RNS Number:5120Y
Silver No.1 PLC
11 July 2002


RE: SILVER NO.1 PLC

EUR 157,000,000 Class A1B Mortgage Backed Floating Rate Notes due 2027
ISIN: XS0127264900

Please be advised that the EUR Deposit Rate has been determined as: 3.36100%
For the period:  15-Jul-02  to 15-Aug-02

                   Beginning Principal
Class                Outstanding          All-in-Rate      Days    Interest Due      Factor per 1,000

EUR 157m Class A1B  92,277,002.57           3.84100%        31     305,208.75          1.94400

The next payment date will be on:
15-Aug-02




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