Exhibit 99.8
MONTHLY CASH MANAGERS STATEMENT AND PAYMENT ADVICES
SERIES OO-C
----------------------------------------------------------
Monthly Period Ending: 28 February 2005
Transfer Date: 15 March 2005
Distribution Date: 15 March 2005
Next Payment Date: 15 March 2005
----------------------------------------------------------
Index
- --------------------------------------------------------------------------------
Section Contents
- --------------------------------------------------------------------------------
1 Receivables Pool Summary Information
2 Series General Information
3 Undivided Interest
4 Segregated Trust
5 Loan Note Issuer
6 Issuer
7 Investor Interest and Debt Amounts
8 Commentary/Payout Events
- --------------------------------------------------------------------------------
Note: All amounts are in (pound) sterling unless otherwise stated.
Section 1
Receivables Pool Summary Information (1)
- --------------------------------------------------------------------------------------------
1 Aggregate amount of Principal Collections processed 214,228,637
2 Aggregate amount of proceeds from sale of delinquent
receivables to 3rd parties treated as Principal Collections --
3 Aggregate amount of Finance Charge Collections processed 22,404,716
4 Aggregate amount of Acquired Interchange processed 1,312,810
5 Aggregate amount of Interest received on Trustee Collections --
Account and Trustee Acquisition Account
6 Aggregate amount of Investor Defaults 2,883,694
7 Aggregate amount of Principal written off through sale of debt to --
third party treated as an Investor Default
8 Aggregate amount of Section 75 liability --
9 Aggregate amount of outstanding principal balances in the see below
Accounts which were delinquent as of the end of the day on
the last day of the related Monthly Period
- --------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Aggregate Percentage
Account of Total
Principal Balance Receivables
(pound)000's in Trust
- --------------------------------------------------------------------------------
( a ) 30-59 days 15,221 0.89
( b ) 60-89 days 12,485 0.73
( c ) 90+ days 63,964 3.74
- --------------------------------------------------------------------------------
Total 91,671 5.36
- --------------------------------------------------------------------------------
1
Section 2
Receivables Pool Summary Information (2)
- ---------------------------------------------------------------------------------------------------
Transferor and Aggregate Investor Interest
Amount Percentage
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
Aggregate amount of RBS Transferor Interest/% in relation to 1,545,105,156 90.34
RBS principal balances outstanding at month end
- ---------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Aggregate Investor Interest (for analysis - see below) 1,133,016,217
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
OO-A Investor Interest 0
- -----------------------------------------------------------------------------------
OO-B Investor Interest 637,511,156
- -----------------------------------------------------------------------------------
OO-C Investor Interest 495,505,061
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Balance on Trustee Acquisition Account --
- -----------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------
Aggregate amount of RBS Principal Balances at month end 1,710,273,509
- -----------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
Portfolio Minimum Balance Parameters
- ---------------------------------------------------------------------------------------------------
Minimum Transferor interest of RBS above amount agreed with [ 5% ] Yes
Rating Agencies for a period of 30 consecutive days [ 2% ] Yes
- ---------------------------------------------------------------------------------------------------
Minimum Aggregate Principal Receivables Above Zero Yes
- ---------------------------------------------------------------------------------------------------
2
Section 2
General Information
- ---------------------------------------------------
Period Type Controlled Accumulation
- ---------------------------------------------------
- --------------------------------------------
Loan Note Rate OO-C
- --------------------------------------------
Class A 5.01%
Class B 5.23%
Class C 5.73%
- --------------------------------------------
- --------------------------------------------------------------------------------
Investor Percentages
- --------------------------------------------------------------------------------
Prior to Addition Date Post Addition Date
OO-C OO-C
- --------------------------------------------------------------------------------
%
- --------------------------------------------------------------------------------
Series Floating Percentage 9.66
Class A Floating Percentage 87.50 N/A
Class B Floating Percentage 6.00
Class C Floating Percentage 6.50
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Series Fixed Percentage 67.06
Class A Fixed Percentage 87.50 N/A
Class B Fixed Percentage 6.00
Class C Fixed Percentage 6.50
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Controlled Accumulation Period (CAP)/Controlled Deposit Amount
Series OO-C
