First Citizen Finance


First Citizen Finance DAC


Offering finance A-Z I


from


t’s been a very busy period recently for this award winning Irish-based asset finance company, now offering finance


solutions to Irish resident consumers and non-consumers across the Motor, Agri, Equipment and CRE (Commercial Real Estate) sectors. First 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 per cent. 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 6 Auto Ireland 2019


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. Aside from the provision of Motor Finance,


First Citizen has been lending into the Irish Agri Finance sector too since 2016. In late 2018, it expanded its SME product range announcing a €100 million lending fund for Agri & SME Equipment Finance. Funding in the SME Sector is available for Agri, Transport & Logistics, Manufacturing / Engineering / Retail, Printing equipment, Materials Handling & Construction, Medical, Packaging, Renewable Energy and Technology. 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. In 2017, the company also entered the


Commercial Real Estate (CRE) lending market and recently secured a funding facility of €150m with a leading international finance player. Funding in the CRE Sector is 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 is facilitating further growth and will support the business and new lending up until 2020. The new capital raise is enabling First Citizen to develop additional products and expand its overall financial footprint in the Irish market. The company has also recently completed


the second publicly listed Irish auto securitisation, comprising of around €140m in receivables. The portfolio was again 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. Visit First Citizen’s 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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