►
Description
Forum Post: https://forum.makerdao.com/t/collateral-onboarding-call-42-monetalis-mip65-mip68-ama/14829
We hosted Allan Pedersen @Allan_Pedersen and Alessio Marinelli @wrongcomma to lead a discussion on the evolution of Monetalis’s strategy to onboard real-world assets by building a pathway for financial institutions and high-quality investment teams into DeFi.
A
Well,
I
perfect
so
welcome
maker,
dow
community
and
welcome
to
the
42nd
collateral
onboarding
call
I'm
retro
from
the
sustainable
ecosystem
scaling
core
unit,
and
I
have
the
pleasure
of
being
joined
by
monita's
group.
Today,
alan
peterson
and
alessio
marinelli
they
mata
taos,
has
become
a
household
name
at
the
maker,
dao
forums
being
involved
with
the
community
since
mid-2021
and
today
they're
here
to
present
their
evolution
of
their
strategy
for
onboarding
real
world
assets
to
maker.
A
B
Great,
thank
you
very
much.
Thank
you
yeah.
So
so
thank
you
for
arranging
this
virtual,
very
kind
so
to
today
is
really
primarily
a
q,
a
so
we're
open
for
any
any
kind
of
questions
you
you
might
have
we've
put
together
a
really
short
presentation
on
some
of
the
key
points
we
think
are,
are
the
merits
of
of
what
we're
doing
and,
and
hopefully
they
can
add
some
some
clarity
to
to
some
of
the
points
that's
been
made
in
the
forum
previously
I'm
joined
with
alessio.
B
You
can
just
move
forward
and
leslie
the
the
the
first
step
is,
is
sort
of,
as
as
we
think,
about
using
dye
in
the
in
the
real
world,
and
here
we've-
I've
illustrated
dye
here
with
this
sort
of
world
shaper,
dr
maker
here,
and
and
what
are
we
going
to
use
it
for,
and
I
hope
where
we
all
seem
to
be
moving.
Our
thoughts
is
that
we
want
to
do
it
of
course,
make
money
grow.
B
B
So
so
how
do
we
do
that?
And-
and-
and
this
was
another
part
of
of
our
background
is-
is
we
need
to
seek
high
standards
for
when
we
enter
into
the
to
the
threatfire
world?
Because
you
know
they
will
be
looking
at
at
any
crypto
affairs,
particularly
large
scale,
into
the
track
fight
world
with
the
with
with
you
know,
in
in
deep
detail.
So
so
we
need
to
set
some
fairly
high
standards
for
ourselves.
B
So
the
first
one
is,
of
course,
being
a
good
corporate
citizen,
making
sure
that
our
investments
are
appropriate
using
good
governance
using
good
legals.
Losing
good
regulations
then
that
there,
by
the
way,
is
a
spotless
cheetah.
They
exist
out
in
the
nature
and
and
the
point
being
that
we
need
to
be
somewhat
spotless.
B
That's
the
point
of
the
illustration:
that's
the
only
explanation
or
the
only
illustration
I'll
need
to
explain,
and
then
the
other
part
is
try
to
make
sure
that
the
money
that
we
put
into
the
traditional
finance
world
they
go
to
a
place
where
they
are
a
positive
market
force.
I
think
that's
very
important,
particularly
here
in
the
first
steps.
So,
that's
why
clean
money
investing
came
up
as
being
a
key
part
of
our
entry
into
this
world.
B
We
need
to
not
distort
markets,
we
need
to
seek
places
where
there
is
competition
and
and
where
we
can,
we
we
can
end
it
at
innovation
as
well.
We
think
those
things
have
high
standards
and
being
a
positive
market
force
are,
are
important
for
how
we
enter
in
and
and
engage
with
the
traffic
world.
So
those
were
the
thoughts
we
had
behind
this
when
we
were
thinking
about.
So
how
do
we
design
the
right
way
of
entering
into
traffic
together
with
maker?
How
can
we
help
that
happen
unless
you
jump.
B
Okay,
so
we
we
jump
now
straight
to
to
monitor
this
solution
and
I
think
it's
best
represented
now
in
in
three
components
it
was
less
before,
but
you
know
we
learn.
