FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of November 2004,
PERMANENT FINANCING (NO. 2) PLC
(Translation of registrant’s name into English)
Blackwell House, Guildhall Yard, London EC2V 5AE, United Kingdom
(Address of principal executive offices)
PERMANENT FUNDING (NO. 1) LIMITED
(Translation of registrant’s name into English)
Blackwell House, Guildhall Yard, London EC2V 5AE, United Kingdom
(Address of principal executive offices)
PERMANENT MORTGAGES TRUSTEE LIMITED
(Translation of registrant’s name into English)
47 Esplanade, St. Helier, Jersey JE1 0BD, Channel Islands
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F
Form 20-F ý Form 40-F o
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No ý
Permanent Mortgages Trustees Limited | Quarter 9/10/2004 to 12/10/2004 | |
Monthly Report | November 2004 |
|
|
|
|
Date of Report | 12/3/2004 |
|
Mortgages |
|
|
| |
|
|
|
| |
Number of Mortgages in Pool |
| 508,742 |
| |
|
|
|
| |
Current Principal Balance |
| £ | 32,877,011,571 |
|
Opening Trust Assets |
| £ | 100 |
|
Total |
| £ | 32,877,011,671 |
|
|
|
|
| |
Notes Outstanding |
| £ | 25,450,805,291 |
|
Funding Share |
| £ | 23,942,646,291 |
|
Cash Accumulation Balance |
| £ | 1,508,159,000 |
|
Funding Share Percentage |
| 72.82489 | % | |
Seller Share |
| £ | 8,934,365,279 |
|
Seller Share Percentage |
| 27.17511 | % | |
|
|
|
| |
Minimum Seller Share (Amount) |
| £ | 1,643,850,579 |
|
Minimum Seller Share (% of Total) |
| 5.00000 | % | |
Arrears Analysis |
| Number |
| Principal |
| Arrears |
| % by Principal |
| ||
Less than 1 month |
| 502,560 |
| £ | 32,434,017,986.35 |
| £ | 2,914,983.81 |
| 98.65 | % |
1 - < 2 months |
| 4,115 |
| £ | 303,644,860.62 |
| £ | 2,221,383.11 |
| 0.92 | % |
2 - < 3 months |
| 839 |
| £ | 60,478,146.25 |
| £ | 882,767.72 |
| 0.18 | % |
3 - < 6 months |
| 867 |
| £ | 56,116,180.82 |
| £ | 1,494,876.43 |
| 0.17 | % |
6 - < 12 months |
| 311 |
| £ | 20,098,564.26 |
| £ | 943,836.51 |
| 0.06 | % |
12 months + |
| 50 |
| £ | 2,655,832.41 |
| £ | 219,134.56 |
| 0.01 | % |
Total |
| 508,742 |
| £ | 32,877,011,570.71 |
| £ | 8,676,982.14 |
| 100.00 | % |
Properties in Possession |
| Number |
| Balance |
| Amount in Arrears |
| ||
Total |
| 11 |
| £ | 1,223,334.09 |
| £ | 71,812.82 |
|
Properties in Possession (this month) |
|
|
| |
|
|
|
| |
Number Brought Forward |
| 5 |
| |
Repossessed |
| 7 |
| |
Sold |
| 1 |
| |
Number Carried Forward |
| 11 |
| |
|
|
|
| |
Average Time from Possession to Sale in days |
| 73 |
| |
Average Arrears at Sale |
| £ | 8,717.21 |
|
|
|
|
| |
MIG Claims submitted |
| 0 |
| |
MIG Claims Outstanding |
| 0 |
| |
Average Time from Claim to Payment in days |
| 0 |
| |
Note : The arrears analysis and repossession information is as at the end of the report month
Substitution |
| Number |
| Principal |
| |
Substituted this period (this month) |
| 0 |
| £ | — |
|
Substituted to date (since 14/06/2002)* |
| 203,962 |
| £ | 14,162,131,295.91 |
|
* On 18th November 2004, Permanent 6 closed. The Permanent Trust was topped-up by 104,569 accounts (to value: £9,582,315,929.58). These are not included above.
