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Transfer of Portfolio of Mortgage Loans from Ulster Bank Ireland DAC to Permanent TSB plc (the ‘Transaction’)

This note relates to the transfer of certain loans by Ulster Bank Ireland DAC to Permanent TSB plc (PTSB) as part of the Transaction. Colleagues should note that, to address any challenges that may arise for practitioners or borrowers (due to the time required to register the volume of charges pursuant to the Transaction), PTSB confirms that it has agreed the following interim process with Tailte Éireann (TÉ). This aims to facilitate PTSB in releasing and discharging redeemed mortgages that form part of the Transaction, prior to completion of the registration of the Transaction in TÉ.

Inclusion of redacted Form 56 Transfer Deed

Following receipt of evidence by PTSB that a loan that forms part of the Transaction has been redeemed in full – but where the transfer of the charge has not yet been registered in TÉ and has not yet been assigned a dealing number – PTSB confirms that it will provide:

1. a redacted copy of the Form 56 Transfer Deed (pursuant to which the redeemed loan/charge was acquired with the relevant loan/charge highlighted) to the redeemed party or their solicitor, along with
2. a deed of discharge executed by PTSB.

PTSB reports that this will facilitate the party redeeming their loan in lodging an application with TÉ for discharge of the charge. It will also provide sufficient evidence of the chain of title to TÉ to enable TÉ to register the discharge of the relevant charge. 

PTSB confirms that any TÉ application should refer to ‘Project Sun’ for identification purposes so that TÉ can identify that the application forms part of the Transaction and, as such, is covered by the agreed interim process.  PTSB confirms that there is no requirement for practitioners to lodge the Power of Attorney and legal statement applicable to the Transaction.

Update of PTSB Form of Deed of Discharge

Where a dealing number has been obtained, PTSB confirms that its standard deed of discharge will be amended to recite the dealing number of the relevant application for registration of the charge. PTSB reports that this will evidence the chain of title and enable TÉ to process the deed of discharge and, ultimately, register the discharge of the relevant charge. As above, the TÉ application should refer to ‘Project Sun’, for identification purposes.