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Income Contingent Student Loans 1 (2002-2006): 10 December 2017

The principal assets from which the issuer will make payments on the notes is a portfolio of income-contingent repayment student loans (ICR) provided by Her Majesty's Government of Great Britain and Northern Ireland acting through the Secretary of State for Education.

Key Characteristics of the Provisional Portfolio: Number of Borrowers – 432,025, Number of Transferred Loans – 1,260,422, Average Transferred Loan's balance per Borrower - £8,626, Largest Transferred Loan - £46,228, WA seasoning 126 months. Approximately 3.8% of the Transferred Loans comprising the Provisional Portfolio are Transferred Loans currently with Overseas Borrowers.

CRR 405: The Seller, as originator, will undertake that it will retain a material net economic interest of at least 5% of the nominal value of the securitised exposures in accordance with Article 405 of the Capital Requirements Regulation (EU) No 575/2013, Article 51 of Section 5 of Chapter III of the Commission Delegated Regulation (EU) No 231/2013 and Article 254 of Commission Delegated Regulation (EU) 2015/35. On the Note Issuance Date, such interest will be comprised of an interest in randomly selected exposures equivalent to no less than 5% of the nominal amount of the securitised exposures.

US Risk Retention: The issuance of the Notes was not designed to comply with the U.S. Risk Retention Rules (other than the exemption provided for in Section __.20 of the U.S. Risk Retention Rules).