CPR Analysis |
| Monthly |
| Annualised |
|
(includes redemptions and repurchases) |
|
|
|
|
|
Current 1 Month CPR Rate |
| 3.63 | % | 35.86 | % |
Previous 3 Month CPR Rate |
| 3.70 | % | 36.40 | % |
Previous 12 Month CPR Rate |
| 3.97 | % | 38.48 | % |
Note: The annualised CPRs are expressed as a percentage of the outstanding balance at the beginning of the report month.
Weighted Average Seasoning in Months (by value) |
| 32.16 |
| |
Average Loan Size |
| £ | 64,624.13 |
|
Weighted Average Current HPI LTV (by value) |
| 46.93 | % | |
Weighted Average Current LTV (by value) |
| 65.44 | % | |
|
|
|
| |
Yield Net of Funding Swap over 3 Month Sterling LIBOR |
|
|
| |
Current Month |
| 0.734 | % | |
|
|
|
| |
Excess Spread |
|
|
| |
Current Month |
| 0.463 | % | |
October 2004 |
| 0.474 | % | |
September 2004 |
| 0.498 | % | |
|
|
|
| |
Product Breakdown |
|
|
| |
Fixed Rate% |
| 31.76 | % | |
Tracker Rate% |
| 49.70 | % | |
Other Variable Rate% |
| 18.53 | % | |
2
LTV Levels Breakdown * |
| Number |
| Value |
| % of Total |
| |
0 - 30% |
| 82,555 |
| £ | 2,054,901,993.75 |
| 6.25 | % |
30 - 35% |
| 21,194 |
| £ | 956,432,544.30 |
| 2.91 | % |
35 - 40% |
| 23,554 |
| £ | 1,203,175,891.78 |
| 3.66 | % |
40 - 45% |
| 25,675 |
| £ | 1,439,389,948.64 |
| 4.38 | % |
45 - 50% |
| 28,585 |
| £ | 1,759,737,230.34 |
| 5.35 | % |
50 - 55% |
| 30,607 |
| £ | 2,045,732,418.87 |
| 6.22 | % |
55 - 60% |
| 32,666 |
| £ | 2,386,759,344.54 |
| 7.26 | % |
60 - 65% |
| 34,130 |
| £ | 2,649,938,969.29 |
| 8.06 | % |
65 - 70% |
| 37,381 |
| £ | 3,095,499,232.57 |
| 9.42 | % |
70 - 75% |
| 44,747 |
| £ | 4,248,498,478.76 |
| 12.92 | % |
75 - 80% |
| 30,266 |
| £ | 2,437,323,280.94 |
| 7.41 | % |
80 - 85% |
| 30,962 |
| £ | 2,217,185,306.39 |
| 6.74 | % |
85 - 90% |
| 34,689 |
| £ | 2,660,884,850.83 |
| 8.09 | % |
90 - 95% |
| 31,015 |
| £ | 2,150,964,307.94 |
| 6.54 | % |
95 - 100% |
| 18,692 |
| £ | 1,428,716,665.09 |
| 4.35 | % |
100% + |
| 2,024 |
| £ | 141,871,106.67 |
| 0.43 | % |
Totals |
| 508,742 |
| £ | 32,877,011,570.70 |
| 100.00 | % |
* Using Latest Valuation
HPI LTV Levels Breakdown ** |
| Number |
| Value |
| % of Total |
| |
0 - 30% |
| 178,755 |
| £ | 6,222,164,238.70 |
| 18.93 | % |
30 - 35% |
| 49,348 |
| £ | 2,790,580,121.19 |
| 8.49 | % |
35 - 40% |
| 53,734 |
| £ | 3,320,485,644.04 |
| 10.10 | % |
40 - 45% |
| 49,304 |
| £ | 3,338,627,427.29 |
| 10.15 | % |
45 - 50% |
| 40,282 |
| £ | 3,140,159,383.75 |
| 9.55 | % |
50 - 55% |
| 33,746 |
| £ | 2,954,856,054.82 |
| 8.99 | % |
55 - 60% |
| 29,716 |
| £ | 2,804,613,076.17 |
| 8.53 | % |
60 - 65% |
| 24,643 |
| £ | 2,587,657,775.34 |
| 7.87 | % |
65 - 70% |
| 17,514 |
| £ | 2,029,888,392.13 |
| 6.17 | % |
70 - 75% |
| 11,984 |
| £ | 1,314,702,243.23 |
