32GB Eqty Rel5.a Nts

TIDM32GB

RNS Number : 3983T

Equity Release Funding(No.5) PLC

17 July 2020

17 July 2020

Equity Release Funding (No.5) PLC

(the "Issuer")

   Re:       GBP315,000,000 Class A Mortgage Backed Floating Rate Notes due 2045 (XS0225883387) 

GBP43,000,000 Class B Mortgage Backed Floating Rate Notes due 2050 (XS0225883973)

GBP23,000,000 Class C Mortgage Backed Deferrable Interest Floating Rate Notes due 2050 (XS0225884278)

The Issuer notes that the Halifax House Price Index (the "Index") was rebased in September 2019. The Weighted Average Indexed LTV (the "LTV") outlined in the Issuer's quarterly investor reports are calculated using the Index. The Issuer has today published a restated version of the quarterly Investor Report dated 3 April 2020, which reflects changes to the LTV statistics as a result of the rebase of the Index.

In addition, following a review of the data and process used to produce the Issuer's quarterly Investor Reports, a number of corrections have been made, which are shown in the restated Investor Report. The Issuer has noted in the restated Investor Report all fields which have been restated. This document is available at www.erfunding.co.uk.

All changes are shown in the restated Investor Report. However, the Issuer notes in particular the following change to the LTV statistics as a result of the Index rebase:

 
                              Weighted Average Indexed LTV (%)* 
 Published on 3 April 2020    46.3 
                             ---------------------------------- 
 Restated on 17 July 2020     46.8 
                             ---------------------------------- 
 

* The Indexed LTVs are calculated using Halifax House Price Index. The index was rebased in Sep-19 and this shows LTVs on the new basis.

All processes that were previously used to generate the statistics have been reviewed, corrected and tested to ensure the issue has been fully resolved. The corrections do not affect the amounts of any payments which have been made under the Notes or to other parties to the securitisation transactions.

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.5) PLC

17 July 2020

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

MSCFLFFEDEIDLII

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July 17, 2020 11:29 ET (15:29 GMT)

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