FRN Variable Rate Fix

RNS Number:3756R
Silver No.1 PLC
12 February 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: 3.35300%

For the period:   15-Jan-02   to   15-Feb-02
 
                     Beginning
                     Principal                                        Factor per
Class               Outstanding     All-in-Rate  Days  Interest Due     1,000

EUR 157m Class A1B  110,187,689.53   3.83300%    31    363,689.77      2.31650

Principal Amount      Current Pool
Amortising             Factor           New Pool Factor

Class A1B                                
4,770,506.39        0.70183241738854    0.67144702636943


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



RE: SILVER NO.1 PLC
GBP 100,000,000 Class A1A Mortgage Backed Floating Rate     
Notes due 2027                                               ISIN: XS0127219433
GBP 23,500,000 Class M Mortgage Backed Floating Rate
Notes due 2027                                               ISIN: XS0127268059
GBP 19,500,000 Class B Mortgage Backed Floating Rate        
Notes due 2027                                               ISIN: XS0127268216
GBP 12,500,000 Class C Mortgage Backed Floating Rate  
Notes due 2027                                               ISIN: XS0127268646
GBP 8,000,000 Class D Mortgage Backed Floating Rate 
Notes due 2027                                               ISIN: XS0127268992

****RESENDING WITH PRINCIPAL REPAYMENT AMOUNT*********

Please be advised that the GBP Deposit Interpolation Rate has been determined as:  
4.04125%

For the period:   15-Jan-02     to   15-Feb-02
 
                     Beginning
                     Principal                                      Factor per
Class               Outstanding    All-in-Rate  Days  Interest Due     1,000

GBP 100m Class A1A  70,183,241.76   4.5412500%    31    270,693.40     2.70693
GBP 23.5m Class M   23,500,000.00   4.6912500%    31     93,632.21     3.98435
GBP 19.5m Class B   19,500,000.00   5.5412500%    31     91,772.21     4.70627
GBP 12.5m Class C   12,500,000.00   6.5412500%    31     69,444.78     5.55558
GBP 8m Class D       8,000,000.00  10.0412500%    31     68,225.48     8.52818

                       Class A1A
Principal Amount      Current Pool          Class A1A
Amortising             Factor           New Pool Factor

Class A1A                                
3,038,539.10        0.701832417600      0.671447026600

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


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