-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PvFqB8Nbam74GH1RdwayEm8YVw0hEpb45rRbKln30HD6KRVImkLzaKWR3RyIvCzr o/r+ajqTHLYTN5sgOpgrqQ== 0000905148-08-002401.txt : 20080501 0000905148-08-002401.hdr.sgml : 20080501 20080501153325 ACCESSION NUMBER: 0000905148-08-002401 CONFORMED SUBMISSION TYPE: 10-D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080501 DATE AS OF CHANGE: 20080501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Granite Master Issuer plc CENTRAL INDEX KEY: 0001305478 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 000000000 STATE OF INCORPORATION: X0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 333-119671 FILM NUMBER: 08794443 BUSINESS ADDRESS: STREET 1: FIFTH FLOOR, 100 WOOD STREET CITY: LONDON STATE: X0 ZIP: EC2V 7EX BUSINESS PHONE: (011 44 20)76065451 MAIL ADDRESS: STREET 1: FIFTH FLOOR, 100 WOOD STREET CITY: LONDON STATE: X0 ZIP: EC2V 7EX FILER: COMPANY DATA: COMPANY CONFORMED NAME: GRANITE FINANCE TRUSTEES LTD CENTRAL INDEX KEY: 0001136894 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 333-13884-01 FILM NUMBER: 08794444 BUSINESS ADDRESS: STREET 1: 22 GREENVILLE STREET ST HELIER JERSEY STREET 2: J4E 8PX CHANNEL ISLANDS CITY: CHANNEL ISLANDS STATE: X0 ZIP: 00000 BUSINESS PHONE: 0114415346 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Granite Finance Funding 2 LTD CENTRAL INDEX KEY: 0001305479 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 000000000 STATE OF INCORPORATION: X0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 333-119671-02 FILM NUMBER: 08794445 BUSINESS ADDRESS: STREET 1: FIFTH FLOOR, 100 WOOD STREET CITY: LONDON STATE: X0 ZIP: EC2V 7EX BUSINESS PHONE: (011 44 20)76065451 MAIL ADDRESS: STREET 1: FIFTH FLOOR, 100 WOOD STREET CITY: LONDON STATE: X0 ZIP: EC2V 7EX 10-D 1 efc8-0787_uk2263844form10d.htm FORM 10-D efc8-0787_uk2263844form10d.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________

FORM 10-D

ASSET-BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
________________________

For the monthly distribution period from March 1, 2008 to March 31, 2008

Commission File Number of issuing entity: 333-141533
GRANITE MASTER ISSUER PLC
(Exact name of registrant as specified in its charter)
England and Wales
(State or other jurisdiction of incorporation)
Not applicable
(IRS Employer Identification No.)
Fifth Floor
100 Wood Street
London EC2V 7EX, England
(Address of principal executive offices of the issuing entity)
+44 (0)20 7606 0643
(Telephone number, including area code)

Commission File Number of registrant 2: 333-141533-01
GRANITE FINANCE FUNDING 2 LIMITED
(Exact name of registrant as specified in its charter)
England and Wales
(State or other jurisdiction of incorporation)
Not applicable
(IRS Employer Identification No.)
Fifth Floor
100 Wood Street
London EC2V 7EX, England
(Address of principal executive offices)
+44 (0)20 7606 0643
(Telephone number, including area code)

Commission File Number of registrant 3: 333-141533-02
GRANITE FINANCE TRUSTEES LIMITED
(Exact name of registrant as specified in its charter)
Jersey, Channel Islands
(State or other jurisdiction of incorporation)
Not applicable
(IRS Employer Identification No.)
22 Grenville Street
St. Helier, Jersey JE4 8PX, Channel Islands
(Address of principal executive offices)
+44 (0)1534 609 333
(Telephone number, including area code)
 

 
Registered/reporting pursuant to (check one)

Title of Class
 
 
Section 12(b)
 
 
Section 12(g)
 
 
Section 15(d)
 
