Exhibit 20.2
ARRAN FUNDING LIMITED - SERIES 05-B
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FORM OF MONTHLY SERVICER'S REPORT
Bloomberg Ticker Number: ARRAN2005
Arran Funding Limited - Series: 05-B
ABS - Credit Card - Bank, Closing Date: December 15, 2005
As at: March 15, 2006
RATING (S&P/Moodys/Fitch) POOLFACTOR PAY NEXT PAY COUPON
TRANCHE CURRENCY ORIGINAL CURRENT ORIGINAL CURRENT FREQUENCY DATE BASIS CURRENT
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Class A1 USD AAA /Aaa/AAA AAA /Aaa/AAA 100% 100% Quarterly 15 Mar 2006 3 Mth $ LIBOR + 0.05% 4.54125%
Class A2 EUR AAA /Aaa/AAA AAA /Aaa/AAA 100% 100% Monthly 15 Mar 2006 1 Mth EURIBOR +0.09% 2.52700%
Class A3 GBP AAA /Aaa/AAA AAA /Aaa/AAA 100% 100% Quarterly 15 Mar 2006 3 Mth (pound) LIBOR +0.09% 4.73875%
Class B3 GBP A/A1/A A/A1/A 100% 100% Quarterly 15 Mar 2006 3 Mth (pound) LIBOR +0.26% 4.90875%
Class C1 USD BBB/Baa2/NR BBB/Baa2/NR 100% 100% Quarterly 15 Mar 2006 3 Mth $ LIBOR +0.40% 4.89125%
Class C3 GBP BBB/Baa2/NR BBB/Baa2/NR 100% 100% Quarterly 15 Mar 2006 3 Mth (pound) LIBOR +0.46% 5.10875%
Scheduled start of Controlled Accumulation Period: 1 June, 2009
Expected maturity: 15 December, 2010
Legal final maturity: 15 December, 2012
Structure: Sr/sub Seq Pay
Tax Election: Debt
Amort. Type: Soft Bullet
Transferors: The Royal Bank of Scotland plc / National Westminster Bank plc
Originators: The Royal Bank of Scotland plc / National Westminster Bank plc
Servicer: RBS Cards, a division of The Royal Bank of Scotland plc
Trustee: Bank of New York (The)
Underwriter: The Royal Bank of Scotland plc
Pool Performance
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Excess
Gross Expense Gross Charge Net Charge Excess Spread (%) Transferor Interest
Month end Yield (%) Rate (%) Off Rate (%) Off Rate (%) Spread (%) Roll 1/4 Ave % Min %
Feb 28, 2006 18.24% 5.11% 5.88% 5.76% 7.37% N/A 44.54% 6%
Jan 31, 2006 19.99% 5.47% 6.22% 6.17% 8.35% N/A 45.20% 6%
Dec 31, 2005 19.85% N/A 6.16% 6.12% N/A N/A 46.35% 6%
Notes: The main difference between the performance of the securitised pool
and that of the bank portfolio is as a result of the volume of
receivables on teaser rates in the bank portfolio which have not
been transferred to the securitised pool. These have the impact of
inflating both yield and the charge-off rate of the securitised
portfolio relative to the bank portfolio.
The bonds were issued on 15 December 2005; expense rate and excess
spread for December have therefore been omitted as not meaningful.
Delinquencies (loans which are 30 days or more past due)
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(% Pool)
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Month end 30-59 days 60-89 days 90-179 days 180+ days Total
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Feb 28, 2006 1.32% 0.97% 2.32% 3.24% 7.85%
Jan 31, 2006 1.27% 0.93% 2.27% 3.11% 7.58%
Dec 31, 2005 1.17% 0.92% 2.18% 2.99% 7.26%
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Payment Rate
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Payments Pool balance
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Month End Total ((pound)000) Rate (%) (pound)000
Feb 28, 2006 1,071,000 20.3% 5,212,805
Jan 31, 2006 1,239,175 23.0% 5,275,021
Dec 31, 2005 1,200,030 22.3% 5,388,175
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Average Actual Balance: (pound) 1,115
Number of Accounts: 4,677,142
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IN WITNESS WHEREOF, the undersigned has duly executed this Monthly Servicer's
Report as of the 15th day of March, 2006.
The Royal Bank of Scotland plc, as Servicer
By:
Name: Colin Baillie
Title: Director, Finance, Cards Business