Services

Securitisation

The Deloitte securitisation team has been providing deal support services to clients across UK and Europe for the last 20 years and during this time we have been involved in thousands of transactions across many asset classes. Our clients include traditional retail and commercial bank lenders, building societies, specialist lenders and private equity firms.
Our securitisation services include:
 

Performing pool file agreed upon procedures

We give factual findings in the form of agreed-upon procedures reports on loan pools across all assets including residential, consumer, auto, commercial, whole loans, equity release and asset finance. Our work is typically done on a statistical basis in order to provide a statistical conclusion on a sample of the loan population, supporting clients with their debt securities, portfolio acquisition and warehouse funding transaction.

Providing prospectus comfort

Public note issuances will generally require third-party assurance on transaction prospectuses. We will build models for the transactions, use the loan data to recalculate key transaction metrics and give comfort on characteristics such as weighted average life profiles, stratification tables, historic portfolio performance and static pool data. We have completed this analysis across a wide range of different transactions, including different asset classes, transaction structures and geographical jurisdictions. Working closely with our dedicated Analytics & Modelling team, we support clients in understanding their data and getting each project over the line, often against challenging timelines.
 

Acting as Asset Pool Monitor and Asset Monitor

We support covered bond issuers by providing agreed-upon procedures reports for programme updates and assisting with series note issuances. Where the programme is RCB regulated under the FCA, we can also act as Asset Pool Monitor, which draws on our experience in the market and our understanding of the annual confirmation of compliance. This can include testing the elibility of the assets in the pool, stress testing procedures, OCT, ICT and confirming interest claim payments for each issuance.
 

Assisting the transaction by acting as the Verification Agent

As Verification Agent we carry out certain agreed-upon procedures to provide comfort that any reference obligations pertaining to a portfolio that were the subject of a credit event (i.e. failure to pay, bankruptcy of any relevant borrower, or restructuring) comply with the requirements set out in the associated credit protection deed. We may also carry out procedures to provide comfort that, in the event of a credit event, the initial loss amount is calculated in compliance with the requirements set out in the credit protection deed.
 

Conducting due-diligence on receivables origination, management, reporting, and process bench marking

Where a broader scope review is required, we conduct AUP or limited scope due diligence on an Originator’s business in order to assist you in understanding the particulars of the operations and the management function, as well as compliance with transaction criteria. This type of review typically includes procedures performed over underwriting, (special) servicing, cash management, investor/transaction reporting, IT systems, risk management functions and internal/external audit.

Key contacts

Dan Keeble

Dan Keeble

Assurance Leader, Partner

Dan leads Assurance for the UK and our North West Europe member firms. He is a partner within the Deloitte UK Financial Services practice and a qualified Chartered Accountant. Dan is the Banking Group... More