We've
learned
a
lot
over
the
past
year
about
what
works
with
what
doesn't
and
and
and
what
seems
to
fit
and
what
doesn't
seem
to
fit
the
the
the
key
part
or
the
biggest
part
of
where
we
clearly
were
underestimating.
B
That
is
actually
a
it's.
The
substantive
piece
christian
is,
is
working
a
lot
with
it,
and
you
know:
we've
spoken
a
lot
about
it
as
well,
but
that's
some
piece
that
we
we
need
to
focus
a
lot
more
on
than
we
had
originally
thought.
We'll
present
a
little
bit
more
about
that
later,
then
we
have
two
horses
we
think
we'd
like
to
to
to
put
at
the
hands
of
maker.
No
don't
go
back,
I'm
not
done
the
first
one.
A
B
B
I
know
sebastian
is
working
a
lot
on
this
and
and
of
course,
what
we
hope
to
do
is
is
opening
up
that
box
via
clydesdale
and
giving
him
a
lot
more
tools
that
he
can
work
with
and
then,
of
course,
do
it
fast
because
right
now,
as
the
markets
are
moving,
we
want
to
make
sure
that
we
can
get
some
of
this
going
really
fast.
So
we
can
start
building
some
some
yield
and
diversify
from
circle
as
a
counterparty
to
have
other
other
counterparties
as
well.
B
On
the
other
side
of
you
know,
on
the
right
hand,
side
I
suppose
we
have
lucitano,
which
is
a
it's
actually
a
it's.
A
portuguese
horse
that
is
a
clever,
could
turn
on
a
dime
and
and
are
generally
yeah
one
of
the
better.
It's
a
it's
a
pleasure
to
ride,
but
but
that's
the
one
where
we
want
to
try
and
onboard
various
credit
teams
to
create
a
platform
where
we
can
start
having
some
more
innovative
solutions
as
well
and
add
them
to
the
bench
of
maker.
B
B
So
so
here,
we've
we've.
I've
listed
somewhat
what
I
already
said:
the
the
the
clydesdale
part,
which
is
to
try
and
engage
with
high
quality
asset
managers
and
use
that
as
a
tool
to
do
a
community
driven
portfolio
selection
for
how
to
replace
some
of
the
usdc
here.
In
the
first
mib
65
we're
requesting
500
and
then
we're
now
working
we've
already
ill.
We've
we've
presented
bail
gifford
as
one
investment
manager.
B
Here
I
think
last
week
we'll
be
presenting
something
about
blackrock
as
well
and
there's
another
one
that
may
be
coming
as
well.
We're
trying
to
see
if
we
can
find
the
the
right
investment
manager
and
the
right
kind
of
mix
between
the
various
products
that
they
have
available.
That
seems
to
suit
the
community.
The
key
is
to
open
up
this
toolbox
and
let
the
community
decide
how
it
wants
to
put
this
money
out,
and
then
we
want
to
give
the
tools
we
make
that
possible.
B
B
How
big
is
the
the
amount
of
of
cars
that
are
electrical
and
so
forth
and,
of
course,
as
I
said,
the
one
that
everybody
that
we
thought
was
thought
was
somewhat
simple
arena
that
we
need
to
to
to
build
and
and
have
some
good
plans
for,
but
we've
designed
this
for
us
to
get
going
fast,
because
I
really
think
we
want
to
put
some
results
in
the
hands
of
maker
on
both
these
on
all
these
things.
The
arena
is
somewhat
ready
to
to
go.
B
We
need
to
work
some
more
with
christian,
but
then
it
can
move.
Arena
is
used
for
both
lucitan
and
clydesdale
clydesdale,
we're
working
through
the
various
asset
managers,
but
as
soon
as
we
have
chosen
the
right
strategy,
it
is
ready
to
go.
We
have
the
various
counterparties
ready
in
terms
of
how
to
operationalize
it
same
with
lucitan.
B
We
can
package
them
ourselves,
we're
doing
our
own
investments,
we're
not
but
makers
doing
own
investments.
We
start
doing
market
making,
there's
a
lack
of
market
making
for
for
some
of
these
bonds,
there's
very
little
liquidity
in
fact
integrate
directly
into
these
markets.
