First Citizen Finance


First Citizen Finance DAC


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irst Citizen Finance DAC was established in late 2012 by the former senior management team of permanent tsb Finance. Prior


to its sale in 2012, this management team led the largest consumer finance company in Ireland, with a market share in excess of 35%. At its peak, the IT platform was processing circa 100,000 applications per annum for credit in Ireland over a range of diverse products including car finance, agricultural machinery, office equipment, computers and film finance investment. First Citizen Finance acquired this


operational platform and has retained and enhanced its capabilities over the past few years. This allows it to service a wide range of Asset-backed loan portfolios, comprising of Consumer and Non-Consumer Hire Purchase, Leasing and Contract Hire products across a variety of different asset classes. First Citizen has developed its own


proprietary online system, ‘Autoline’, which allows SIMI motor dealers to electronically process the applications through to activation / payment stage. Currently, over 60% of all motor applications are processed through Autoline.


6 Auto Ireland 2018 rely on Furthermore, First Citizen was appointed


as an On-Lender for the Strategic Banking Corporation of Ireland (SBCI) in April 2016 and provides bespoke asset finance solutions for the Agri Sector through its subsidiary company, First Citizen Agri Finance DAC. Its online system used by Agri Dealers is called ‘AgriConnect’ and helps facilitate a speedy overall process. Together, First Citizen and the SBCI have combined their resources to provide a €50m lending facility, specifically for Agri Assets. First Citizen focusses exclusively upon the


Irish market. All customers are resident in the Republic of Ireland and all assets financed are located and registered here. The company has recently entered the


Commercial Real Estate (CRE) lending market and has just secured a funding facility of €150m with a leading international finance player. Funding in the CRE Sector will be available for office, retail, industrial, multi-family residential and mixed use investment property. For all of its product offerings, the company’s


platform has full cradle to grave functionality, including distribution, origination, underwriting, customer service and collections / special servicing. First Citizen owns the Intellectual


Property Rights of all of the key systems used in the business and has the capability to substantially grow the business over the coming years. First Citizen, as part of its ongoing growth


strategy and commitment to the Motor Industry, among other sectors, recently concluded negotiations for a new capital raise totalling €70m. This new investment will facilitate further growth and support the business and new lending up until 2020. The new capital raise will enable First Citizen to develop additional products and expand its overall financial footprint in the Irish market. The company has also recently


completed the first publicly listed Irish auto securitisation, comprising of around €158m in receivables. The portfolio was rated AAA / Aaa by rating agencies Moody’s and Standard and Poor’s. It has allowed them to access competitive funding on the European markets and together with planned future securitisations will help them offer substantial opportunities to the Irish Motor Industry. First Citizen has recently launched a new


website, www.firstcitizen.ie, where further details about the company and products on offer can be found.


First Citizen Finance DAC is authorised by the Central Bank of Ireland as a Retail Credit Firm


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