 
Name of
exchange (If
Section 12(b))
Series 2007-1, Class 1A1
[           ]
[           ]
[    X           ]
___________
Series 2007-1, Class 2A1
[           ]
[           ]
[    X           ]
___________
Series 2007-1, Class 3A1
[           ]
[           ]
[    X           ]
___________
Series 2007-1, Class 4A1
[           ]
[           ]
[    X           ]
___________
Series 2007-1, Class 1B1
[           ]
[           ]
[    X           ]
___________
Series 2007-1, Class 2B1
[           ]
[           ]
[    X           ]
___________
Series 2007-1, Class 1M1
[           ]
[           ]
[    X           ]
___________
Series 2007-1, Class 2M1
[           ]
[           ]
[    X           ]
___________
Series 2007-1, Class 1C1
[           ]
[           ]
[    X           ]
___________
Series 2007-1, Class 2C1
[           ]
[           ]
[    X           ]
___________
Series 2007-2, Class 1A1
[           ]
[           ]
[    X           ]
___________
Series 2007-2, Class 2A1
[           ]
[           ]
[    X           ]
___________
Series 2007-2, Class 3A1
[           ]
[           ]
[    X           ]
___________
Series 2007-2, Class 4A1
[           ]
[           ]
[    X           ]
___________
Series 2007-2, Class 1B1
[           ]
[           ]
[    X           ]
___________
Series 2007-2, Class 2B1
[           ]
[           ]
[    X           ]
___________
Series 2007-2, Class 3B1
[           ]
[           ]
[    X           ]
___________
Series 2007-2, Class 1M1
[           ]
[           ]
[    X           ]
___________
Series 2007-2, Class 2M1
[           ]
[           ]
[    X           ]
___________
Series 2007-2, Class 2C1
[           ]
[           ]
[    X           ]
___________

Indicate by check mark if the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days

Yes         X         No
          ______          ______

PART I - DISTRIBUTION INFORMATION
 
Item 1. Distribution and Pool Performance Information.
 
On April 17, 2008 and April 21, 2008 distributions were made by Citibank, N.A., as principal paying agent on behalf of the issuing entity, to the holders of certain of the classes of notes listed above.
 
The description of the distribution and pool performance for the distribution period from March 1, 2008 to March 31, 2008 is provided in the monthly statement attached as Exhibit 99.1 to this Form 10-D.
 
Introductory and explanatory information regarding the material terms, parties and distributions described in Exhibit 99.1 is included in the Prospectus Supplement relating to the series 2007-1 notes, dated January 22, 2007 and the related Prospectus, dated January 19, 2007; and the Prospectus Supplement relating to the series 2007-2 notes, dated May 18, 2007 and the related Prospectus, dated May 17, 2007 (collectively, the “Prospectuses”), of the issuing entity filed with the Securities and Exchange Commission (the “SEC”) pursuant to Rule 424(b)(5) under the Securities Act of 1933 (the “Securities Act”).
 
PART II - OTHER INFORMATION
 
Item 2. Legal Proceedings.
 

 
2

 

None.
 
Item 3. Sales of Securities and Use of Proceeds.
 
None.
 
Item 4. Defaults Upon Senior Securities.
 
None.
 
Item 5. Submission of Matters to a Vote of Security Holders.
 
None.
 
Item 6. Significant Obligors of Pool Assets.
 
None.
 
Item 7. Significant Enhancement Provider Information.
 
In respect of each of the series 2007-1, Class 1A1, Class 2A1, Class 3A1, Class 4A1, Class 1B1, Class 2B1, Class 1M1, Class 2M1, Class 1C1 and Class 2C1 notes, the issuing entity has entered into a currency swap transaction with Barclays Bank PLC.  The sponsor, Northern Rock PLC, has determined that the significance percentage for these currency swap transactions in respect of the related classes of notes is 20% or more.
 
In respect of the series 2007-2 Class 4A1 notes, the issuing entity has entered into a currency swap transaction with Barclays Bank PLC.  The sponsor, Northern Rock PLC, has determined that the significance percentage for the currency swap transactions in respect of the related class of notes is 20% or more.
 
In respect of each of the series 2007-2, Class 1A1, Class 2A1, Class 3A1, Class 1B1, Class 2B1, Class 3B1, Class 1M1, Class 2M1 and Class 2C1 notes, the issuing entity has entered into a currency swap transaction with Deutsche Bank AG, London branch.  The sponsor, Northern Rock PLC, has determined that the significance percentage for these currency swap transactions in respect of the related classes of notes is 20% or more.
 
 
Item 8.  Other Information. 
                 
None.
 
Item 9.  Exhibits. 
 
Exhibit
No.  
Description 
 
99.1  Monthly Statement furnished to noteholders 

3

 
SIGNATURES
 

Pursuant to the requirements of the Securities Exchange Act of 1934, the servicer has duly caused this report to be signed on behalf of the issuing entity by the undersigned, thereunto duly authorized.
 