- --------------------------------------------------------------------------------
Months Amount
Original CAP/Controlled Deposit Amount 18 27,528,059
Adjustment to CAP/Controlled Deposit Amount N/A N/A
Revised CAP/Controlled Deposit Amount 18 27,528,059
- --------------------------------------------------------------------------------
3
Section 3
Undivided Interest
- --------------------------------------------------------------------------------
Principal Collections OO-C
- --------------------------------------------------------------------------------
The aggregate amount of Principal Collections 93,689,192
processed during the related Monthly Period
allocable to Series
Deduct: Utilised Retained Principal Collections --
Amount notionally allocable to Class C
Deduct: Utilised Retained Principal Collections --
Amount notionally allocable to Class B
Deduct: Amount distributed to Series Principal 27,528,059
Collections Ledger in the Segregated Trust
Deduct: Shared Principal Collections --
- --------------------------------------------------------------------------------
Total = Cash Available for Acquisition 66,161,133
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Finance Charge Collections and Interchange OO-C
- --------------------------------------------------------------------------------
The aggregate amount of Finance Charge 9,798,316
Collections (to include interest on the Trustee
Collections Account and Trustee Acquisition
Account) allocable to Series during the related
Monthly Period
- --------------------------------------------------------------------------------
The aggregate amount of Acquired Interchange 574,135
Amount processed during the related Monthly
Period allocable to Series
- --------------------------------------------------------------------------------
Total transferred to the Series Collections 10,372,450
Account Finance Charge Collections Ledger in
relation to Series
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other OO-C
- --------------------------------------------------------------------------------
Investor Defaults allocable to Series 1,261,134
- --------------------------------------------------------------------------------
Section 75 Liability allocable to Series --
- --------------------------------------------------------------------------------
4
Section 4
Segregated Trust (1)
Principal Collections
- --------------------------------------------------------------------------------
Principal Collections Ledger OO-C
- --------------------------------------------------------------------------------
Total amount transferred from Undivided Interest 27,528,059
- --------------------------------------------------------------------------------
Deficit relative to Controlled Deposit Amount --
- --------------------------------------------------------------------------------
The total distribution to Principal Funding Account
or to Loan Note Issuer Account in respect of:
Class A Monthly Principal Amount 24,087,052
Class B Monthly Principal Amount 1,651,684
Class C Monthly Principal Amount 1,789,324
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Principal Funding Account OO-C
- --------------------------------------------------------------------------------
Balance brought forward 302,808,648
- --------------------------------------------------------------------------------
Transfer this month 27,528,059
- --------------------------------------------------------------------------------
Transfer to Loan Note Issuer Distribution Account
Class A Monthly Principal Amount --
Class B Monthly Principal Amount --
Class C Monthly Principal Amount --
- --------------------------------------------------------------------------------
Balance carry forward 330,336,707
- --------------------------------------------------------------------------------
Deficit relative to Cumulative Controlled Deposit Amount --
- --------------------------------------------------------------------------------
5
Segregated Trust (2)
Finance Charge Collections (1)
- -----------------------------------------------------------------
Series Finance Charge Collection Ledger OO-C
- -----------------------------------------------------------------
Finance Charge Collections Allocable to Series 6,993,522
Interchange Allocable to Series 409,787
Interest Income on Accounts 0
Income from Principal Funding Account --
up to Class A covered amount
Retained Principal Collections Amount --
notionally allocable to Class B
Retained Principal Collections Amount --
notionally allocable to Class C
Transfer from Reserve Account --
Transfer from Spread Account --
- -----------------------------------------------------------------
- --------------------------------------------------------------------------------
Total Amount of Distribution to be
transferred to Finance Funding Account (in
evolving and ontrolled accumulation Period) Paid Unpaid
or to Loan Note Issuer Distribution Account
(in Regulated or Rapid Amortisation Period) OO-C OO-C
- --------------------------------------------------------------------------------
Class A Monthly Finance Amount 1,666,323 --
Class A Deficiency Amount -- --
Class A Additional Finance Amount -- --
Issuer Costs Amount -- --
Class B Monthly Finance Amount 119,302 --
Class B Deficiency Amount -- --
