S.I. No. 604 of 2007

ASSET COVERED SECURITIES ACT 2001 (SECTION 61(1), (2) AND (3)) (OVERCOLLATERALISATION)(AMENDMENT) 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�) in respect of section 61(1), (2) and (3) 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(1), (2) and (3)) (Overcollateralisation)(Amendment) Regulations 2007.

2. The Asset Covered Securities Act, 2001 (Section 61(1), 61(2), 61(3))[Overcollateralisation] Regulation 2004 ( S.I. No. 419 of 2004 ) is amended by:

(1) the deletion of paragraph 3(b); and

(2) the insertion of the following after paragraph 4:

�5. For the purposes of this Regulation, �prudent market value� shall be determined in accordance with any regulatory notices in force under section 41 of the Act applicable to the type of assets concerned.�

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 amend the Asset Covered Securities Act, 2001 (Section 61(1), 61(2), 61(3))[Overcollateralisation] Regulation 2004 ( S.I. No. 419 of 2004 ) by deleting paragraph 3(b) and adding a new paragraph 5 specifying that �prudent market value� under the regulation is to be determined in accordance with any regulatory notice in force under regulation 41 applicable to the type of assets concerned.