Date:  May 1, 2008 NORTHERN ROCK PLC, as servicer  
       
 
By:
/s/ DA JONES  
  Name: DA JONES  
  Title: DIRECTOR OF FINANCE  
       
 
 
 
4

 

EXHIBIT INDEX

The following exhibits are filed herewith:


Exhibit
No.              Description

99.1              Monthly Statement to Noteholders
 

EX-99.1 2 efc8-0787_ex991.htm efc8-0787_ex991.htm
Exhibit 99.1

INVESTORS' MONTHLY REPORT
GRANITE FINANCE TRUSTEES LIMITED

Monthly Report re: Granite Mortgages 01-1 Plc,
Granite Mortgages 02-1 Plc Granite Mortgages 02-2 Plc,
Granite Mortgages 03-1 Plc, Granite Mortgages 03-2 Plc,
Granite Mortgages 03-3 Plc Granite Mortgages 04-1 Plc,
Granite Mortgages 04-2 Plc, Granite Mortgages 04-3 Plc, Granite
Master Issuer Plc, Granite Finance Funding Limited and Granite
Finance Funding 2 Limited

Month ended                                           31-Mar-08

N.B. this data fact sheet and its notes can only be a summary of certain features of the bonds and their structure.
No representation can be made that the information herein is accurate or complete and no liability is accepted therefor.
Reference should be made to the issue documentation for a full description of the bonds and their structure. This data fact sheet
and its notes are for information purposes only and are not intended as an offer or invitation with respect to the purchase or
sale of any security. Reliance should not be placed on the information herein when making any decision whether to buy,
hold or sell bonds (or other securities) or for any other purpose.

Commentary on asset performance in the period

The assets within the Trust continue to exhibit strong performance.  The 3 month plus arrears have risen to 0.75% by balance,
but this continues to remain low by reference to industry standards.  Losses have continued to remain at low levels.  
Seasoning continues to increase and is currently almost 31 months.
On the 17 April 2008 the early call option was exercised on the Granite 07-3 notes, excluding the 2A note, total notional
values of £1,173m.  These notes were held by the seller and exercising the flexible early redemption call leads to an increase
in the seller share.  The 07-3 2A note is the only remaining note with similar early redemption optionality.
 
Next trust determination date                                                                       1-Apr-08

Next trust distribution date                                                                           9-Apr-08
(6 business days from determination date)

Mortgage Loans
 
Number of Mortgage Loans in Pool
386,068
Current Balance - Trust Mortgage Assets
£44,655,415,726
Current Balance - Trust Cash and other Assets
£1,311,185,856
Last Months Closing Trust Assets
£46,721,364,944
Funding share
£6,259,073,245
Funding 2 share
£34,580,318,462
Funding and Funding 2 share
£40,839,391,707
Funding and Funding 2 Share Percentage
88.85%
Seller Share*
£5,127,209,875
Seller Share Percentage
11.15%
Minimum Seller Share (Amount)*
£3,598,049,076
Minimum Seller Share (% of Total)
7.83%
Funding Bank Balance - Principal element of Balance
£1,880,454,320
Funding 2 Bank Balance - Principal element of Balance
£1,229,859,103
Excess Spread last quarter annualised (% of Total)
0.35%
* Please see the Additional Notes to the Investor Reports

Arrears Analysis of Non Repossessed Mortgage Loans 
 
> = 1 < 2 Months
7,124
862,826,286
6,302,322
1.85%
1.93%
> = 2 < 3 Months
2,284
273,197,666
3,632,403
0.59%
0.61%
> = 3 < 4 Months
853
100,771,822
1,920,374
0.22%
0.23%
> = 4 < 5 Months
558
64,535,440
1,548,191
0.14%
0.14%
> = 5 < 6 Months
331
39,440,046
1,167,227
0.09%
0.09%
> = 6 < 7 Months
245
28,475,448
981,651
0.06%
0.06%
> = 7 < 8 Months
249
28,395,925
1,127,455
0.06%
0.06%
> = 8 < 9 Months
193
22,004,378
994,104
0.05%
0.05%
> = 9 < 10 Months
119
14,653,753
766,136
0.03%
0.03%
> = 10 < 11 Months
92
11,253,634
626,473
0.02%
0.03%
> = 11 < 12 Months
64
7,144,805
432,934
0.02%
0.02%
> = 12 < 13 Months
47
4,571,265
313,848
0.01%
0.01%
> = 13 < 14 Months
44
5,395,204
387,615
0.01%
0.01%
> = 14 < 15 Months
28
3,278,819
276,018
0.01%
0.01%
> = 15 < 16 Months
7
961,386
67,200
0.00%
0.00%
> = 16 < 17 Months
7
1,072,742
84,603
0.00%
0.00%
> = 17 < 18 Months
4
420,121
43,154
0.00%
0.00%
> = 18 < 19 Months
3
522,199
52,266
0.00%
0.00%
> = 19 < 20 Months
4
570,373
61,834
0.00%
0.00%
> = 20 < 21 Months
1
236,531
19,386
0.00%
0.00%
> = 21 < 22 Months
2
306,569
47,971
0.00%
0.00%
> = 22 < 23 Months
2
356,175
49,173
0.00%
0.00%
> = 22 < 23 Months
1
328,824
61,462
0.00%
0.00%
Total
12,262
1,470,719,411
20,963,800
3.18%
3.29%
 
