FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Registrants
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the period 1 October 2003 to 30 December 2003
GRANITE MORTGAGES 02-2 PLC
(Translation of registrant's name into English)
Fifth Floor, 100 Wood Street,
London EC2V 7EX, England
(Address of principal executive offices)
GRANITE FINANCE TRUSTEES LIMITED
(Translation of registrant's name into English)
22 Grenville Street, St Helier,
Jersey JE4 8PX, Channel Islands
(Address of principal executive offices)
GRANITE FINANCE FUNDING LIMITED
(Translation of registrant's name into English)
4 Royal Mint Court,
London EC3N 4HJ, England
(Address of principal executive offices)
Indicate by check mark whether the registrants file or will file annual
reports under cover Form 20-F or Form 40-F
Form 20-F.....X....Form 40-F.............
Indicate by check mark whether the registrants by furnishing the
information contained in this Form are also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of 1934.
Yes............No.......X...........
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.
GRANITE MORTGAGES 02-2 PLC
By: /s/ Clive Rakestrow
-------------------------
Name: L.D.C. Securitisation Director No. 1
Limited by its authorized person Clive
Rakestrow for and on its behalf
Title: Director
Date: 29 January 2004
GRANITE FINANCE FUNDING LIMITED
By: /s/ Nigel Charles Bradley
--------------------------------
Name: Nigel Charles Bradley
Title: Director
Date: 29 January 2004
GRANITE FINANCE TRUSTEES LIMITED
By: /s/ Daniel Le Blancq
--------------------------
Name: Daniel Le Blancq
Title: Director
Date: 29 January 2004
INVESTORS' QUARTERLY REPORT
- ---------------------------
GRANITE MORTGAGES 02-2 PLC
- --------------------------
Quarterly Report re: Granite Mortgages 02-2 Plc, Granite Finance Trustees
Limited and Granite Finance Funding Limited
Period 1 October 2003 - 31 December 2003
N.B. this data fact sheet and its notes can only be a summary of certain
features of the bonds and their structure. No representation can be made that
the information herein is accurate or complete and no liability is accepted
therefor. Reference should be made to the issue documentation for a full
description of the bonds and their structure. This data fact sheet and its notes
are for information purposes only and are not intended as an offer or invitation
with respect to the purchase or sale of any security. Reliance should not be
placed on the information herein when making any decision whether to buy, hold
or sell bonds (or other securities) or for any other purpose.
Mortgage Loans
Number of Mortgage Loans in Pool 177,469
Current Balance (GBP)13,059,474,279
Last Months Closing Trust Assets (GBP)13,694,898,654
Funding share (GBP)12,733,905,268
Funding Share Percentage 97.51%
Seller Share* (GBP)325,569,011
Seller Share Percentage 2.49%
Minimum Seller Share (Amount)* (GBP)367,083,573
Minimum Seller Share (% of Total) 2.81%
Excess Spread last period (% of Total) 0.13%
* Please see the Additional Notes to the Investor Reports
Arrears Analysis of Non Repossessed Mortgage Loans
Number Principal ((GBP)) Arrears ((GBP)) By Principal (%)
< 1 Month 174,943 12,890,379,092 0 98.71%
> = 1 < 3 Months 2,006 136,777,882 1,172,705 1.05%
> = 3 < 6 Months 382 23,717,325 590,536 0.18%
> = 6 < 9 Months 97 6,292,299 269,648 0.05%
> = 9 < 12 Months 26 1,396,001 83,647 0.01%
> = 12 Months 15 911,680 144,494 0.01%
Total 177,469 13,059,474,279 2,261,030 100.00%
Properties in Possession
Number Principal ((GBP)) Arrears ((GBP))
Total (since inception) 88 4,721,098 204,264
Properties in Possession 41
Number Brought Forward 35
Repossessed (Current Month) 6
Sold (since inception) 47
Sold (current month) 12
Sale Price / Last Loan Valuation 1.11
Average Time from Possession to Sale (days) 122
Average Arrears at Sale (GBP)2,060
Average Principal Loss (Since inception)* (GBP)421
Average Principal Loss (current month)** (GBP)33
MIG Claims Submitted 7
MIG Claims Outstanding 0
Average Time from Claim to Payment 59
*This figure is calculated taking the cumulative principal losses since
inception pre MIG claims divided by the number of properties sold since
inception.
**This figure is calculated taking the cumulative principal losses for the
current month pre MIG claims divided by the number of properties sold in the
current month.
