Equity Release Funding (No.3) PLC Investor Announcement (4576Y)
03 March 2017 - 7:44PM
UK Regulatory
TIDM39PV
RNS Number : 4576Y
Equity Release Funding (No.3) PLC
03 March 2017
3 March 2017
Equity Release Funding (No.3) PLC
(the "Issuer")
Re: GBP310,000,000 Class A2 Mortgage Backed Notes due 2033 (XS0169950531)
GBP50,000,000 Class A3 Mortgage Backed Limited Price Index Notes
due 2023 (XS0169950705)
GBP42,000,000 Class B Mortgage Backed Floating Rate Notes due
2038 (XS0169951000)
The Issuer has become accustomed to issuing quarterly Investor
Reports in respect of the periods to 26 January, 26 April, 26 July
and 26 October respectively.
An error has been identified in the financial reporting process
used to generate the Loan to Values (LTVs) in those Investor
Reports for the Loans in the Issuer's Portfolio. Property
information that feeds into all LTVs in the Investor Reports has
been found to be incorrect. Upon identification of the error an
investigation was undertaken and the process used to generate the
LTVs was reviewed, corrected and tested to ensure this issue was
fully resolved.
The LTV reflects the current loan balance compared to the
original property value. The Indexed LTV reflects the current loan
balance compared to the indexed (using Halifax annual House Price
Index) value of the property. The latest Investor Report was issued
on 9 February 2017 in respect of the Period 26 January 2017. The
weighted average unindexed LTV and indexed LTV were given in the
Investor Report as 64.4 % and 36.1% respectively. Following
investigation these should have read 70.7% and 39.4%
respectively.
The next Investor Report will provide corrected information for
all the erroneous LTVs issued on 9 February 2017. We confirm that
we expect to issue the next Investor Report on or before 13 March
2017 in respect of the period to 26 January 2017.
This announcement has been shared with Credit Rating Agencies
that provide ratings for the Issuer's Portfolio.
This notice is given by:
Equity Release Funding (No.3) PLC
3 March 2017
This information is provided by RNS
The company news service from the London Stock Exchange
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