Arrears are calculated in accordance with standard market practice in the UK.   A mortgage is identified as being in arrears when, on any due date, the overdue amounts which were due on previous due dates equal, in the aggregate, one or more full monthly payments.  In making an arrears determination, the administrator calculates as of the date of determination the difference between the sum of all monthly payments that were due and payable by a borrower on any due date up to that date of determination (less the aggregate amount of all authorised underpayments made by such borrower up to such date of determination) and the sum of all payments actually made by that borrower up to that date of determination.  If the result arrived at by dividing that difference (if any) by the amount of the required monthly payment equals or exceeds 1 the loan is deemed to be in arrears.  Arrears classification is determined based on the number of full monthly payments that have been missed.  A borrower that has missed payments that in the aggregate equal or exceeding 2 monthly payments (but for which the aggregate of missed payments is less than 3 monthly payments) would be classified as being between 2 - - 3 months in arrears, and so on.
 
Properties in Possession

 
Number
Principal (£)
Arrears (£)
Total (since inception)
4275
416,501,053
24,637,290


Properties in Possession
1221
Number Brought Forward 
1124
Repossessed (Current Month) 
196
Relinquished (Current Month) 
4
Sold (since inception)
3054
Sold (current month)
95
Sale Price / Last Loan Valuation
103
Average Time from Possession to Sale (days)
157
Average Arrears at Sale
£5,208
Total Principal Loss (Since inception)
£11,880,169
Total Principal Loss (current month)
£389,676
Number of accounts experiencing a loss since inception
950
Ratio of aggregate net losses to average portfolio balance
0.00027
Average loss on accounts experiencing a loss
£12,505
MIG Claims Submitted
17
MIG Claims Outstanding
0
Average Time from Claim to Payment
84
Note: The arrears analysis and repossession information is at close of business for the report month




 
 
 

 
 

Substitution
               
                   
           
Number
 
Principal (£)
 
                   
Substituted this period
     
0
 
£0
 
                   
Substituted to date (since 26 March 2001)
   
1,063,063
 
£129,927,505,708
 
                   
CPR Analysis
               
                   
               
% of CPR
 
                   
Current Month % of CPR - Removals*
       
10.30%
 
                   
Previous Month % of CPR - Removals*
       
16.60%
 
                   
Current Month % of CPR - Non-Removals**
       
89.70%
 
                   
Previous Month % of CPR - Non-Removals**
       
83.40%
 
*Removals are loans that Northern Rock has repurchased from the Trust (e.g. Further Advances and Product Switches)
 
**Non-Removals are scheduled repayments, overpayments and redemptions
       
                   
           
Monthly
 
Annualised
 
                   
Current Month CPR Rate - Total
     
3.79%
 
37.11%
 
                   
Previous Month CPR Rate - Total
     
3.34%
 
33.46%
 
                   
Key pool statistics
               
                   
Weighted Average Seasoning (by value) Months
       
30.72
 
                   
Weighted Average Remaining Term (by value) Years
     
21.43
 
                   
Average Loan Size
           
£115,667
 
                   
Weighted Average LTV (by value)
         
76.91%
 
                   
Weighted Average Indexed LTV (by value)
       
69.30%
 
                   
Non Verified (by value)
         
43.71%
 
                   
Product Breakdown
               
                   
Fixed Rate (by balance)
         
56.16%
 
                   
Together (by balance)
           
29.86%
 
                   
Capped (by balance)
           
0.07%
 
                   
Variable (by balance)
           
9.81%
 
                   
Tracker (by balance)
           
4.10%
 
                   
Total
             
100.0%
 
 
 
Geographic Analysis
               
                   
   
Number
 
% of Total
 
Value (£)
 
% of Total
 
                   
East Anglia
8,853
 
2.29%
 
1,027,491,171
 
2.30%
 
                   
East Midlands
29,047
 
7.52%
 
3,032,538,272
 
6.79%
 
                   
Greater London
44,655
 
11.57%
 
8,183,307,115
 
18.33%
 
                   
North
 
33,540
 
8.69%
 
2,618,251,179
 
5.86%
 
                   
North West
48,538
 
12.57%
 
4,640,524,134
 
10.39%
 
                   
Scotland
 
49,554
 
12.84%
 
4,083,504,236
 
9.14%
 
                   
South East
 
61,104
 
15.83%
 
9,172,073,608
 
20.54%
 
                   
South West
28,725
 
7.44%
 
3,729,377,172
 
8.35%
 
                   
Wales
 
16,024
 
4.15%
 
1,569,142,367
 
3.51%
 
                   
West Midlands
27,586
 
7.15%
 
3,018,000,362
 
6.76%
 
                   
Yorkshire
 
38,442
 
9.96%
 
3,581,206,110
 
8.02%
 
                   
Total
 
386,068
 
100%
 
44,655,415,726
 
100%
 
                   
LTV Levels Breakdown
             
                   
       