| 4.00 | % |
75 - 80% |
| 8,329 |
| £ | 935,206,972.77 |
| 2.84 | % |
80 - 85% |
| 5,862 |
| £ | 725,252,074.55 |
| 2.21 | % |
85 - 90% |
| 3,761 |
| £ | 487,270,538.58 |
| 1.48 | % |
90 - 95% |
| 1,383 |
| £ | 178,337,648.90 |
| 0.54 | % |
95 - 100% |
| 373 |
| £ | 46,302,192.09 |
| 0.14 | % |
100% + |
| 8 |
| £ | 907,787.15 |
| 0.00 | % |
Totals |
| 508,742 |
| £ | 32,877,011,570.70 |
| 100.00 | % |
** Using Latest Valuation Adjusted for changes in the HPI index
Current HVR1 Rate |
| 6.75 | % |
Effective Date of Change |
| 9/1/2004 |
|
Current HVR2 Rate |
| 6.00 | % |
Effective Date of Change |
| 9/1/2004 |
|
Notes |
| Deal |
| Rating |
| Outstanding |
| Reference Rate |
| Margin |
| |
Series 1 Class A |
| Permanent Financing No.3 |
| P-1 / A-1+ / F1+ |
| $ | 1,100,000,000.00 |
| 2.08688 | % | -0.040 | % |
Series 1 Class A |
| Permanent Financing No.4 |
| P-1 / A-1+ / F1+ |
| $ | 1,500,000,000.00 |
| 2.08688 | % | -0.050 | % |
Series 1 Class A |
| Permanent Financing No.5 |
| P-1 / A-1+ / F1+ |
| $ | 1,250,000,000.00 |
| 2.08688 | % | -0.020 | % |
Series 1 Class A |
| Permanent Financing No.6 |
| P-1 / A-1+ / F1+ |
| $ | 1,000,000,000.00 |
| 2.10458 | % | -0.030 | % |
Series 1 Class B |
| Permanent Financing No.3 |
| Aa3 / AA / AA |
| $ | 38,000,000.00 |
| 1.86250 | % | 0.180 | % |
Series 1 Class B |
| Permanent Financing No.4 |
| Aa3 / AA / AA |
| $ | 78,100,000.00 |
| 1.86250 | % | 0.140 | % |
Series 1 Class B |
| Permanent Financing No.5 |
| Aa3 / AA / AA |
| $ | 53,000,000.00 |
| 1.86250 | % | 0.140 | % |
Series 1 Class B |
| Permanent Financing No.6 |
| Aa3 / AA / AA |
| $ | 35,800,000.00 |
| 2.10458 | % | 0.100 | % |
Series 1 Class M |
| Permanent Financing No.4 |
| A2/A/A |
| $ | 56,500,000.00 |
| 1.86250 | % | 0.230 | % |
Series 1 Class C |
| Permanent Financing No.3 |
| Baa2 / BBB / BBB |
| $ | 38,000,000.00 |
| 1.86250 | % | 0.950 | % |
Series 1 Class C |
| Permanent Financing No.5 |
| Baa2 / BBB / BBB |
| $ | 44,400,000.00 |
| 1.86250 | % | 0.500 | % |
Series 1 Class C |
| Permanent Financing No.6 |
| Baa2 / BBB / BBB |
| $ | 34,700,000.00 |
| 2.10458 | % | 0.350 | % |
Series 2 Class A |
| Permanent Financing No.1 |
| Aaa / AAA / AAA |
| $ | 750,000,000.00 |
|
|
| 4.200 | % |
Series 2 Class A |
| Permanent Financing No.2 |
| Aaa / AAA / AAA |
| $ | 1,750,000,000.00 |
| 1.86250 | % | 0.150 | % |
Series 2 Class A |
| Permanent Financing No.3 |
| Aaa / AAA / AAA |
| $ | 1,700,000,000.00 |
| 1.86250 | % | 0.110 | % |
Series 2 Class A |
| Permanent Financing No.4 |
| Aaa / AAA / AAA |
| $ | 2,400,000,000.00 |
| 1.86250 | % | 0.070 | % |
Series 2 Class A |
| Permanent Financing No.5 |
| Aaa / AAA / AAA |
| $ | 1,300,000,000.00 |
| 1.86250 | % | 0.110 | % |
Series 2 Class A |
| Permanent Financing No.6 |
