EXHIBIT 25.1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM T-1
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF
A CORPORATION DESIGNATED TO ACT AS TRUSTEE
_________________________________________________
CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF
A TRUSTEE PURSUANT TO SECTION 305(b)(2)
__________________________________________________
THE BANK OF NEW YORK
(Exact name of trustee as specified in its charter)
NEW YORK 13-5160382
(State of incorporation (I.R.S. employer
if not a national bank) identification No.)
1 WALL STREET 10286
NEW YORK, NEW YORK (Zip Code)
(Address of principal executive offices)
Michael Shepherd
General Counsel
One Wall Street
15th Floor
New York, New York 10286
Tel: 212 635-6748
(Name, address and telephone number of agent for service)
______________________________________________
PERMANENT FINANCING (NO.3) PLC
(Exact name of obligor as specified in its charter)
ENGLAND AND WALES (I.R.S. employer
(State or other jurisdiction of identification No.)
incorporation or organization)
Blackwell House
Guildhall Yard
London EC2V 5AE
England (Zip Code)
(Address of principal executive offices)
_________________________________________
$1,100,000,000 SERIES 1 CLASS A FLOATING RATE NOTES DUE 2004
$38,000,000 SERIES 1 CLASS B FLOATING RATE NOTES DUE 2042
$38,000,000 SERIES 1 CLASS C FLOATING RATE NOTES DUE 2042
$1,700,000,000 SERIES 2 CLASS A FLOATING RATE NOTES DUE 2010
$59,000,000 SERIES 2 CLASS B FLOATING RATE NOTES DUE 2042
$59,000,000 SERIES 2 CLASS C FLOATING RATE NOTES DUE 2042
$1,500,000,000 SERIES 3 CLASS A FLOATING RATE NOTES DUE 2033
$52,000,000 SERIES 3 CLASS B FLOATING RATE NOTES DUE 2042
$52,000,000 SERIES 3 CLASS C FLOATING RATE NOTES DUE 2042
(Title of the indenture securities)
_________________________________________
GENERAL
ITEM 1.GENERAL INFORMATION.
FURNISH THE FOLLOWING INFORMATION AS TO THE TRUSTEE:
(A) NAME AND ADDRESS OF EACH EXAMINING OR SUPERVISING AUTHORITY TO
WHICH IT IS SUBJECT.
Superintendent of Banks of the State of New York, 2 Rector Street,
New York, New York 10006 and Albany, New York, 12203.
Federal Reserve Bank of New York, District No. 2, 33 Liberty
Plaza, New York, New York, 10045
Federal Deposit Insurance Corporation, Washington, D.C., 20429.
New York Clearing House AssociationNew York, New York 10005
(B) WHETHER IT IS AUTHORIZED TO EXERCISE CORPORATE TRUST POWERS.
Yes.
ITEM 2.AFFILIATIONS WITH THE OBLIGOR.
IF THE OBLIGOR IS AN AFFILIATE OF THE TRUSTEE, DESCRIBE EACH SUCH
AFFILIATION.
None.
2
ITEM 16. LIST OF EXHIBITS
LIST BELOW ALL EXHIBITS FILED AS A PART OF THIS STATEMENT OF
ELIGIBILITY.
EXHIBITS IDENTIFIED IN PARANTHESES BELOW, ON FILE WITH THE COMMISSION,
ARE INCORPORATED HEREIN BY REFERENCE AS AN EXHIBIT HERETO, PURSUANT TO RULE 7A-
29 UNDER THE TRUST INDENTURE ACT OF 1939 (THE `ACT') AND 17 C.F.R. 229.10(D)
1. A copy of the Organization Certificate of the Trustee (The Bank of
New York, formerly Irving Trust Company) as now in effect, which
contains the authority to commence business and a grant of powers
to exercise corporate trust powers. (Exhibit 1 to Amendment No.1
to Form T-1 filed with Registration Statement No. 33-6215, Exhibit
1a and 1b to Form T-1 filed with Registration Statement No. 33-
21672 and Exhibit 1 to Form T-1 filed with Registration Statement
No. 33-29637)
2. None; Certificate of Authority being contained in the documents
identified above as Exhibit 1.