I
think
there's
a
it's
a
big
chance
for
us
to
continue
down
this
path
with
this
vision
to
build
something
great
in
the
climate,
fixed
income
space.
B
B
B
B
If,
if
this
really
kicks
off
even
a
lot,
less
growth
would
be
fine,
but
the
point
is:
there's
so
much
growth
being
being
made
that
there's
a
chance
that
we
can
actually
build
a
position
in
here
with
with
the
bagging
I
mean,
given
that
the
currency
of
the
eye
grows
dramatically
and
we
continue
to
be
opinionated
about
what
we
believe
is
truly
a
climate.
Changing
bond
finance
next
one:
okay
arena,
that's
next
one!
B
I
just
want
to
give
you
an
idea
of
what's
going
on
and
how
it
sort
of
works,
so
so
to
give
you
an
idea
of
the
scope
scaling
this
so
a
a
cell
or
or
one
version
of
of
arena
that
would
be
attached
to,
for
instance,
clydesdale
or
lucitano
would
look
like
this
arena
number
one
version,
one:
okay!
So
so
there's
a
mig-21!
That's
the
protocol
that
we're
using
right
now,
robert
has
you
know
they
know
all
about
that
and
how
to
implement
it.
There's
a
trust.
B
That's
the
legal
structure
that
that
we
use,
I
know
others
use
foundations,
depends
on
on
on
jurisdiction
and
other
things.
Trust
is
sort
of
what
what
works
well,
but
so,
so
the
legal
structure
isn't
what
to
put
in
in
fairness
is
not
a
a
giant
document
for
for
us
anyways,
the
the
second
part,
but
look
at
the
list
below
the
amount
of
third
parties
you
actually
need
to
engage
with
or
who
needs
to
be
happy
with
the
idea
of
having
a
trust
with
a
cryptocurrency
as
as
beneficiary
is,
is
quite
long.
B
You
need
a
professional
trustee
to
to
sit
directly
control
and
usually
hold
shares.
You
need
a
case
agent
to
make
sure
that
somebody
is
actually
responsible
for
the
cash
you
know
and
it
doesn't
come
into
other
other
parties
hands
a
security
agent
often
to
to
actually
hold
whatever
security
might
be
behind
various
lending.
B
Whatever
lending
is
here,
auditors,
accounting,
bank
custodian
services,
legal
advice,
tax
advisor,
there's
quite
a
lot
of
pieces.
That
needs
to
be
put
together
and
you
need
to
get
them
agreeing
on
this,
that
that
in
itself
was
actually
quite
a
a
big
deal
getting
the
bank
to
agree
to
a
trust
that
had
this
beneficiary
and
so
and
so
forth.
B
The
but
the
most
important
part
there,
where
I
think
a
lot
of
the
research
have
gone
into
now
or
thinking
now
has
been
in
the
governance
package.
I've
sort
of
graded
out
here,
the
construct
I
think
most
are
have
come
to
is-
is
that
there's
maker
votes,
which
all
obviously
should
be
you
know
limit
free.
They
can
decide
anything
within
legal
constraints
for
what
should
happen
to
this
protract
the
to
this
trust,
including
wind-up
or
liquidation.
B
If
you
might,
then
a
a
committee
structure
that
monitor
report
can
potentially
decide
or
approve
on
minor
exceptions
and
then
the
trustee
who
should
fundamentally
make
sure
that
a
day-to-day
operation
happens.
Basically,
they
should
be
instructing
the
various
parties
or
third
parties
you
see
below
and
the
way
we
we
try
to
do
it
or
or
try
to
make
sense
of
it
all
is,
is
to
do
decision
and
responsibility
matrix
is
to
to
map
out
in
the
case
of
clients
tale
okay.
B
B
There's
clarity
around
responsibilities
and
clarity,
around
processes
for
how
they
should
be
executed,
and
then,
usually
all
this
is
done
via
instructions,
basically,
the
maker
as
the
one
who
can
instruct
the
trust
or
trustees
also
instructs
the
committee
and
so
on
now
the
the
fact
is
I
put
in
can
go
back.