| Aaa / AAA / AAA |
| $ | 1,000,000,000.00 |
| 2.10458 | % | 0.090 | % |
Series 2 Class B |
| Permanent Financing No.1 |
| Aa3 / AA / AA |
| $ | 26,000,000.00 |
| 1.86250 | % | 0.280 | % |
Series 2 Class B |
| Permanent Financing No.2 |
| Aa3 / AA / AA |
| $ | 61,000,000.00 |
| 1.86250 | % | 0.330 | % |
Series 2 Class B |
| Permanent Financing No.3 |
| Aa3 / AA / AA |
| $ | 59,000,000.00 |
| 1.86250 | % | 0.250 | % |
Series 2 Class B |
| Permanent Financing No.4 |
| Aa3 / AA / AA |
| $ | 100,700,000.00 |
| 1.86250 | % | 0.180 | % |
Series 2 Class B |
| Permanent Financing No.5 |
| Aa3 / AA / AA |
| $ | 56,400,000.00 |
| 1.86250 | % | 0.180 | % |
Series 2 Class B |
| Permanent Financing No.6 |
| Aa3 / AA / AA |
| $ | 35,800,000.00 |
| 2.10458 | % | 0.140 | % |
Series 2 Class M |
| Permanent Financing No.4 |
| A2/A/A |
| $ | 59,900,000.00 |
| 1.86250 | % | 0.330 | % |
Series 2 Class C |
| Permanent Financing No.1 |
| Baa2 / BBB / BBB |
| $ | 26,000,000.00 |
| 1.86250 | % | 1.180 | % |
Series 2 Class C |
| Permanent Financing No.2 |
| Baa2 / BBB / BBB |
| $ | 61,000,000.00 |
| 1.86250 | % | 1.450 | % |
Series 2 Class C |
| Permanent Financing No.3 |
| Baa2 / BBB / BBB |
| $ | 59,000,000.00 |
| 1.86250 | % | 1.050 | % |
Series 2 Class C |
| Permanent Financing No.4 |
| Baa2 / BBB / BBB |
| $ | 82,200,000.00 |
| 1.86250 | % | 0.720 | % |
Series 2 Class C |
| Permanent Financing No.5 |
| Baa2 / BBB / BBB |
| $ | 46,200,000.00 |
| 1.86250 | % | 0.650 | % |
Series 2 Class C |
| Permanent Financing No.6 |
| Baa2 / BBB / BBB |
| $ | 34,700,000.00 |
| 2.10458 | % | 0.450 | % |
Series 3 Class A |
| Permanent Financing No.1 |
| Aaa / AAA / AAA |
| $ | 1,100,000,000.00 |
| 1.86250 | % | 0.125 | % |
Series 3 Class A |
| Permanent Financing No.2 |
| Aaa / AAA / AAA |
| € | 1,250,000,000.00 |
| 2.11500 | % | 0.230 | % |
Series 3 Class A |
| Permanent Financing No.3 |
| Aaa / AAA / AAA |
| $ | 1,500,000,000.00 |
| 1.86250 | % | 0.180 | % |
Series 3 Class A |
| Permanent Financing No.4 |
| Aaa / AAA / AAA |
| $ | 1,700,000,000.00 |
| 1.86250 | % | 0.140 | % |
Series 3 Class A |
| Permanent Financing No.5 |
| Aaa / AAA / AAA |
| $ | 750,000,000.00 |
| 1.86250 | % | 0.160 | % |
Series 3 Class A |
| Permanent Financing No.6 |
| Aaa / AAA / AAA |
| £ | 1,000,000,000.00 |
| 4.80292 | % | 0.125 | % |
Series 3 Class B |
| Permanent Financing No.1 |
| Aa3 / AA / AA |
| $ | 38,500,000.00 |
| 1.86250 | % | 0.300 | % |
Series 3 Class B |
| Permanent Financing No.2 |
| Aa3 / AA / AA |
| € | 43,500,000.00 |
| 2.11500 | % | 0.430 | % |
Series 3 Class B |
| Permanent Financing No.3 |
| Aa3 / AA / AA |
| $ | 52,000,000.00 |
| 1.86250 | % | 0.350 | % |
Series 3 Class B |
| Permanent Financing No.4 |
| Aa3 / AA / AA |