Number
 
Value (£)
 
% of Total
 
                   
0% < 25%
     
21,498
 
760,698,131
 
1.70%
 
                   
> = 25% < 50%
   
50,395
 
4,174,450,351
 
9.35%
 
                   
> = 50% < 55%
   
13,810
 
1,466,611,759
 
3.28%
 
                   
> = 55% < 60%
   
15,202
 
1,747,467,396
 
3.91%
 
                   
> = 60% < 65%
   
16,612
 
2,029,497,714
 
4.54%
 
                   
> = 65% < 70%
   
19,060
 
2,420,002,510
 
5.42%
 
                   
> = 70% < 75%
   
21,930
 
2,936,664,335
 
6.58%
 
                   
> = 75% < 80%
   
25,507
 
3,583,149,528
 
8.02%
 
                   
> = 80% < 85%
   
34,245
 
4,943,823,035
 
11.07%
 
                   
> = 85% < 90%
   
57,123
 
7,400,213,669
 
16.57%
 
                   
> = 90% < 95%
   
74,841
 
8,748,059,033
 
19.59%
 
                   
> = 95% < 100%
   
32,868
 
4,115,239,246
 
9.22%
 
                   
> = 100%
     
2,977
 
329,539,020
 
0.74%
 
                   
Total
     
386,068
 
44,655,415,726
 
100.0%
 
                   
Repayment Method
               
                   
       
Number
 
Value (£)
 
% of Total
 
                   
Endowment
   
28,551
 
4,009,691,291
 
8.98%
 
                   
Interest Only
   
90,516
 
14,188,067,401
 
31.77%
 
                   
Pension Policy
   
258
 
22,803,097
 
0.05%
 
                   
Personal Equity Plan
   
516
 
32,430,171
 
0.07%
 
                   
Repayment
   
266,227
 
26,402,423,766
 
59.12%
 
                   
Total
     
386,068
 
44,655,415,726
 
100.00%
 
 

 
 

 

Employment Status
               
                   
       
Number
 
Value (£)
 
% of Total
 
                   
Full Time
     
325,261
 
35,597,712,392
 
79.72%
 
                   
Part Time
     
4,978
 
391,226,937
 
0.88%
 
                   
Retired
     
3,138
 
190,068,017
 
0.43%
 
                   
Self Employed
   
47,726
 
8,075,106,401
 
18.08%
 
                   
Other
     
4,965
 
401,301,980
 
0.90%
 
                   
Total
     
386,068
 
44,655,415,726
 
100.00%
 
                   
                   
NR Current Existing Borrowers' SVR
       
7.59%
 
                   
Effective Date of Change
         
1 March 2008
 
                   
                   
Main parties to the structure
             
                   
Northern Rock plc
   
Citibank NA
     
The Bank of New York
                   
Seller
     
Agent bank
     
Security trustee
 
Administrator
   
Common depositary
   
Note trustee
 
Cash Manager
   
Principal paying agent
       
Basis swap provider
   
Registrar
         
Start up loan provider
   
US Paying Agent
       
Account bank
               
                   
Ratings
                 
 
Short term
Long term
 
Short term
Long term
   
Short term
Long term
S&P
A1
A
 
A1+
AA
   
A-1+
AA-
Moodys
P-1
A2
 
P-1
Aa1
   
P-1
Aa2
Fitch
F1+
A-
 
F1+
AA+
   
F1+
AA-
                   
                   
Trustee Principal Ledger Receipts and Distribution
         
   
Principal Received
     Funding
       Funding 2  
Seller
 
                   
Month
 
£1,707,364,305
£249,907,390
£269,606,975
 
 
£1,187,849,940
 
                   
                   
Principal receipts reflect actual cash amounts received in the month.  The distribution takes place on the 6th business day
 
after the trust determination date.
             
 
Trustee Revenue Ledger Receipts and Distribution
             
                       
   
 
      Receipts            
   
Revenue Received
GIC Interest
sub-total
 
Administration fee
Available revenue
                       
Month
 
£212,959,303
 
£6,900,662
 
£219,859,965
 
£2,807,336
£217,052,629
                       
                       
 
                   
Trustee Revenue Distribution
             
                   
                   
     
  Funding
 
Funding 2
 
Seller
 
                   
Month
     £31,233,721
 
  £162,241,110
 
 
£23,577,798
 
                   
                   
 
Revenue receipts reflect actual cash amounts received in the month.  The distribution takes place on the 6th business day after the trust determination date.
 