I
put
in
here
iterations
in
the
real
life
is
because
sometimes
you
find
some
of
the
counterparties
will
go
only
so
on
so
far,
there's
only
so
so
many
things
they're
willing
to
take
responsibility,
so
this
is
sort
of
a.
B
I
should
put
it
a
compromise,
a
process
of
compromise
and
iteration.
You
work
with
all
these
parties
until
you
find
a
place.
That
seems
satisfying.
That's
why
I
I
put
it
up
here,
an
initial
satisfying
solution,
meaning
it's
a
it's:
okay
in
terms
of
protection
and
it's
okay
in
terms
of
making
everybody
work
and-
and
it's
not
too
odorous
to
to
to
manage.
B
So
that's
where
we're
going
for
a
satisfying
solution,
it's
not
necessarily
the
best,
because
who
knows
what
that
is
and
so
on,
but
that's
what
we're
going
for
and
what
I
want
to
be
clear
about
is
when
you
have
that
structure,
you
can
copy
it
right.
So
this
is
the
key
thing
that
we
need
to
do.
We
build
this.
We
understand
clearly
how
it
works
and,
and
and
you
start
copying
it
because
the
key
is
to
not
have
a
single
point
of
failure
in
in
in
in
this
system.
B
So
I
build
arena
1
v1,
that's
with
kleistale,
then
I
build
arena,
2
v1,
which
is
with
lucitano,
and
then
I
already
have
two
of
these
pieces,
two
two
of
these
structures
and
very
likely,
because
I
don't
want
single
pointer
failure.
This
is
vital.
This
is
the
representation
of
maker
in
the
real
world.
B
You
probably
also,
in
my
view,
as
I
put
here
on
the
on
the
right
side-
would
have
a
variation
on
jurisdiction,
variation
on
sizes
and
on
third-party
providers.
So,
for
instance,
let's
say
you
we
get
mip
65,
500
million.
We
put
it
into
a
bvi,
we
select
various
parties
and
so
on.
We
will
not
do
a
straight
copy
of
that
for
the
next
trans.
Let's
say
we
got
500
million.
B
We
might
think
about
using
putting
that
in
a
different
jurisdiction
and
trying
to
use
a
slightly
different
blank
and
a
slightly
different
trustee
and
so
on,
because
the
whole
part
here
is
to
use
a
copy,
but
vary
over
time,
because
if
any
of
these
fails,
I
need
to
have
pieces
that
I
can
move
around
if
one
of
the
I
don't
know
if
you've
ever
tried
it.
But
I
have
definitely
where
a
bank
says
we
can't
work
with
you've
got
a
month
to
to
to
to
to
find
another
one
and
it's
impossible.
B
You
can't
actually
do
it
in
a
month,
so
so
it's
very
important
with
regulation,
all
the
things
that
are
happening
around
crypto,
that
you
make
sure
that
you
have
a
variation
of
them.
So
what
I
expect
over
time
is
that
you
would
have
a
complex,
as
I
say,
of
arena,
one
two
to
ten,
depending
on
what
kind
of
businesses
and
the
sizes
you
have
working
with
with
maker
and
and
somebody
somebody
and
that,
and
that
that
of
course
does
needs
to
set
these
up.
Monitor
them,
be
ready
for
a
rapid
move.
B
If,
if
somehow
one
of
these
jurisdictions
become
crypto
unfriendly,
we
have
to
move
and
then
hopefully
we
have
setups
elsewhere
that
we
can,
we
can.
We
can
make
it
work
with
monitor
the
third
parties.
The
committee
is
doing
a
lot,
but
still
you
will
have
to
monitor
that
all
these
things
are
are
are
okay.
You
need
this
sort
of
disaster
plan
that
we
talked
about.
B
What?
If,
for
some
reason,
this
one
closes
down
or
this
trustee
gets
crazier?
How
do
you
handle
all
these
things?
So
you
need
somebody
to
take
care
of
that
and
and
then,
of
course
there
is
the
evolution
you
we
will
naturally
want
to
evolve
the
governance
package.
We
want
more
to
make
her
or
less
to
make
her
more
to
a
committee
or
a
different
committee
or
a
larger
committee,
so
there
will
be
a
natural
evolution
and
discussion
between,
I
suspect,
the
real
world
finance
team
and
the
legal
team
about.