| $ | 75,800,000.00 |
| 1.86250 | % | 0.230 | % |
Series 3 Class B |
| Permanent Financing No.5 |
| Aa3 / AA / AA |
| $ | 32,500,000.00 |
| 1.86250 | % | 0.260 | % |
Series 3 Class B |
| Permanent Financing No.6 |
| Aa3 / AA / AA |
| £ | 35,300,000.00 |
| 4.80292 | % | 0.230 | % |
Series 3 Class M |
| Permanent Financing No.4 |
| A2/A/A |
| $ | 40,400,000.00 |
| 1.86250 | % | 0.370 | % |
Series 3 Class C |
| Permanent Financing No.1 |
| Baa2 / BBB / BBB |
| $ | 38,500,000.00 |
| 1.86250 | % | 1.200 | % |
Series 3 Class C |
| Permanent Financing No.2 |
| Baa2 / BBB / BBB |
| € | 43,500,000.00 |
| 2.11500 | % | 1.450 | % |
Series 3 Class C |
| Permanent Financing No.3 |
| Baa2 / BBB / BBB |
| $ | 52,000,000.00 |
| 1.86250 | % | 1.150 | % |
Series 3 Class C |
| Permanent Financing No.4 |
| Baa2 / BBB / BBB |
| $ | 55,400,000.00 |
| 1.86250 | % | 0.800 | % |
Series 3 Class C |
| Permanent Financing No.5 |
| Baa2 / BBB / BBB |
| $ | 27,000,000.00 |
| 1.86250 | % | 0.820 | % |
3
Series 3 Class C |
| Permanent Financing No.6 |
| Baa2 / BBB / BBB |
| £ | 34,200,000.00 |
| 4.80292 | % | 0.680 | % |
Series 4 Class A1 |
| Permanent Financing No.1 |
| Aaa / AAA / AAA |
| € | 750,000,000.00 |
|
|
| 5.100 | % |
Series 4 Class A1 |
| Permanent Financing No.3 |
| Aaa / AAA / AAA |
| € | 700,000,000.00 |
| 2.11500 | % | 0.190 | % |
Series 4 Class A |
| Permanent Financing No.2 |
| Aaa / AAA / AAA |
| $ | 1,750,000,000.00 |
| 1.86250 | % | 0.220 | % |
Series 4 Class A |
| Permanent Financing No.4 |
| Aaa / AAA / AAA |
| € | 1,500,000,000.00 |
| 2.11500 | % | 0.150 | % |
Series 4 Class A |
| Permanent Financing No.5 |
| Aaa / AAA / AAA |
| € | 1,000,000,000.00 |
| 2.11500 | % | 0.170 | % |
Series 4 Class A |
| Permanent Financing No.6 |
| Aaa / AAA / AAA |
| € | 750,000,000.00 |
| 2.09800 | % | 0.140 | % |
Series 4 Class A2 |
| Permanent Financing No.1 |
| Aaa / AAA / AAA |
| £ | 1,000,000,000.00 |
| 4.94875 | % | 0.180 | % |
Series 4 Class A2 |
| Permanent Financing No.3 |
| Aaa / AAA / AAA |
| £ | 750,000,000.00 |
| 4.94875 | % | 0.190 | % |
Series 4 Class B |
| Permanent Financing No.1 |
| Aa3 / AA / AA |
| £ | 52,000,000.00 |
| 4.94875 | % | 0.300 | % |
Series 4 Class B |
| Permanent Financing No.2 |
| Aa3 / AA / AA |
| € | 56,500,000.00 |
| 2.11500 | % | 0.450 | % |
Series 4 Class B |
| Permanent Financing No.3 |
| Aa3 / AA / AA |
| € | 62,000,000.00 |
| 2.11500 | % | 0.390 | % |
Series 4 Class B |
| Permanent Financing No.4 |
| Aa3 / AA / AA |
| € | 85,000,000.00 |
| 2.11500 | % | 0.352 | % |
Series 4 Class B |
| Permanent Financing No.5 |
| Aa3 / AA / AA |
| € | 43,500,000.00 |
| 2.11500 | % | 0.330 | % |
Series 4 Class B |
| Permanent Financing No.6 |
| Aa3 / AA / AA |
| € | 26,100,000.00 |
| 2.09800 | % | 0.230 | % |
