FRN Variable Rate Fix

RNS Number:8170P
Silver No.1 PLC
10 January 2002


RE: SILVER NO.1 PLC

EUR 157,000,000 CLASS A1B MORTGAGE BACKED FLOATING RATE NOTES DUE 2027
ISIN: XS0127264900


**RESENDING WITH PRINCIPAL REPAYMENT AMOUNT**


Please be advised that the EUR Deposit Interpolation Rate has been determined 
as:  3.42500%

For the period:  17-Dec-01  to  15-Jan-02


                    Beginning Principal                        
Class                  Outstanding         All-in-rate   Days   Interest Due

EUR 157m Class A1B    114,099,533.32         3.90500%     29     358,922.27



Interest Factor   Principal Amount    Current Pool      
  per 1,000         Amortising           Factor          New Pool Factor
                    Class A1B:

   2.28613         3,911,843.79     0.72674861987261     0.70183241738854


The next payment date will be on:
15-Jan-02

Please contact me on 0207 964 6521 if you have any queries.

FROM:  KAREN HILL
       THE BANK OF NEW YORK