other (specify) abis.5. Total (abis.1. abis.4.) b Collections from "Defaulted Claims": b.1. Principal recoveries ,09 b.2. Interest recoveries & other recoveries ,57 b.3. Amount of proceeds deriving from the sale of the Claims b.4. Amount of proceeds derivinig from the sale of the Defaulted Claims b.5. Total (b.1. b.4.) ,66 b.6. "Cumulative Collection since Issue Date from Defaluted Claims" ,87 Cumulative Principal recoveries ,63 Cumulative Interest recoveries & other recoveries ,24 c Amounts returned by the SPV c.1. Amounts previously transferred by mistake c.2. Other amounts c.3. Total (c.1. c.2.) Part 2 Portfolio status and performance ratios Portfolio Status As of the end of this period As at end of previous period Number of loans Principal outstanding ( ) % Number of loans Principal outstanding ( ) % Performing Claims ,69 95,05% ,68 94,98% Delinquent Instalments ,98 1,90% ,89 1,84% Defaulted Claims (stock) ,53 3,05% ,58 3,18% Total Outstanding Balance ,20 100,00% ,15 100,00% Break down of arrears As of the end of this period As at end of previous period Number of loans Outstanding ( ) % on total Number of loans Outstanding ( ) % on total max 30 days 0 0,00% 0 0,00% from days ,09 28,84% ,82 29,48% from days ,74 25,47% ,85 29,25% from days ,53 44,20% ,96 35,13% more than 180 days ,62 1,49% ,26 6,14% , ,89 * Terms defined in the Terms and Conditions of the Notes