Exhibit 20.2
ARRAN FUNDING LIMITED - SERIES 05-B
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: May 15, 2006
RATING (S&P/Moodys/Fitch) POOLFACTOR PAY NEXT PAY COUPON
TRANCHE CURRENCY ORIGINAL CURRENT ORIGINAL CURRENT FREQUENCY DATE BASIS CURRENT
- ------------------------------------------------------------------------------------------------------------------------------------
Class A1 USD AAA /Aaa/AAA AAA /Aaa/AAA 100% 100% Quarterly 15 Jun 2006 3 Mth $ LIBOR + 0.05% 4.96000%
Class A2 EUR AAA /Aaa/AAA AAA /Aaa/AAA 100% 100% Monthly 15 Jun 2006 1 Mth EURIBOR + 0.09% 2.72700%
Class A3 GBP AAA /Aaa/AAA AAA /Aaa/AAA 100% 100% Quarterly 15 Jun 2006 3 Mth (pound) LIBOR + 0.09% 4.67219%
Class B3 GBP A/A1/A A/A1/A 100% 100% Quarterly 15 Jun 2006 3 Mth (pound) LIBOR + 0.26% 4.84219%
Class C1 USD BBB/Baa2/NR BBB/Baa2/NR 100% 100% Quarterly 15 Jun 2006 3 Mth $ LIBOR + 0.40% 5.31000%
Class C3 GBP BBB/Baa2/NR BBB/Baa2/NR 100% 100% Quarterly 15 Jun 2006 3 Mth (pound) LIBOR + 0.46% 5.04219%
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
Month end Gross Expense Gross Charge Excess Excess Transferor Interest
Yield (%) Rate (%) Off Rate (%) Spread (%) Spread (%) % Min %
Roll 1/4 Ave
Apr 30, 2006 16.60% 4.98% 5.72% 5.89% 6.33% 41.51% 6%
Mar 31, 2006 20.15% 6.06% 7.25% 6.84% 6.76% 41.18% 6%
Feb 28, 2006 16.86% 5.11% 5.48% 6.27% N/A 43.52% 6%
Jan 31, 2006 18.43% 5.49% 5.77% 7.16% N/A 44.22% 6%
Dec 31, 2005 18.30% N/A 5.77% N/A N/A 45.42% 6%
Note: Bonds were issued on 15th December 2005; expense rate and excess
spread for December have therefore been omitted as not meaningful.
Delinquencies (Principal receivables which are 30 days or more past due)
(% Pool)
-------------------------------------------------------
Month end 30-59 days 60-89 days 90-179 days 180+ days Total
- --------- ---------- ---------- ----------- --------- -----
Apr 30, 2006 1.32% 0.98% 2.30% 3.28% 7.88%
Mar 31, 2006 1.25% 0.96% 2.27% 3.17% 7.65%
Feb 28, 2006 1.27% 0.92% 2.19% 3.07% 7.46%
Jan 31, 2006 1.21% 0.88% 2.15% 2.93% 7.17%
Dec 31, 2005 1.12% 0.88% 2.06% 2.82% 6.88%
Payment Rate
Payments Pool balance
------------------------------- ------------
Month End Total ((pound)000) Rate (%) (pound)000
Apr 30, 2006 977,762 19.57% 5,033,594
Mar 31, 2006 1,302,500 24.99% 4,996,352
Feb 28, 2006 1,071,000 20.31% 5,212,805
Jan 31, 2006 1,239,187 23.00% 5,272,903
Dec 31, 2005 1,200,032 22.34% 5,386,670
Average Actual Balance: (pound) 1,087
Number of Accounts: 4,629,817
IN WITNESS WHEREOF, the undersigned has duly executed this Monthly Servicer's
Report as of the 15th day of May, 2006.
The Royal Bank of Scotland plc, as Servicer
By:
Name: Patrick Neville
Title: Director, Finance, Cards Business