B
How
do
we
do
this
and
working
with
somebody
like
me
and
centrifuge,
or
you
know,
all
six,
all
the
different
parties
that
are
in
there
to
keep
evolving
it.
So
there
needs
to
be
this
forced
evolution
on
on
how
to
do
this,
and
that's
why
I
put
this
little
man:
who's,
sort
of
working
progress
and
a
little
forever,
because
that
is
the
truth
of
it.
We
have
a
good
place
to
be.
B
B
B
Yeah,
so
I
just
want
to
say
a
little
bit
more
about
class.
There
will
be
will
be
things
soon.
So
so
what
we
want
to
create
here
is
that's
the
horse,
beautiful,
very
smooth
ride
if
you
ever
try
very
smooth
next,
okay,
all
right.
So
so
I
just
want
to
illustrate
the
process
that
we're
thinking
here.
So
you
understand
how
map65
sort
of
is
is
supposed
to
to
to
be
working
and
what
are
the
advantages
disadvantages?
B
We
won't
stop.
I
said
now
it's
executed,
but
we'll
try
and
continue
to
work
with
more
and
more
institutions
to
compare
and
contrast
to
see
whether
there's
a
better
version
somewhere.
Maybe
maybe
people
want
to
take
more
risk,
maybe
markets
change.
They
want
to
take
even
less
risk.
Maybe
you
want
to
look
at
other
other
types
of
assets
very
likely
alm
will
will
expand
much
more
in
complexity
and
and
very
likely.
B
B
You
know,
that's
why
I
put
the
picture
of
accelerate
because
that's
the
whole
point
I
would
like
to
see
if
we
can,
with
the
structure,
help
accelerate
engagement
with
institutional
asset
managers
to
make
sure
that
all
these
tools
are
in
the
box
of
of
in
the
toolbox
for
maker,
so
you
can
start
applying
them
for
the
usdc
and
potentially
other
other
assets
that
one
considers
appropriate
for
for
for
moving
there.
We
have
some
ideas
and
we'll
just
continue
to
put
them
on.
B
I
think
what
I
just
want
to
say
is
is
on
the
advantages
here,
because
yeah
so
for
for
in
in
our
in
our
experience
working
with
the
institution
so
far,
we
we
found
them
to
be
very
receptive
on
the
fact
that
we
comes
with
come
with
concrete
things
that
they
need
to
to
solve.
You
know
this
is
the
amount
of
money
we're
looking
for
this
type
of
solution,
we're
looking
for
something,
that's
very
safe,
we're
looking
for
a
little
bit
of
yield.
B
B
So
it's
been
very
helpful
that
we
could
explain
arena
in
in
deep
detail
and
in
fact
share
some
of
the
agreements
on
on
how
the
trust
would
look
like
share,
who
the
third
parties
would
be
working
with
how
we
were
thinking
about
a
monitoring
program
that
made
them
much
more
willing
to
to
move
very,
very
fast
in
in
terms
of
finding
solutions
and
and
and
and
working
with
us
and
and
where
some
of
them
still
have.
You
know,
there's
there's
there
continues
to
be
this
sort
of.
B
So
so
that
has
been
very
helpful
on
on
on
the
side
on
the
on
the
side
of
maker,
I
think
I've
made
make
clear.
I
really
hope
that
adding
all
these
tools
as
fast
as
possible
and
giving
it
making
it
possible
to
transfer
some
of
the
usdc
onto
something
that
is
yield,
bringing
and
has
a
very
different
risk
or
counterparty
risk,
then
than
where
we
are
today,
will
be
very
helpful.
B
B
So
so
that
was
the
in
in
intention,
we've
worked
a
lot
with
blackrock
we'll
be
presenting
those
our
our
expectation
is
to
look
at
what
you
call.
You
know
index
based
etfs,
so
so
that
sort
of
becomes
the
bond
strategy.
Those
particular
indexes,
because
they're
just
exceptionally
low
cost
0.07
percent
very
hard
to
to
to
be
they're
extremely
liquid,
we're
starting
to
get
some
numbers
at
them
and
and
and
we
can
immediately
deploy.
