S.I. No. 606 of 2007

ASSET COVERED SECURITIES ACT 2001(SECTION 61(2)) (REGULATORY OVERCOLLATERALISATION) REGULATIONS 2007

Notice of the making of this Statutory Instrument was published in

�Iris Oifigi�il� of 7th September, 2007.

In exercise of the powers conferred on the Authority by section 91(1) of the Asset Covered Securities Act 2001 (No. 47 of 2001) (the �Act�), including without limitation by reference to section 91(2)(i) of the Act, in respect of section 61(2) of the Act, the Irish Financial Services Regulatory Authority, in performance of the functions of the Authority in accordance with section 33C(1)(a) of the Central Bank Act 1942 (No. 22 of 1942), hereby makes the following regulations:

1. These regulations may be cited as the Asset Covered Securities Act 2001 (Section 61(2)) (Regulatory Overcollateralisation) Regulations 2007.

2. A cover-assets monitor appointed in respect of a designated mortgage credit institution shall take reasonable steps to verify that the institution will be in compliance with section 32(15) of the Act.

Signed for and on behalf of

THE IRISH FINANCIAL SERVICES REGULATORY AUTHORITY

31 August 2007

Mr. PATRICK NEARY

Chief Executive

Irish Financial Services Regulatory Authority

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

These regulations prescribe that a cover-assets monitor appointed in respect of a designated mortgage credit institution shall, before that institution issues mortgage covered securities, or enters into a cover assets hedge contract, take reasonable steps to verify that the institution will be in compliance with section 32(15) of the Asset Covered Securities Act 2001 .