3. None, authorization to exercise corporate trust powers being
contained in the documents identified above as Exhibit 1.
4. A copy of the existing By-Laws of the Trustee. (Exhibit 4 to Form
T-1 filed with Registration Statement No. 33-31019)
5. Not applicable.
6. The consent of the Trustee required by Section 321(b) of the Act.
(Exhibit 6 to Form T-1 filed with Registration Statement No. 33-
44051)
7. A copy of the latest report of condition of the Trustee, published
pursuant to law or the requirements of its supervising or
examining authority.
8. Not applicable.
9. Not applicable.
3
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, the
Trustee, The Bank of New York, a corporation organized and existing under the
laws of the State of New York, has duly caused this statement of eligibility to
be signed on its behalf by the undersigned, thereunto duly authorized in the
City of London in the United Kingdom, on the 10th November, 2003.
THE BANK OF NEW YORK
By: /s/ Kate Russell
4
EXHIBIT 7 TO FORM T-1
5
EXHIBIT 7
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Consolidated Report of Condition of
THE BANK OF NEW YORK
of One Wall Street, New York, N.Y. 10286
And Foreign and Domestic Subsidiaries,
a member of the Federal Reserve System, at the close of business June 30, 2003,
published in accordance with a call made by the Federal Reserve Bank of this
District pursuant to the provisions of the Federal Reserve Act.
ASSETS Dollar Amounts
In Thousands
Cash and balances due from depository institutions:
Noninterest-bearing balances and currency and coin.................$4,257,371
Interest-bearing balances...........................................6,048,782
Securities:
Held-to-maturity securities...........................................373,479
Available-for-sale securities......................................18,918,169
Federal funds sold in domestic offices................................6,689,000
Securities purchased under agreements to sresell......................5,293,789
Loans and lease financing receivables:
Loans and leases held for sale........................................616,186
Loans and leases, net of unearned income...........................38,342,282
LESS: Allowance for loan and lease losses.............................819,982
Loans and leases, net of unearned income and allowance.............37,522,300
Trading Assets........................................................5,741,193
Premises and fixed assets (including capitalized leases)................958,273
Other real estate owned.....................................................441
Investments in unconsolidated subsidiaries and associated companies.....257,626
Customers' liability to this bank on acceptances outstanding............159,995
Intangible assets
Goodwill...........................................................2,554,921
Other intangible assets..............................................805,938
Other assets..........................................................6,285,971
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Total assets........................................................$96,483,434
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LIABILITIES
Deposits:
In domestic offices...............................................$37,264,787
Noninterest-bearing................................................15,357,289
Interest-bearing...................................................21,907,498
In foreign offices, Edge and Agreement subsidiaries, and IBFs......28,018,241
Noninterest-bearing.................................................1,026,601
Interest-bearing...................................................26,991,640
Federal funds purchased in domestic offices.............................739,736
Securities sold under agreements to repurchase..........................465,594
Trading liabilities...................................................2,456,565
Other borrowed money:
(includes mortgage indebtedness and obligations under
capitalized leases)...................................................8,994,708
Bank's liability on acceptances executed and outstanding................163,277
Subordinated notes and debentures.....................................2,400,000
Other liabilities.....................................................7,446,726
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Total liabilities...................................................$87,949,634
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Minority interest in consolidated subsidiaries..........................519,472
EQUITY CAPITAL
Perpetual preferred stock and related surplus.................................0
Common stock..........................................................1,135,284
Surplus...............................................................2,056,273
Retained earnings.....................................................4,694,161
Accumulated other comprehensive income..................................128,610
Other equity capital components...............................................0
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Total equity capital..................................................8,014,328
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Total liabilities minority interest and equity capital..............$96,483,434
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I, Thomas J. Mastro, Senior Vice President and Comptroller of the
above-named bank do hereby declare that this Report of Condition is true and
correct to the best of my knowledge and belief.
Thomas J. Mastro,
Senior Vice President and Comptroller
We, the undersigned directors, attest to the correctness of this
statement of resources and liabilities. We declare that it has been examined by
us, and to the best of our knowledge and belief has been prepared in
conformance with the instructions and is true and correct.
Thomas A. Renyi
Gerald L. Hassell Directors
Alan R. Griffith