Arran Funding Limited - December 2005

Ben Robins and Alastair Syvret advised The Royal Bank of Scotland and RBS Greenwich on the US$5 billion issue of credit card-backed notes by Arran Funding Limited, under its US$7.5 billion programme.

The transaction involved a U.S. Securities and Exchange Commission shelf registration together with an ABS MTN platform, listed with the UK Listing Authority, allowing fast and efficient access to both the U.S. public ABS market and the European ABS market.

Clifford Chance acted as legal structuring and documentation counsel to RBS and RBS Greenwich.