Series 4 Class M |
| Permanent Financing No.4 |
| A2/A/A |
| € | 62,500,000.00 |
| 2.11500 | % | 0.534 | % |
Series 4 Class C |
| Permanent Financing No.1 |
| Baa2 / BBB / BBB |
| £ | 52,000,000.00 |
| 4.94875 | % | 1.200 | % |
Series 4 Class C |
| Permanent Financing No.2 |
| Baa2 / BBB / BBB |
| € | 56,500,000.00 |
| 2.11500 | % | 1.450 | % |
Series 4 Class C |
| Permanent Financing No.3 |
| Baa2 / BBB / BBB |
| € | 62,000,000.00 |
| 2.11500 | % | 1.180 | % |
Series 4 Class C |
| Permanent Financing No.5 |
| Baa2 / BBB / BBB |
| € | 36,000,000.00 |
| 2.11500 | % | 0.780 | % |
Series 4 Class C |
| Permanent Financing No.6 |
| Baa2 / BBB / BBB |
| € | 25,300,000.00 |
| 2.09800 | % | 0.680 | % |
Series 5 Class A1 |
| Permanent Financing No.4 |
| Aaa / AAA / AAA |
| € | 750,000,000.00 |
|
|
| 3.9615 | % |
Series 5 Class A1 |
| Permanent Financing No.5 |
| Aaa / AAA / AAA |
| £ | 500,000,000.00 |
|
|
| 5.625 | % |
Series 5 Class A1 |
| Permanent Financing No.6 |
| Aaa / AAA / AAA |
| £ | 500,000,000.00 |
| 4.80292 | % | 0.150 | % |
Series 5 Class A |
| Permanent Financing No.2 |
| Aaa / AAA / AAA |
| £ | 750,000,000.00 |
| 4.94875 | % | 0.250 | % |
Series 5 Class A |
| Permanent Financing No.3 |
| Aaa / AAA / AAA |
| £ | 400,000,000.00 |
|
|
| 5.521 | % |
Series 5 Class A2 |
| Permanent Financing No.4 |
| Aaa / AAA / AAA |
| £ | 1,100,000,000.00 |
| 4.94875 | % | 0.170 | % |
Series 5 Class A2 |
| Permanent Financing No.5 |
| Aaa / AAA / AAA |
| £ | 750,000,000.00 |
| 4.94875 | % | 0.190 | % |
Series 5 Class A2 |
| Permanent Financing No.6 |
| Aaa / AAA / AAA |
| £ | 500,000,000.00 |
| 4.80292 | % | 0.160 | % |
Series 5 Class B |
| Permanent Financing No.2 |
| Aa3 / AA / AA |
| £ | 26,000,000.00 |
| 4.94875 | % | 0.450 | % |
Series 5 Class B |
| Permanent Financing No.3 |
| Aa3 / AA / AA |
| € | 20,000,000.00 |
| 2.11500 | % | 0.450 | % |
Series 5 Class B |
| Permanent Financing No.4 |
| Aa3 / AA / AA |
| £ | 43,000,000.00 |
| 4.94875 | % | 0.330 | % |
Series 5 Class B |
| Permanent Financing No.5 |
| Aa3 / AA / AA |
| £ | 47,000,000.00 |
| 4.94875 | % | 0.350 | % |
Series 5 Class B |
| Permanent Financing No.6 |
| Aa3 / AA / AA |
| £ | 34,800,000.00 |
| 4.80292 | % | 0.310 | % |
Series 5 Class M |
| Permanent Financing No.4 |
| A2/A/A |
| £ | 32,000,000.00 |
| 4.94875 | % | 0.500 | % |
Series 5 Class C |
| Permanent Financing No.2 |
| Baa2 / BBB / BBB |
| £ | 26,000,000.00 |
| 4.94875 | % | 1.450 | % |
Series 5 Class C |
| Permanent Financing No.3 |
| Baa2 / BBB / BBB |
| € | 20,000,000.00 |
| 2.11500 | % | 1.230 | % |
Series 5 Class C |
| Permanent Financing No.4 |
| Baa2 / BBB / BBB |
| £ | 54,000,000.00 |
| 4.94875 | % | 0.900 | % |
Series 5 Class C |
| Permanent Financing No.5 |
