FRN Variable Rate Fix

RNS Number:1173B
Silver No.1 PLC
12 September 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 Rate has been determined as:   3.97250%
For the period:     15-Aug-02    to 16-Sep-02
                                            
                    
   Class           Beginning Principal All-in-Rate  Days  Interest Due  Factor per 1,000

GBP 100m Class A1A    51,938,183.65     4.4725000%   32     203,654.60   2.03655
GBP 23.5m Class M     23,500,000.00     4.6225000%   32      95,236.16   4.05260
GBP 19.5m Class B     19,500,000.00     5.4725000%   32      93,557.26   4.79781
GBP 12.5m Class C     12,500,000.00     6.4725000%   32      70,931.51   5.67452
GBP 8m Class D         8,000,000.00     9.9725000%   32      69,944.11   8.74301


Principal Amount       Class A1A Current    Class A1A New Pool

  Class A1A:
 1,953,395.14           0.519381836500      0.499847885100



The next payment date will be on:
16-Sep-02 


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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