B
So
even
if
I
set
up
arena
today
and
I
and
and
and
I
get
the
bank
account
ready,
which
shouldn't
take
very
long
for
an
investment
mandate
for
that
to
be
really
up
and
running
it's
going
to
take
some
time
because
they're
actually
purchasing
you
know
assets
for
you,
whereas
when
you're
done
you
have
the
bank
account,
you
buy
the
f's,
the
etfs.
So
so
it's
a
much
more
immediate
deployment.
So,
even
if
we
said
yes
to
both
of
them
today,
you
know
it
would
take
me
three
months
or
more
to
to
get.
B
You
know
a
fully
deployed
amount
with
bail
gifford,
for
instance,
but
whereas
it
would
take
me
a
lot
less
time
to
get
you
know,
bank
signum
ready
and
purchase
these.
So
you
get
a
much
faster
deployment,
so
that
was
sort
of
the
idea
we
we
also
have
engagement,
in
particular
with
goldman
sachs
and
a
few
other
asset
managers
who's
also
looking
at
it,
and
and
will
try
and
present
some
of
the
the
thoughts
they
have.
B
B
C
Okay,
hi
guys,
so
thank
you
very
much
alan.
So
I
just
wanted
to
provide
you
with
a
very
quick
update
on
lucitan.
Obviously,
we
have
published
a
number
of
updates
already
and
I
don't
want
to
repeat
myself
too
much,
so
I
will
just
touch
upon
some
key
updates
that
have
occurred
over
the
last
most
recent
months
and
then,
if
there
are
any
questions,
I'll
be
happy
to
answer
them.
C
C
In
this
case,
team
alpha,
which
will
be
led
by
me,
has
already
been
onboarded.
This
includes
george
ashworth,
who's,
the
former
fd
or
srm
management
management.
Director
of
santander
asset
finance,
he's
got
40
years.
Experience
in
the
industries
is
managed
is
that
billions
under
management
and-
and
you
know,
chairman
of
the
asset,
finance
board
and
so
on
so
very
experienced
individual
howell
is
also
joining
us
from
hampshire
trust
bank.
C
C
We
have
dla
piper
adolfshire,
goldart
and
rich
smith
extremely
experienced
in
the
in
the
in
in
the
in
the
sma
lending
space
here
in
the
uk,
so
the
non-banking
landing
space
I
know,
for
example,
adulthood
godard
alone-
has
is
managing
50
different
lenders
and
has
30
years
experience
in
this
market.
Dla
piper
is
extremely
well
known
as
well,
so
really
happy
to
be
on
board.
The
great
thing
is
that
they
are
not
only.
C
They
are
not
only
partners
on
the
legal
side,
but
they
can
also
act
and
provide
providers
with
really
interesting
introductions
from
an
origination
point
of
view.
We
also
have
external
auditors
I'll
I'll
talk
a
little
bit
more
about
how
we
use
this,
but
external
auditors
are
specifically
iaa
and
team
history,
so
team
history
is
a
tyron.
Mystery
is
a
former
partner
from
grant
thornton
who
used
to
lead
the
corporate
part
of
the
corporate
finance
function
in
grand
theft
auto
in
the
uk,
and
he
specializes
in
external
due
diligence
on
behalf
of
funders.
C
I've
already
touched
upon
the
the
key
players
in
the
teams.
I
won't
go
into
more
details,
but
I'll
be
happy
to
answer
any
questions
on
this
with
regards
to
how
the
team
will
operate.
Well,
the
beauty
of
the
model
that
we
are
trying
to
implement
is
that
it
is
a
very
well
known
model
and
it
offers
a
very
high
degree
of
control
to
make
it
down
and,
more
importantly,
high
visibility
on
both
the
selection
of
lenders,
the
loans
that
are
funded
and
the
underlying
collateral
that
is
often
offered
as
a
guarantee.
C
C
C
How
do
we
ensure
that
we
maintain
both
the
credit,
the
cred
we
operate
within
the
credit
guidelines?
We
maintain
the
security
coverage,
we
have
promised
maker
dao
and
we
want
to
maintain
a
as
an
institution
ourselves
and
how
do
we
report
on
the
performance
of
our
portfolio
as
a
whole?