| Baa2 / BBB / BBB |
| £ | 39,000,000.00 |
| 4.94875 | % | 0.850 | % |
Series 5 Class C |
| Permanent Financing No.6 |
| Baa2 / BBB / BBB |
| £ | 33,700,000.00 |
| 4.80292 | % | 0.800 | % |
Funding level Reserve Fund requirement |
| £ | 460,000,000.00 |
|
Balance brought forward |
| £ | 311,791,814.40 |
|
Drawings this period |
| £ | — |
|
Top-up this period* |
| £ | — |
|
Current Balance |
| £ | 311,791,814.40 |
|
|
|
|
|
|
Liquidity Facility Original Amount |
| £ | 150,000,000.00 |
|
Balance brought forward |
| £ | 150,000,000.00 |
|
Drawings this period |
| £ | — |
|
Liquidity Repaid this period |
| £ | — |
|
Closing balance for period |
| £ | 150,000,000.00 |
|
*Top-ups only occur at the end of each quarter.
Trigger Events:
Non-asset trigger events:
If the Seller suffers an Insolvency Event.
If the role of the Seller as Servicer is terminated and a new servicer is not appointed within 60 days.
If the current Seller’s Share at any time is equal to or less than the Minimum Seller Share.
If the outstanding principal balance of the trust property is less than £21,500,000,000 to 9th June 2007.
Asset trigger events:
If there has been a debit to the AAA Principal Deficiency Sub-Ledger.
No Trigger Events have Occurred
Funding Seller Share Ledger
Month |
| Pool Balance |
| Funding Share |
| Seller Share |
| Funding |
| Seller |
| |||
November 2004 |
| £ | 24,057,931,158.53 |
| £ | 20,089,629,291.41 |
| £ | 3,968,301,867.12 |
| 83.50522 | % | 16.49478 | % |
October 2004 |
| £ | 24,980,285,014.68 |
| £ | 20,089,629,291.41 |
| £ | 4,890,655,723.27 |
| 80.42194 | % | 19.57806 | % |
September 2004 |
| £ | 26,058,106,954.12 |
| £ | 20,939,288,291.41 |
| £ | 5,118,818,662.71 |
| 80.35614 | % | 19.64386 | % |
Principal Ledger
Month |
| Principal Received |
| Further Advances |
| Sub Total |
| |||
November 2004 |
| £ | 692,434,099.17 |
| £ | 181,604,366.89 |
| £ | 874,038,466.06 |
|
October 2004 |
| £ | 635,350,728.80 |
| £ | 195,278,611.26 |
| £ | 830,629,340.06 |
|
September 2004 |
| £ | 863,864,813.47 |
| £ | 216,672,069.10 |
| £ | 1,080,536,882.57 |
|
|
| £ | 2,191,649,641.44 |
| £ | 593,555,047.25 |
| £ | 2,785,204,688.69 |
|
Principal Distribution
Month |
| Funding |
| Seller |
| ||
November 2004 |
| £ | — |
| £ | 874,038,466.06 |
|
October 2004 |
| £ | — |
| £ | 830,629,340.06 |
|
September 2004 |
| £ | 849,659,000.00 |
| £ | 230,877,882.57 |
|
|
| £ | 849,659,000.00 |
| £ | 1,935,545,688.69 |
|
4
Revenue Ledger
Month |
| Revenue Received |
| GIC Interest |
| Authorised Investment Income |
| Sub Total |
| ||||
November 2004 |
| £ | 122,097,711.54 |
| £ | 2,157,959.12 |
| £ | — |
| £ | 124,255,670.66 |
|
October 2004 |
| £ | 110,259,558.93 |
| £ | 2,497,391.45 |
| £ | — |
| £ | 112,756,950.38 |
|
September 2004 |
