RNS Number:8173P
Silver No.1 PLC
10 January 2002


RE:  SILVER NO.1 PLC
GBP 100,000,000 Class A1A Mortgage Backed Floating Rate 
 Notes due 2027                                           ISIN: XS0127219433
GBP 23,500,000 Class M Mortgage Backed Floating Rate
 Notes due 2027                                           ISIN: XS0127268059
GBP 19,500,000 Class B Mortgage Backed Floating Rate
 Notes due 2027                                           ISIN: XS0127268216
GBP 12,500,000 Class C Mortgage Backed Floating Rate
 Notes due 2027                                           ISIN: XS0127268646
GBP 8,000,000 Class D Mortgage Backed Floating Rate
 Notes due 2027                                           ISIN: XS0127268992

**RESENDING WITH PRINCIPAL REPAYMENT AMOUNT**

Please be advised that the GBP Deposit Interpolation Rate has been determined 
as:   4.04641%

For the period:   17-Dec-01   to   15-Jan-02


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

GBP 100m Class A1A     72,674,862.00   4.5464100%   29    262,517.31    2.62517
GBP 23.5m Class M      23,500,000.00   4.6964100%   29     87,687.76    3.73139
GBP 19.5m Class B      19,500,000.00   5.5464100%   29     85,931.37    4.40674
GBP 12.5m Class C      12,500,000.00   6.5464100%   29     65,015.72    5.20126
GBP 8m Class D          8,000,000.00  10.0464100%   29     63,856.63    7.98208


Principal Amount       Class A1A Current    Class A1A New Pool
  Amortising             Pool Factor             Factor
  Class A1A:
  2,491,620.24         0.726748620000        0.701832417600


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

Please contact me on 0207 964 6521 if you have any queries.


FROM: Karen Hill
      Bank of New York



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