Transfer of Rights and Obligations of INBS to Anglo Irish Bank in respect of securities issued by Armoin Residential Securities Limited

Class A €1,214,309,000 Mortgage Backed Fixed Rate Notes due April 2050 (the “Class A Notes”)Class B €286,691,000 Class B Mortgage Backed Fixed Rate Notes due April 2050 (the Class B Notes”)issued byArmoin Residential Securities Limited(the “Issuer”)on or about 9 March 2009

Transfer of Rights and Obligations of INBS to Anglo in respect of the Armoin securitisation documents - INBS Transfer Order

Today, 1 July 2011, the Minister for Finance announced the immediate transfer of all assets and liabilities of Irish Nationwide Building Society (“INBS”) (with the exception of certain excluded liabilities) from INBS to Anglo Irish Bank Corporation Limited (“Anglo”) by a Transfer Order made under Section 34 of the Credit Institutions (Stabilisation) Act 2010 (“CISA”) (the “INBS Transfer Order”), following prior consultation with the Central Bank of Ireland,

The INBS Transfer Order was made by the Irish High Court under powers granted by the CISA and facilitates the Minister for Finance’s plan to implement the reorganisation and restructuring of INBS, amongst other matters.

From 1 July 2011, the legal effect of the INBS Transfer Order is that Anglo has the same rights and obligations in respect of the transferred assets and liabilities as INBS had immediately before the transfer and INBS no longer has those rights and obligations. 

All of the rights and obligations of INBS under the agreements relating to the securitisation transaction entered into by the Issuer have been transferred to Anglo pursuant to the INBS Transfer Order. Importantly, Anglo has assumed all obligations of INBS as Servicer under the Mortgage Management and Agency Agreement and the Account Bank Agreement and as Subordinated Loan Provider under the Subordinated Loan Agreement, as well as any residual obligations of INBS as seller of the mortgage loans to the Issuer under the Mortgage Sale Agreement. The rights and obligations of the Issuer and other parties to the securitisation documents are not otherwise affected.

The INBS Transfer Order takes effect notwithstanding any provision of any law or agreement providing for notice, consent, approval or concurrence of any person.

The INBS Transfer Order is a reorganisation measure for the purposes of Directive 2001/24/EC of the European Parliament and of the Council of 4 April 2001 (the "CIWUD Directive") and the European Communities (Reorganisation and Winding-Up of Credit Institutions) Regulations 2011 of Ireland (the "2011 Regulations").

Accordingly, the INBS Transfer Order is intended to have full effect in accordance with the CIWUD Directive, the 2011 Regulations and the CISA including, in particular but not limited to, Section 61 of the CISA.

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Related Links:

More Detailed Customer Mortgage Information

Department of Finance Statement on Transfer Order

Central Bank Statement on Transfer Order

INBS Transfer Order