So,
in
order
to
do
this
and
to
provide
maker
dao
the
right
level
of
control
we
put
in
place
a
credit
committee
and
an
audit
committee,
so
mega
dow
will
have
obviously
a
seat
and
a
vote
in
both
of
these
committees.
C
Credit.
The
credit
committee
is
in
place
to
approve
any
new,
the
onboarding
of
any
new
lender
or
partner,
and
therefore
the
issuance
of
any
new
facility
is
also
in
place
to
monitor
the
the
performance
of
the
portfolio
on
a
monthly
basis
and
review
the
credit
guidelines
on
a
quarterly
basis
and
vote
on
this.
Of
course,
the
other
committee
is
in
place
to
to
do
two
things
well.
C
C
I
don't
know
we
would
like
to
provide
you
with
a
very
quick
overview
of
an
update
of
our
market.
There's
been
quite
a
lot
that
has
happened
in
the
last
two
or
three
months,
a
lot
of
very
exciting
things.
In
fact,
the
first,
the
first
update
is
that
we
are
now
in
the
final
stages
of
closing,
quite
a
very
important
partnership
for
us
with
a
with
a
very
well-known
fund
in
london.
C
The
understanding
is,
of
course,
that
these
20
million
will
go
out
very
quickly
and
they
will
be
happy
to
ramp
up
to
100
million
of
junior
funding.
For
those
of
you
who
were
unfamiliar
with
the
term
monitalis
and
lucidano
are
looking
to
provide
senior
fund
lending
facilities
to
non-bank
lenders.
That
means
that
for
every
loan
that
is
issued,
we
will
only
provide
a
maximum
of
85
percent
of
that
loan.
C
If
we
wanted
to
fund
the
loan.
A
hundred
percent
like
with
these
indicators
with
four
floor
arrangements,
we
would
need
someone
to
put
in
a
fifteen
percent
the
demanding
fifteen
percent,
which
is
also
used
as
a
kind
of
a
first
loss
slice,
and
these
partners
agree
to
that
and
that's
kind
of
testament
to
the
strength
of
our
offering.
C
C
We
have
selected
a
number
of
very
well
funded
and
very
well
established
lenders
which
have
an
exceptional
track
record
over
the
last
five
to
seven
years,
in
terms
of
both
origination
and
capital
losses,
and
have
selected
also
a
variety
of
assets
to
provide
us
diversification
and
immediate
diversification
on
day,
one
on
both
loan
cons
and
underlying
loan
concentrations,
security
coverage
and
asset
class,
and
that
we
will
have
under
management
so
and
and
also
through
the.
As
you
know.
C
C
C
This
gives
us
on
day
one
a
coverage
ratio
of
1.7,
which
is
fantastic,
the
total
number
of
loans
that
we
will
underwrite
through
these
refinancies
over
1100
loans
and
give
us
an
overall
loan
concentration
risk
of
less
than
well
around
0.011,
as
well
as
refinancing
these
loans.
Obviously,
once
we
have
refinanced
these
loans,
we
will
have
established
a
new
origination
relationships
with
these
known
bank
lenders
and
that
will
add
the
opportunity
to
generate
100
million
pounds
of
new
originations
per
year
across
these
four
lenders
alone.
C
C
Now
the
exciting
bit
is,
of
course,
is
wonderful
to
have
a
very
secure,
nonbank
lending
opportunities
lined
up
in
our
pipeline.
It's
equally
exciting
to
have
them
as
an
immediate
refinance
opportunity,
giving
us
the
ability
to
originate
50
million
straight
away
on
performing
assets,
but
it's
equally
exciting
to
know
that
all
of
these
opportunities
are
compliant
to
our
green
strategy.
C
So
the
esg,
the
green
economy
initiative
that
we
have
undertaken
the
refinance
of
these
these
portfolios
will
allow
us
to
fund
basically
the
refurbishment
of
a
circa
100,
residential
and
commercial
buildings.
When
a
building
is
very
is
refurbished
here
in
the
uk,
it
must
be
refurbished
at
a
much
higher
environmental
standard,
not
only
environmentally
from
a
very
mental
standard
from
a
green
point
of
view,
but
also
from
an
operational
point
of
view,
so
where
the
material
comes
from,
how
they're
delivered?