Class B Additional Finance Amount -- --
Class C Monthly Finance Amount 141,672 --
Class C Deficiency Amount -- --
Class C Additional Finance Amount -- --
Issuer Profit Amount 83 --
Trustee Payment Amount 36 --
The total amount of distribution in respect of -- --
Trustee Payment Amount for the related
Monthly Period including any amount remaining
unpaid in respect of prior Monthly Periods
- --------------------------------------------------------------------------------
6
Section 4
Segregated Trust (3)
Finance Charge Collections (2)
- --------------------------------------------------------------------------------
Paid Unpaid
OO-C OO-C
- --------------------------------------------------------------------------------
Total amount of distribution in respect of Loan 8,258 --
Note Issuer Costs Amount for the monthly --
period including any amount remaining unpaid --
in respect of prior monthly periods --
- --------------------------------------------------------------------------------
Total amount of distribution in respect of Loan 4,127 --
Note Issuer Profit for the monthly period --
- --------------------------------------------------------------------------------
Total amount of distribution in respect of 309,691 --
Servicing Fee Payment Amount for the related --
monthly period including any amount remaining --
unpaid in respect of prior monthly periods --
- --------------------------------------------------------------------------------
Total amount of distribution in respect of Cash 219 --
Management Fee Payment Amount for the
related monthly period including any amount
remaining unpaid in respect of prior monthly
periods
- --------------------------------------------------------------------------------
Payment to cover Additional Expenses 0 --
- --------------------------------------------------------------------------------
Payment to cover Investor Defaults 1,261,134 --
- --------------------------------------------------------------------------------
Payment to cover Reduction in Investor Interest -- --
(excluding repayments of principal)
- --------------------------------------------------------------------------------
Payment in relation to Stamp Duty Reserve: -- --
Principal
Interest
- --------------------------------------------------------------------------------
Transfer to Reserve Account -- --
- --------------------------------------------------------------------------------
Transfer to Spread Account -- --
- --------------------------------------------------------------------------------
Payment in respect of Investor Indemnity Amt -- --
- --------------------------------------------------------------------------------
Payment in relation to Excess Spread 3,892,464 --
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------
Finance Funding Account OO-C
- -------------------------------------------------------------------
Balance brought forward 4,260,203
- -------------------------------------------------------------------
Transfer in this Month (15th's Payment) 1,927,298
- -------------------------------------------------------------------
Transfer to Loan Note Issuer Distbtn Account
Class A 5,349,577
Class B 383,029
Class C 454,895
- -------------------------------------------------------------------
Balance carried forward 0
- -------------------------------------------------------------------
7
Section 4
Segregated Trust (4)
Reserve and Spread Accounts
- -----------------------------------------------------------------
Required Reserve Account OO-C
- -----------------------------------------------------------------
Balance brought forward --
- -----------------------------------------------------------------
Transfer in/out this Month --
- -----------------------------------------------------------------
Balance carried forward --
- -----------------------------------------------------------------
- -----------------------------------------------------------------
Spread Account OO-C
- -----------------------------------------------------------------
Quarterly Excess Spread Percentage 9.3
- -----------------------------------------------------------------
Excess Spread Percentage Required 4.2
- -----------------------------------------------------------------
Required Spread Account Amount --
- -----------------------------------------------------------------
Balance brought forward --
- -----------------------------------------------------------------
Transfer in/out this Month --
- -----------------------------------------------------------------
Balance carried forward --
- -----------------------------------------------------------------
8
Section 5
Loan Note Issuer
- ------------------------------------------------------------------
Expenses Description & Method of OO-C
Allocation to Series (pound)
- ------------------------------------------------------------------
Monthly fee to RBSI based on 2bp of investor 8,258
interest
- ------------------------------------------------------------------
- ------------------------------------------------------------------
Total 8,258
- ------------------------------------------------------------------
- ------------------------------------------------------------------
Loan Note Issuer Expenses Account OO-C
