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Strong Uptake of BoE Eligibility

Strong Uptake of Adherence to Bank of England Eligibility Regulations on Recent ABS/RMBS Transactions

26th November 2013

There has been a noticeable recent uptick in the number of investor placed ABS deals with UK collateral coming to market in several asset classes.

Adherence to BoE Market Notice Eligible Collateral requirements has been almost 100% for these deals.

Very high Compliance take-up shows that, whilst not trivial, it is manageable and the benefits to transparency are considerable.

Pre-regulation, only rating agencies were privy to these levels of detail and disclosure. These regulations appear to be setting the benchmark for information provision to investors.

Ben Bates (EuroABS CEO) said: "We're very pleased to have won the BoE compliance mandate for new issuer Precise Mortgage Funding No. 1 plc and also RMS 27 (RMBS) and Temese Funding No.1 (leasing ABS) over the last few weeks. We help the issuers through the compliance process, build their cash flow models, securely host and audit their data and reports, providing comfort all the way through the life-cycle. We face tough competition from some very good rival service providers, but when going head to head, we feel we're winning mandates due to our 100% success record, experience, quality and depth of service."