| £ | 112,840,103.02 |
| £ | 2,906,904.22 |
| £ | — |
| £ | 115,747,007.24 |
|
|
| £ | 345,197,373.49 |
| £ | 7,562,254.79 |
| £ | — |
| £ | 352,759,628.28 |
|
Paid to
Month |
| Mortgage Trustee |
| Administrator |
| Available Revenue |
| |||
November 2004 |
| £ | 2,783.35 |
| £ | 454,252.31 |
| £ | 123,798,635.00 |
|
October 2004 |
| £ | — |
| £ | 1,083,217.04 |
| £ | 111,673,733.34 |
|
September 2004 |
| £ | 1,218.38 |
| £ | 1,048,274.56 |
| £ | 114,697,514.30 |
|
|
| £ | 4,001.73 |
| £ | 2,585,743.91 |
| £ | 350,169,882.64 |
|
Revenue Distribution
Month |
| Funding |
| Seller |
| ||
November 2004 |
| £ | 104,055,684.55 |
| £ | 19,742,950.45 |
|
October 2004 |
| £ | 90,492,646.58 |
| £ | 21,181,086.76 |
|
September 2004 |
| £ | 92,920,584.35 |
| £ | 21,776,929.95 |
|
|
| £ | 287,468,915.48 |
| £ | 62,700,967.16 |
|
Losses Ledger
Month |
| Losses |
| |
Balance b/fwd |
| £ | 4,850.41 |
|
|
|
|
|
|
November 2004 |
| £ | 3,245.80 |
|
October 2004 |
| -£ | 9,891.82 |
|
September 2004 |
| £ | — |
|
|
|
|
|
|
Closing Balance |
| £ | 8,096.21 |
|
Losses Distribution
Month |
| Funding |
| Seller |
| Reconciliation |
| |||
November 2004 |
| £ | 2,359.81 |
| £ | 885.99 |
| £ | — |
|
October 2004 |
| -£ | 7,703.33 |
| -£ | 2,188.49 |
| £ | — |
|
September 2004 |
| £ | — |
| £ | — |
| £ | — |
|
|
| -£ | 5,343.52 |
| -£ | 1,302.50 |
| £ | — |
|
CPR Analysis
Month |
| 1 Month CPR |
| 3 Month CPR |
| 12 Month CPR |
|
November 2004 |
| 3.63 | % | 3.70 | % | 3.97 | % |
October 2004 |
| 3.33 | % | 3.84 | % | 4.11 | % |
September 2004 |
| 4.15 | % | 4.22 | % | 4.30 | % |
Regional Analysis
Halifax Mapped Region |
| Number |
| Value |
| % of Total |
| |
London & South East |
| 101,259 |
| £ | 9,905,329,045.76 |
| 30.13 | % |
Midlands & East Anglia |
| 111,495 |
| £ | 7,237,111,572.11 |
| 22.01 | % |
North |
| 95,606 |
| £ | 4,456,654,004.03 |
| 13.56 | % |
North West |
| 76,259 |
| £ | 3,835,353,651.79 |
| 11.67 | % |
South Wales & West |
| 73,211 |
| £ | 4,853,826,096.39 |
| 14.76 | % |
Scotland |
| 46,370 |
| £ | 2,259,498,486.50 |
| 6.87 | % |
Unknown |
| 4,542 |
| £ | 329,238,714.13 |
| 1.00 | % |
Totals |
| 508,742 |
| £ | 32,877,011,570.71 |
| 100.00 | % |
5
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.
|
| PERMANENT FINANCING (NO. 2) PLC |
|
| (Registrant) |
|
|
|
Date 6th December 2004 |
| /s/David Balai |
|
|
|
|
| By: David Balai |
|
| Title: Director |
|
|
|
|
| PERMANENT FUNDING (NO. 1) LIMITED |
|
| (Registrant) |
|
|
|
Date 6th December 2004 |
| /s/David Balai. |
|
|
|
|
| By: David Balai |
|
| Title: Director |
|
|
|
|
| PERMANENT MORTGAGES TRUSTEE LIMITED |
|
| (Registrant) |
|
|
|
Date 6th December 2004 |
| /s/David Balai |
|
|
|
|
| By: David Balai |
|
| Title: Director |
|
|
|
6
