FRN Variable Rate Fix

RNS Number:3762U
Silver No.1 PLC
11 April 2002


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: 4.07625% 
For the period:  15-Mar-02 to 15-Apr-02


                       Beginning
                       Principal
Class                 Outstanding       All-in-Rate    Days    Interest Due   Factor per 1,000

GBP 100m Class A1A    64,527,796.36     4.5762500%      31     250,798.77        2.50799
GBP 23.5m Class M     23,500,000.00     4.7262500%      31      94,330.77        4.01408
GBP 19.5m Class B     19,500,000.00     5.5762500%      31      92,351.87        4.73599
GBP 12.5m Class C     12,500,000.00     6.5762500%      31      69,816.35        5.58531
GBP 8m Class D         8,000,000.00    10.0762500%      31      68,463.29        8.55791



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

   Class A1A:

 2,446,300.20          0.645277963600      0.620814961600


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



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: 3.34400%
For the period:  15-Mar-02  to 15-Apr-02


                     Beginning                                                     
                     Principal                                                       Interest Factor
Class                Outstanding      All-in-Rate     Days    Interest Due              per 1,000

EUR 157m Class A1B   101,308,640.34    3.82400%        31     333,598.10                2.12483



Principal Amount     Current Pool
Amortising             Factor         New Pool Factor

 Class A1B:

3,840,691.33       0.64527796394904   0.62081496184713


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



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