Exhibit 20.1
ARRAN FUNDING LIMITED - SERIES 05-A
FORM OF MONTHLY SERVICER'S REPORT
Bloomberg Ticker Number: ARRAN2005
Arran Funding Limited - Series: 05-A
ABS - Credit Card - Bank, Closing Date: December 15, 2005
As at: March 15, 2006
RATING (S&P/Moodys/Fitch) POOLFACTOR PAY COUPON
TRANCHE CURRENCY ORIGINAL CURRENT ORIGINAL CURRENT FREQUENCY BASIS CURRENT
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Class A USD AAA /Aaa/AAA AAA /Aaa/AAA 100% 100% Monthly 1 Mth LIBOR + 0.02% 4.590%
Class B USD A/A1/A A/A1/A 100% 100% Monthly 1 Mth LIBOR + 0.18% 4.750%
Class C USD BBB/Baa2/NR BBB/Baa2/NR 100% 100% Monthly 1 Mth LIBOR + 0.32% 4.890%
Scheduled start of Controlled Accumulation Period 1 June, 2007
Expected maturity: 15 December, 2008
Legal final maturity: 15 December, 2010
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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Month end Gross Expense Gross Charge Net Charge Excess Excess Transferor Interest
Yield (%) Rate (%) Off Rate (%) Off Rate (%) Spread (%) Spread (%) % Min %
Roll 1/4 Ave
28 Feb 2006 18.24% 5.09% 5.88% 5.76% 7.40% N/A 44.54% 6%
31 Jan 2006 19.99% 5.44% 6.22% 6.17% 8.38% N/A 45.20% 6%
31 Dec 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.
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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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28 Feb 2006 1.32% 0.97% 2.32% 3.24% 7.85%
31 Jan 2006 1.27% 0.93% 2.27% 3.11% 7.58%
31 Dec 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
28 Feb 2006 1,071,000 20.30% 5,212,805
31 Jan 2006 1,239,175 23.00% 5,275,021
31 Dec 2005 1,200,030 22.33% 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