Yorkshire BS chooses Target as standby servicer

Yorkshire Building Society has appointed financial outsourcing specialist Target Group as standby servicer for its €7.5 billion covered bond programme of 30,000 residential mortgages.

James Snow, CEO of Target Group, says that standby servicing is increasingly a ‘must have’ to support the successful execution of securitisations and covered bond programmes.

He commented: “Originating lenders and the investor communities need realistic standby services in place for credible resilience and continuity planning and to achieve optimum ratings.

“Target already has a track record of  successful delivery following the invocation of a standby servicing contracts for three global banks, proving we have the expertise and flexibility to ensure an efficient service  transfer if invoked.”