C
A
C
If
not
the
most
prominent
player
in
this
market
and
we're
looking
to
re
to
basically
introduce
200
new
electric
vehicles
to
replace
combustion
engine
taxis
in
london
and
finally,
we
are
open
to
12
900
professionals.
What
I
mean
by
professionals
is
opticians
doctors,
lawyers
and
dentists
to
adhere
to
the
net
zero
policies
established
by
their
their
professional
bodies
by
providing
them
with
the
appropriate
finance
to
support
their
cash
flow
and
acquire
new
assets
for
their
professions.
C
These
are
these
this.
This
esg
contribution
is
obviously
only
an
initial
contribution
and
is
associated
solely
to
this
initial
50
million
of
refinance,
which
represents
our
phase
one
origination
as
we
grow
into
phase
two
and
phase
three,
and
we
move
into
a
scale
we
reach
scale
in
terms
of
origination,
the
possibility
for
us
to
drive
to
do
good
in
the
world
in
terms
of
esg.
I
are
massive.
C
One
of
the
exciting
bits
we
are
looking
at
at
the
moment
in
the
industry
is
more
and
more
manufacturers
are
moving
from
a
capex
type
investment
for
photovoltaic
to
an
opex
investment
so
where
these
infrastructures
are
funded
and
then
rented
out
as
an
energy
bill,
much
cheaper
energy
bills
to
users
so
to
businesses
and
residential
homes.
It's
an
area
of
extreme
growth
at
the
moment
in
a
very
safe
area,
because
the
counterparties
involved
are
extremely
big,
we're
also
looking.
B
A
It's
it
was
a
lot
of
information
to
get
through
and,
like
you
said,
it's
been
a
long
process
to
to
get
here
so
definitely
appreciate
the
the
detailed
summary
as
we're
waiting
for
questions
to
queue
up
saying
that
we
have
a
couple
minutes
left
here.
I
I
just
wanted
to
ask
more
of
like
a
nebulous
question
where
your
team
talked
about
how
the
arena
serves
as
the
initial
starting
point
for
a
lot
of
these
frameworks
that
your
team
will
continue
to
build
a
strategy
upon.
A
A
C
A
B
So
I
I
think
that
the
the
the
first
thing
we
we
learned
is
that
okay,
first
thing
we
learned
was
that
things
have
a
process,
what
you
would
call
a
a
consensus
and
an
and
and
compromise
process
right.
It's
one
of
these
cases
where
nobody
really
gets
exactly
what
they
want,
but
by
compromise
and
consensus
we
all
get
to
a
place
that
probably
in
in
aggregate
is
better.
B
B
Getting
context
right
as
I
get
in
contact
right,
as
I
start
start
publishing,
start
answering
start
figuring
out.
What
is
the
opinion,
because
this
is
really
what
we're
we're
trying
to
work
with
a
community
and
it's
hard
for
you
to
gauge
just
off
hand?
What
is
the?
What
is
the
true
view
of
the
community,
so
yeah
church
and
not
be
afraid
of
trial
and
error?
That's
another
thing.
I
I
find
here,
you're
gonna
be
wrong.
You
know,
you're
gonna
be
wrong
from
time
to
time.
That's
the
nature
of
this
particular
thing.
A
Yeah,
I
I
I
think
the
the
evolution
and
value
of
what
you
just
described
is
self-evident
by
how
the
community
doesn't
seem
to
have
too
many
questions
for
you
today,
but
also
through
the
detail
and
the
ability
to
facilitate
that
discussion
in
the
forums.
It's
definitely
something
that
I've
been
a
fan
to
follow
throughout
mauna
taus's
journey,
just
to
say
the
least,
as
we
want
to
share
this
real
briefly.
A
Yeah.
Apologies.
If
there's
any
connection
issues,
it
sounds
like
there's
some
latency
problems,
but
just
want
to
remind
the
community
that
the
mip,
65
and
mip
68
polling
is
live
now
with
just
under
about
13
days
left
for
that
polling
in
the
event
that
the
community
does
have
any
follow-up
questions.
What's
the
best
way
to
get
a
hold
of
both
these
gentlemen
to
continue
the
discussion.