O'Neill v Celtic Residential Irish Securitisation PLC & Ors (Approved)

1.������ The background to these proceedings can be summarised in the following way:� in March and April 2007, the plaintiff availed of three loan facility offers from First Active plc: a loan of �230,000 on loan account 40463704 (hereinafter the �3704 loan�); a loan of �595,000 on account no. 40463908 (hereinafter the �3908 loan�) and a loan for �1,100,000 on loan account no. 40472931 (hereinafter the �2931 loan�).��

2.������ The plaintiff maintains that it was agreed between him and First Active plc that each of these loans were to be repaid by way of interest only repayments for a period of 25 years.� He stated that he was shocked and horrified to learn in 2012 that Ulster Bank, which had taken over the business of First Active plc, maintained that the interest only period was only for a period of five years from the time that the loans were taken out in March and April 2007.�

3.������ According to Ms. Catherine Corbett, Head of Term Funding and Money Markets with Ulster Bank Ireland DAC, two of the plaintiff�s loans (nos. 3704 and 3908) were sold by Ulster Bank Ireland Limited to the sixth defendant.� This was done by way of securitisation, whereby the legal title to the loans remained with Ulster Bank Ireland Limited (now Ulster Bank Ireland DAC).� That mortgage sale agreement was dated 20th November, 2008.

4.������ Ms. Corbett stated in her affidavit that by way of mortgage loan repurchase deed dated 13th May, 2015, Ulster Bank repurchased the beneficial interest in the loans, including the plaintiff�s two loans, being loans numbers 3704 and 3908.�

5.������ According to Ms. Corbett, the plaintiff�s loan bearing no. 2931 was not securitised with the sixth defendant.� She further states that the seventh defendant never had any dealings of any nature with any of the loans made to the plaintiff.