(pound)
- ------------------------------------------------------------------
Balance --
- ------------------------------------------------------------------
- ------------------------------------------------------------------
Comments
- ------------------------------------------------------------------
- ------------------------------------------------------------------
Loan Note Issuer Distribution Account OO-C
(pound)
- ------------------------------------------------------------------
Retained Profit 8,254
- ------------------------------------------------------------------
Other --
- ------------------------------------------------------------------
Balance 8,254
- ------------------------------------------------------------------
Comments: Balance consists solely of LNI
profit of 1bp of investor interest
- ------------------------------------------------------------------
9
Section 6
Issuer
- ------------------------------------------------------------------
Expenses Description & Method of OO-C
Allocation to Series (pound)
- ------------------------------------------------------------------
--
- ------------------------------------------------------------------
- ------------------------------------------------------------------
Total --
- ------------------------------------------------------------------
- ------------------------------------------------------------------
Issuer Quarterly Expenses Account OO-C
(pound)
- ------------------------------------------------------------------
Balance at month end 2,502
- ------------------------------------------------------------------
- ------------------------------------------------------------------
Amount due to RBS plc OO-C
(pound)
- ------------------------------------------------------------------
Balance at month end 0
- ------------------------------------------------------------------
- ------------------------------------------------------------------
Accrued interest at month end 0
- ------------------------------------------------------------------
- ------------------------------------------------------------------
Expenses Loan Sinking Fund Account OO-C
(pound)
- ------------------------------------------------------------------
Principal --
- ------------------------------------------------------------------
10
Section 7
Investor Interest & Debt Amounts
Series OO-C
- -----------------------------------------------------------------------------------------------------
Summary Investor Interest and Adjusted Investor Interest
- -----------------------------------------------------------------------------------------------------
Total Class A Class B Class C
Initial Investor Interest 495,505,063 433,566,930 29,730,304 32,207,829
Principal Payments made to Loan Note Issuer -- -- -- --
Charge Offs/Reallocations -- -- -- --
Investor Interest 495,505,063 433,566,930 29,730,304 32,207,829
Series Collection Account - PC Ledger -27,528,059 -- -- --
Balance on Principal Funding Account -302,808,649 -- -- --
Adjusted Investor Interest 165,168,355 -- -- --
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
Loan Note Debt Amount
- -----------------------------------------------------------------------------------------------------
Total Class A Class B Class C
Debt amount brought forward 495,505,063 433,566,930 29,730,304 32,207,829
Principal Payments made to Issuer -- -- --
Debt amount carried forward 495,505,063 433,566,930 29,730,304 32,207,829
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------
Arran One Bonds (in US Dollars)
- -----------------------------------------------------------------------------------------------------
Total Class A Class B Class C
Outstanding Amount brought forward 700,000,000 612,500,000 42,000,000 45,500,000
Principal Payments made to Issuer -- -- --
Debt amount carried forward 700,000,000 612,500,000 42,000,000 45,500,000
Pool Factor brought forward 100% 100% 100% 100%
Pool Factor carried forward 100% 100% 100% 100%
- -----------------------------------------------------------------------------------------------------
11
Section 8
Commentary / Pay Out Events
- -------------------------------------------------------------------
Portfolio Yield and Expense Rate OO-C
- -------------------------------------------------------------------
Portfolio Yield for the Period 16.9%
Expense Rate 5.4%
Net Charge Off Rate 3.4%
Excess Spread Rate 8.1%
- -------------------------------------------------------------------
- --------------------------------------------------------------------------------
Commentary
- --------------------------------------------------------------------------------
The quarterly, average excess spread rates are above the minimum rates, and for
the period in question, have always resulted in a transfer to the "required
spread accounts".
- --------------------------------------------------------------------------------
To the knowledge of the undersigned, no Series Pay Out Event or Trust Pay Out
Event has occurred except as described below:
None
IN WITNESS WHEREOF, the undersigned has duly executed this certificate this 15th
Day of March 2005
Authorised signatory
The Royal Bank of Scotland plc
Trust Cash Manager
By: Jason Bryce
Title: Financial Controller
12