I was delighted to announce this week that at Bluestone Motor Finance (Ireland) DAC, we completed our seventh securitisation programme successfully raising €43 million. It brings our total securitisation volume to €255 million, since April 2016. It sets us up nicely for what I expect will be a busy 2021.
The events of 2020 have seen challenges for lenders of all sizes in the face of concerns raised by the global pandemic. Against this backdrop, the success of our securitisation underlines the confidence of the institutional credit funds in our distinctive approach to dealer originated finance. It is a model that has continued to see Bluestone make headway in what has been a very challenging automotive market for much of the last twelve months.
As a team, we have rolled-up our collective sleeves and demonstrated our agility and resilience consistently in the way in which we have served our dealer partners and end customers. I’m incredibly proud of every team member, their energy and attitude, along with our leading-edge technology, they have demonstrated the value our service and finance can create.
Looking to 2021, I expect the continuing impact of COVID-19 on people and the economy in Ireland will make our philosophy to provide motor finance even more valuable. We have an underwriting approach that considers each customer’s circumstances when making a lending decision rather than relying on credit scoring. This tailored ethos allows us to assist customers who may have been excluded from obtaining traditional bank finance, but who can evidence a clear ability and intent to repay their loan.
In the aftermath of COVID-19, at Bluestone, we believe that the demand for our ‘can do’ attitude to car finance will increase as people look to bounce-back. We stand ready to help dealers and their customers.
My thanks to Macquarie Bank’s London based Fixed Income and Currencies team who arranged the financing programme and to the institutional credit funds in the UK and the Republic of Ireland for their ongoing support.
Finally, my best wishes for 2021 to everyone across Ireland’s car retailing sector, with the success of our latest funding round – we can move forward together.
Bluestone Motor Finance Ireland
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