On a monthly basis Trustee receipts are shared on a pro-rata basis between Northern Rock, Granite Finance Funding Limited and Granite Finance Funding 2 Limited in relation to their respective shares of the trust.  Granite Finance Funding will in turn distribute its revenue between the issuers (Granite Mortgages 01-1 plc to Granite Mortgages 04-3 plc).
Granite Finance Funding 2 Limited distributes its share of revenue to Granite Master Issuer plc in accordance with the underlying series of notes issued by Granite Master Issuer plc.
 
Granite Master Issuer Waterfall 17/20 March 2008  
   
Distribution of Issuer Available Revenue Receipts           Total
   
Issuer available revenue receipts from Funding2
160,697,678
Issuer available revenue receipts - Issuers Revenue Ledger
5,667,599
Issuer available reserve fund
539,672,234
   
 
 706,037,511
 
 
Issuer required revenue receipts
 160,697,678
   
3rd party creditors
0
Issuer cash manager
49,863
Amounts due to the  A notes and A swap providers
128,748,036
Amounts due to the  B notes and B note swap providers
5,458,382
Amounts due to the  M notes and M note swap providers
5,704,505
Amounts due to the  C notes and C note swap providers
7,234,870
Interest due on start-up loan (from Northern Rock plc)
1,711,688
Principal due on start-up loan
13,987,628
To fund issuer reserve fund
534,282,028
To fund funding reserve fund
5,390,205
To fund Series 05-2 ,05-3, 05-4, 06-1, 06-2, 06-3, 07-2, 07-3 Payment Date 3,470,305
 
 
Excess of available revenue receipts over required receipts
13,987,628
 
 
 
Additional Notes to the Investor Reports
     
             
An "asset trigger event" is the event that occurs when an amount is debited to the principal deficiency sub-ledger in relation to the class A notes
of any Funding issuer or to the AAA principal deficiency sub-ledger of Funding 2.  Following an asset trigger event  controlled amortisation schedules will
no longer apply and the notes will become pass-through notes paying principal pro rata on the most senior outstanding notes and then sequential.
             
No asset trigger event has occurred
     
             
A "non-asset trigger event" means any of the following events:
   
·   an insolvency event occurs in relation to the seller;
   
·   the seller's role as administrator is terminated and a new administrator is not appointed within 60 days; or
·   on the distribution date immediately succeeding a seller share event distribution date, the current seller share is equal to or less
than the minimum seller share (determined using the amounts of the current seller share and minimum seller share that would
exist after making the distributions of mortgages trustee principal receipts due on that distribution date
A "seller share event" will occur if, on a distribution date, (i) the result of the calculation of the current seller share on that distribution date
would be equal to or less than the minimum seller share for such distribution date (determined using the amounts of the current seller share and minimum
seller share that would exist after making the distributions of mortgages trustee principal receipts due on that distribution date
 and (ii) a seller share event has not occurred on the immediately preceding distribution date).
             
No non-asset trigger event has occurred
     
             
A arrears trigger event will occur if the outstanding principal balance of 90+ day arrears in the trust exceed 2%. In the event
of an arrears trigger the Granite Mortgages 04-2 issuer reserve fund will step up to 1.415%, the Granite 04-3 issuer
 reserve fund will step up to 1.38% and the Funding 2 reserve fund required amount increases by £37 million.
 
This trigger event is curable.
       


 
 

 

A step up trigger event will occur if any issuer is not called on its step up and call date. In the event
of an issuer non call trigger the Granite Mortgages 04-2 issuer reserve fund target will step up by 0.275%,
the Granite Mortgages 04-3 issuer reserve fund target by 0.27%, the Funding reserve target will step up by 0.10% and
the Funding 2 reserve fund required amount increases by £37 million. If the step up trigger occurs in conjunction with
 an arrears trigger the Funding 2 Reserve Fund will increase by £74 million. If the breach is rectified only the Funding 2
reserve fund required amount will reduce to its original target.
 
           
No step up trigger event has occurred.
   
           
An accelerated controlled amortisation trigger will occur if any of the issuers are not called on their step up and call dates. In the
event of an accelerated controlled amortisation trigger all notes issued by Granite Mortgages 04-2 plc and Granite Mortgages 04-3 plc and
all series issued by Granite Master Issuer plc become pass through securities.
           
No accelerated controlled amortisation trigger has occurred.
 
           
In addition, no assignment of new mortgage loans may occur after the earlier to occur of:
·   a step-up date in respect of the notes of any Funding issuer, if the option to redeem such notes on that step-up date
 
 pursuant to the terms and conditions of such notes is not exercised; or
·   a step-up date in respect of any series and class of notes of the issuer, if the option to redeem any such notes on that
 
step-up date pursuant to the terms and conditions of such notes is not exercised and the aggregate principal amount outstanding
 
of such notes (together with any other notes of the issuer in respect of which the step-up date has passed) as at such step-up date
 
exceeds £3,000,000,000; or
   
·   the date falling 12 months after the occurrence of a step-up date in respect of any series and class of notes of the issuer, if the option
 
to redeem such notes by such date pursuant to the terms and conditions of such notes is not exercised.
           