Note: The arrears analysis and repossession information is at close of business
for the report month
Substitution
Number Principal ((GBP))
Substituted this period 0 (GBP)0
Substituted to date (since 26 March 2001) 287,381 (GBP)21,658,382,742
CPR Analysis
Monthly Annualised
Current Month CPR Rate 4.87% 45.04%
Previous Month CPR Rate 4.60% 42.70%
Weighted Average Seasoning (by value) Months 25.75
Weighted Average Remaining Term (by value) Years 19.83
Average Loan Size (GBP)73,587
Weighted Average LTV (by value) 74.20%
Weighted Average Indexed LTV (by value) 59.97%
Fast Track (by value) 22.42%
Product Breakdown
Fixed Rate (by balance) 49.69%
Together (by balance) 26.33%
Capped (by balance) 2.46%
Variable (by balance) 20.65%
Tracker (by balance) 0.88%
Total 100.0%
Geographic Analysis
Number % of Total Value ((GBP)) % of Total
East Anglia 4,096 2.31% 296,450,066 2.27%
East Midlands 14,280 8.05% 923,304,832 7.07%
Greater London 22,317 12.58% 2,577,940,223 19.74%
North 25,280 14.24% 1,270,686,847 9.73%
North West 26,857 15.13% 1,586,726,125 12.15%
South East 28,253 15.92% 2,750,325,283 21.06%
South West 12,623 7.11% 1,000,355,730 7.66%
Wales 8,630 4.86% 500,177,865 3.83%
West Midlands 13,316 7.50% 905,021,568 6.93%
Yorkshire 21,817 12.29% 1,248,485,741 9.56%
Total 177,469 100% 13,059,474,279 100%
LTV Levels Breakdown
Number Value ((GBP)) % of Total
0% < 25% 5,944 229,846,747 1.76%
> = 25% < 50% 22,021 1,494,003,858 11.44%
> = 50% < 60% 14,217 1,157,069,421 8.86%
> = 60% < 65% 8,124 698,681,874 5.35%
> = 65% < 70% 9,412 830,582,564 6.36%
> = 70% < 75% 14,626 1,202,777,581 9.21%
> = 75% < 80% 12,644 1,181,882,422 9.05%
> = 80% < 85% 13,779 1,112,667,209 8.52%
> = 85% < 90% 28,565 1,931,496,246 14.79%
> = 90% < 95% 36,652 2,529,620,168 19.37%
> = 95% < 100% 11,332 683,010,505 5.23%
> = 100% 153 7,835,685 0.06%
Total 177,469 13,059,474,279 100.0%
Repayment Method
Number Value ((GBP)) % of Total
Endowment 29,770 2,075,150,463 15.89%
Interest Only 13,761 1,537,100,123 11.77%
Pension Policy 632 61,379,529 0.47%
Personal Equity Plan 1,307 90,110,373 0.69%
Repayment 131,999 9,295,733,792 71.18%
Total 177,469 13,059,474,279 100.00%
Employment Status
Number Value ((GBP)) % of Total
Full Time 158,416 11,291,221,462 86.46%
Part Time 2,260 122,759,058 0.94%
Retired 454 15,671,369 0.12%
Self Employed 14,556 1,550,159,597 11.87%
Other 1,783 79,662,793 0.61%
Total 177,469 13,059,474,279 100.00%
NR Current Existing Borrowers' SVR 5.74%
Effective Date of Change 1 December 2003
Notes Granite Mortgages 02-2 plc
Outstanding Rating Reference Rate Margin
Moodys/S&P/Fitch
Series 1
A1 $0 Aaa/AAA/AAA 1.27% 0.11%
A2 $1,135,000,000 Aaa/AAA/AAA 1.34% 0.18%
B $60,000,000 Aa3/AA/AA 1.53% 0.37%
C $88,000,000 Baa2/BBB/BBB 2.41% 1.25%
Series 2
A (euro)1,085,000,000 Aaa/AAA/AAA 2.33% 0.19%
B (euro)41,000,000 Aa3/AA/AA 2.51% 0.37%
C (euro)53,000,000 Baa2/BBB/BBB 3.39% 1.25%
Series 3
A (GBP)665,000,000 Aaa/AAA/AAA 3.96% 0.19%
B (GBP)25,000,000 Aa3/AA/AA 4.14% 0.37%
C (GBP)33,000,000 Baa2/BBB/BBB 5.02% 1.25%
Credit Enhancement
% of Notes
Outstanding
Class B Notes ((GBP) Equivalent) (GBP)90,075,869 3.90%
Class C Notes ((GBP) Equivalent) (GBP)123,900,819 5.37%
% of Funding
Share
Class B Notes ((GBP) Equivalent) (GBP)90,075,869 0.71%
Class C Notes ((GBP) Equivalent) (GBP)123,900,819 0.97%
Granite Mortgages 02-2 Reserve Fund Requirement (GBP)39,000,000 0.31%
Balance Brought Forward (GBP)39,000,000 0.31%
Drawings this Period (GBP)0 0.00%
Excess Spread this Period (GBP)1,317,097 0.01%
Funding Reserve Fund Top-up this Period* -(GBP)1,317,097 -0.01%
Current Balance (GBP)39,000,000 0.31%
Funding Reserve Balance (GBP)24,525,584 0.19%
Funding Reserve % 0.6% NA
*Top-ups only occur at the end of each quarter.
Additional Notes to the Investor Reports
The Overcollateralisation test will be breached on any distribution date where
the aggregate current balance of mortgage loans on such distribution date is
less than an amount equal to the product of 1.05 and the principal amount
outstanding of all notes of all issuers on such distribution date. The principal
amount outstanding of such notes will be calculated on a straight line basis by
applying the appropriate constant payment rate applicable to each series of
notes on a monthly, rather than quarterly, basis.
A non asset trigger event will occur if the current seller share is equal to or
less the minimum seller share for two consecutive months. The one month cure
period will now allow the seller to substitute new loans into the trust to meet
the minimum seller requirement.
The notes may be redeemed at the option of the issuer if on the payment date
falling on or after July 2008, the New Basel Capital Accord has been implemented
in the United Kingdom