Sale of Receivables by UK Receivables Trust

 

TIDMAG95 
 
RNS Number : 9921N 
Chester Asset Recs Deals 2001-B PLC 
21 June 2010 
 

                  Chester Asset Receivables Dealings 2001-B Plc 
                             (Company No. 04288260) 
 
                               Registered Address 
                c/o Wilmington Trust, SP Services London Limited 
                        Fifth Floor 6 Broad Street Place 
                                     London 
                                    EC2M 7JH 
 
Announcement by Chester Asset Receivables Dealings 2001-B Plc (the "CARDS 
Issuer") of Sale by Credit Card Securitisation Europe Limited (the "Receivables 
Trustee") of Receivables currently owned by the UK Receivables Trust II (the 
"Receivables Trust II"). 
 
Relevant Series: 
Series UK2001-B GBP220,000,000 Class A Asset Backed Floating Rate Notes 
scheduled to be redeemed in 2011 
Series UK2001-B GBP12,500,000 Class B Asset Backed Floating Rate Notes scheduled 
to be redeemed in 2011 
Series UK2001-B GBP17,500,000 Class C Asset Backed Floating Rate Notes scheduled 
to be redeemed in 2011 
 
Date: 21 June 2010 
We have been informed that, to address a recent change in charge-off policy as a 
result of discussions with the OCC, MBNA Europe Bank Limited ("MBNA Europe" or 
"Servicer") altered the procedures applying to the timing of charging-off 
accounts that are subject to the Servicer's debt management procedures (the 
"Debt Management Accounts"). As a result of these changes, MBNA Europe would be 
required on 23 June 2010 to charge-off approximately GBP122,975,207 of principal 
receivables arising on Debt Management Accounts that are part of the portfolio 
of receivables which are currently owned by the Receivables Trust II. 
 
MBNA Europe and the Receivables Trustee entered into a sale and call option 
agreement dated today's date (the "Sale and Call Option Agreement") pursuant to 
which the Receivables Trustee sold and MBNA Europe purchased all present and 
future receivables on certain Debt Management Accounts prior to them being 
charged-off, the purchase price being 100% of the principal value of the 
aggregate principal receivables on such Debt Management Accounts. 
 
MBNA Europe has informed us that details of the exact amount of principal 
receivables repurchased by MBNA Europe as Transferor under the Sale and Call 
Option Agreement will be set out in the Monthly Servicer's Reports following the 
repurchase. 
 
For further information, please contact: 
The Directors 
 Tel: [phone] 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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