All notes issued by Granite Master Issuer which have passed their step up and call date will pay principal and intyerest monthly.
           
All of the conditions for assigning new loans continue to be complied with.
           
Deferral of repayment of subordinated notes
   
           
Amortisation of subordinated notes will be deferred if:
 
·   the principal balance of mortgages in arrears is greater than 4%
·   Funding 2 plus Granite Master Issuer is less than the programme reserve required amount
·    debit balance on subordinate note PDL
   
           
None of the conditions leading to deferral of the subordinated notes has been met.
           
Legal proceedings
       
There are no material legal proceedings against Northern Rock plc, any of the Granite entities or the Trustee.


 
Notes
Granite Mortgages 01-1 plc
                           
                                       
   
ISIN
Brought forward
 
Repaid
 
Outstanding
 
Rating
Reference Rate
 
Margin
 
Pool factor
 
Expected Maturity
 
                   
Moodys/S&P/Fitch
               
                                       
Series 1
                                     
                                       
A1
 
US387413 AA59
$0
 
$0
 
$0
 
Aaa/AAA/AAA
N/A
 
0.12%
 
0.00000
 
N/A
 
                                       
A2
 
US387413 AB33
$0
 
$0
 
$0
 
Aaa/AAA/AAA
N/A
 
0.21%
 
0.00000
 
N/A
 
                                       
B
 
US387413 AC16
$0
 
$0
 
$0
 
Aa2/AA+/AA+
N/A
 
0.40%
 
0.00000
 
N/A
 
                                       
C
 
US387413 AD98
$0
 
$0
 
$0
 
Baa1/A-/A-
N/A
 
1.40%
 
0.00000
 
N/A
 
                                       
Series 2
                                     
                                       
A
 
XS0126890390
£0
 
£0
 
£0
 
Aaa/AAA/AAA
N/A
 
0.24%
 
0.00000
 
N/A
 
                                       
B
 
XS0126890473
£0
 
£0
 
£0
 
Aa1/AA+/AA+
N/A
 
0.40%
 
0.00000
 
N/A
 
                                       
C
 
XS0126890556
£0
 
£0
 
£0
 
A3/A-/A-
N/A
 
1.40%
 
0.00000
 
N/A
 
                                       
Credit Enhancement
                                     
                                       
                   
% of Notes Outstanding
               
                                       
Class B Notes (£ Equivalent)
         
£0
 
0.00%
               
                                       
Class C Notes (£ Equivalent)
         
£0
 
0.00%
               
                                       
                                       
Granite Mortgages 01-1 Reserve Fund Requirement
     
£20,000,000
 
N/A
               
                                       
Balance Brought Forward
         
£20,000,000
 
N/A
               
                                       
Drawings this Period
         
£0
 
N/A
               
                                       
Excess Spread this Period
         
£954,653
 
N/A
               
                                       
Funding Reserve Fund Top-up this Period*
     
-£954,653
 
N/A
               
                                       
Pay Down of Reserve Fund
       
-£20,000,000
 
N/A
               
                                       
Current Balance
         
£0
 
N/A
               
                                       
                                       
Funding Reserve Balance brought forward
     
£84,087,281
 
1.03%
               
                                       
Excess spread this period
       
£11,988,924
 
0.15%
               
                                       
Repayment of start up loan interest and principal
     
-£14,662,930
 
-0.18%
               
                                       
Funding reserve Balance carried forward
     
£81,413,275
 
1.00%
               
                                       
Funding Reserve %
         
1.0%
 
NA
               
 
 

 
Notes
Granite Mortgages 01-2 plc
                             
                                       
   
ISIN
Brought forward
 
Repaid
 
Outstanding
 
Rating
Reference Rate
 
Margin
 
Pool factor
 
Expected Maturity
 
                   
Moodys/S&P/Fitch
               
                                       
Series 1
                                     
                                       
A
 
US38741PAA66
$0
 
$0
 
$0
 
Aaa/AAA/AAA
N/A
 
0.23%
 
0.00000
 
N/A
 
                                       
B
 
US38741PAB40
$0
 
$0
 
$0
 
Aa1/AA+/AA+
N/A
 
0.40%
 
0.00000
 
N/A
 
                                       
C
 
US38741PAC23
$0
 
$0
 
$0
 
Baa1/A-/A-
N/A
 
1.375%
 
0.00000
 
N/A
 
                                       
                                       
Series 2
                                     
                                       
A
 
XS0134454510
£0
 
£0
 
£0
 
Aaa/AAA/AAA
N/A
 
0.25%
 
0.00000
 
N/A
 
                                       
B
 
XS0134454866
£0
 
£0
 
£0
 
Aa1/AA+/AA+
N/A
 
0.42%
 
0.00000
 
N/A
 
                                       
C
 
XS0134455590
£0
 
£0
 
£0
 
Baa1/A-/A-
N/A
 
1.40%
 
0.00000
 
N/A
 
                                       
D
 
XS0134456218
£0
 
£0
 
£0
 
Baa3/BB+/BBB+
N/A
 
4.60%
 
0.00000
 
N/A
 
                                       
Credit Enhancement
                                     
                                       
                   
% of Notes Outstanding
               
                                       
Class B Notes (£ Equivalent)
         
£0
 
0.00%
               
                                       
Class C Notes (£ Equivalent)
         
£0
 
0.00%
               
                                       
Class D Notes
           
£0
 
0.00%
               
                                       
                                       
Granite Mortgages 01-2 Reserve Fund Requirement
     
£0
 
0.00%
               
                                       
Balance Brought Forward
         
£0
 
0.00%
               
                                       
Drawings this Period
         
£0
 
0.00%
               
                                       
Excess Spread this Period
         
£0
 
0.00%
               
                                       
Funding Reserve Fund Top-up this Period*
       
£0
 
0.00%
               
                                       
Pay Down of Reserve Fund
         
£0
 
0.00%
               
                                       
Current Balance
         
£0
 
0.00%
               
                                       
                                       
Funding Reserve Balance brought forward
       
£84,087,281
 
1.03%
               
                                       
Excess spread this period
         
£11,988,924
 
0.15%
               
                                       
Repayment of start up loan interest and principal
       
-£14,662,930
 
-0.18%
               
                                       
Funding reserve Balance carried forward
       
£81,413,275
 
1.00%
               
                                       
Funding Reserve %
         
1.0%
 
NA
               
 
 

 
Notes
Granite Mortgages 02-1 plc
                             
                                       
   
ISIN
Brought forward
 
Repaid
 
Outstanding
 
Rating
Reference Rate
 
Margin
 
Pool factor
 
Expected Maturity
 
                   
Moodys/S&P/Fitch
               
                                       
Series 1
                                     
                                       
A1
 
US38741NAA19
$0
 
$0
 
$0
 
Aaa/AAA/AAA
N/A
 
0.10%
 
0.000000
 
N/A
 
                                       
A2
 
US38741NAB91
$0
 
$0
 
$0
 
Aaa/AAA/AAA
N/A
 
0.16%
 
0.000000
 
N/A
 
                                       
B
 
US38741NAD57
$0
 
$0
 
$0
 
Aa2/AA+/AA+
N/A
 
0.33%
 
0.000000
 
N/A
 
                                       
C
 
US38741NAC64
$0
 
$0
 
$0
 
Baa1/A-/BBB+
N/A
 
1.30%
 
0.000000
 
N/A
 
                                       
Series 2
                                     
                                       
A
 
XS0144804712
£0
 
£0
 
£0
 
Aaa/AAA/AAA
N/A
 
0.20%
 
0.000000
 
N/A
 
                                       
B
 
XS0144805958
£0
 
£0
 
£0
 
Aa1/AA+/AA+
N/A
 
0.35%
 
0.000000
 
N/A
 
                                       
C
 
XS0144806253
£0
 
£0
 
£0
 
Baa1/A-/BBB+
N/A
 
1.30%
 
0.000000
 
N/A
 
                                       
D
 
XS0144806501
£0
 
£0
 
£0
 
Baa3/BB+/BBB
N/A
 
4.50%
 
0.000000
 
N/A
 
                                       
Series 3
                                     
                                       
A
 
XS0144807657
€0
 
€0
 
€0
 
Aaa/AAA/AAA
N/A
 
Fixed to 04/07
 
0.000000
 
N/A
 
                                       
B
 
XS0144807491
€0
 
€0
 
€0
 
Aa1/AA+/AA+
N/A
 
0.35%
 
0.000000
 
N/A
 
                                       
C
 
XS0144807814
€0
 
€0
 
€0
 
Baa1/A-/BBB+
N/A
 
1.30%
 
0.000000
 
N/A
 
                                       
Credit Enhancement
                                     
                                       
                   
% of Notes Outstanding
               
                                       
Class B Notes (£ Equivalent)
         
£0
 
0.00%
               
                                       
Class C Notes (£ Equivalent)
         
£0
 
0.00%
               
                                       
Class D Notes
         
£0
 
0.00%
               
                                       
                                       
Granite Mortgages 02-1 Reserve Fund Requirement
     
£0
 
0.00%
               
                                       
Balance Brought Forward