6-K 1 c92548_form6k.txt FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Private Registrants Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of June, 2005 GRANITE MASTER ISSUER PLC (Translation of registrant's name into English) Fifth Floor, 100 Wood Street, London EC2V 7EX, England (Address of principal executive offices) GRANITE FINANCE TRUSTEES LIMITED (Translation of registrant's name into English) 22 Grenville Street, St Helier, Jersey JE4 8PX, Channel Islands (Address of principal executive offices) GRANITE FINANCE FUNDING 2 LIMITED (Translation of registrant's name into English) Fifth Floor, 100 Wood Street, London EC2V 7EX, England (Address of principal executive offices) Indicate by check mark whether the registrants file or will file annual reports under cover Form 20-F or Form 40-F Form 20-F.....X....Form 40-F............. Indicate by check mark whether the registrants by furnishing the information contained in this Form are also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes............No.......X........... SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized. GRANITE MASTER ISSUER PLC By: L.D.C. Securitisation Director No. 1 Limited By: /s/ Sharon Tyson -------------------------------------- Name: Sharon Tyson Title: Director Date: GRANITE FINANCE FUNDING 2 LIMITED By: L.D.C. Securitisation Director No. 1 Limited By: /s/ Sharon Tyson -------------------------------------- Name: Sharon Tyson Title: Director Date: GRANITE FINANCE TRUSTEES LIMITED By: By: /s/ Daniel Le Blancq -------------------------------------- Name: Daniel Le Blancq Title: Director Date: EXHIBIT INDEX Exhibit 99.1 Investor's Monthly Report for the month of June, 2005 99.2 Audited Financial Statements of Cancara Asset Securitisation Limited for the fiscal years ended 2003 and 2004

---------------------------------------------------------------------------------------------------------------------------------- Number Principal ((GBP)) Arrears ((GBP)) By Principal (%) < 1 Month 297,351 27,719,748,867 0 98.19% > = 1 < 3 Months 4,381 422,071,137 3,556,140 1.50% > = 3 < 6 Months 781 71,838,639 1,666,979 0.25% > = 6 < 9 Months 184 15,856,034 631,935 0.06% > = 9 < 12 Months 26 1,860,327 107,695 0.01% > = 12 Months 1 55,150 4,115 0.00% Total 302,724 28,231,430,154 5,966,864 100.00% ----------------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------------- Number Principal ((GBP)) Arrears ((GBP)) Total (since inception) 485 33,836,318 1,653,827 ---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- Properties in Possession 145 Number Brought Forward 107 Repossessed (Current Month) 38 Sold (since inception) 340 Sold (current month) 57 Sale Price / Last Loan Valuation 1.05 Average Time from Possession to Sale (days) 132 Average Arrears at Sale (GBP)3,249 Average Principal Loss (Since inception)* (GBP)744 Average Principal Loss (current month)** (GBP)2,795 MIG Claims Submitted 9 MIG Claims Outstanding 3 Average Time from Claim to Payment 53 ----------------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------------- Number Principal ((GBP)) Substituted this period 0 (GBP)0 Substituted to date (since 26 March 2001) 631,014 (GBP)56,601,148,674 ----------------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------------- % of CPR Current Month % of CPR - Removals* 62.30% Previous Month % of CPR - Removals* 51.90% Current Month % of CPR - Non-Removals** 37.70% Previous Month % of CPR - Non-Removals** 48.10% ----------------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------------- Monthly Annualised Current Month CPR Rate - Total 6.50% 55.33% Previous Month CPR Rate - Total 4.85% 44.95% ----------------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------------- Weighted Average Seasoning (by value) Months 24.68 Weighted Average Remaining Term (by value) Years 20.74 Average Loan Size (GBP)93,258 Weighted Average LTV (by value) 75.17% Weighted Average Indexed LTV (by value) 68.11% Non Verified (by value) 40.11% ---------------------------------------------------------------------------------------------------------------------------------- Product Breakdown ---------------------------------------------------------------------------------------------------------------------------------- Fixed Rate (by balance) 51.48% Together (by balance) 22.76% Capped (by balance) 0.59% Variable (by balance) 21.52% Tracker (by balance) 3.66% Total 100.0% ----------------------------------------------------------------------------------------------------------------------------------

Geographic Analysis ---------------------------------------------------------------------------------------------------------------------------------- Number % of Total Value ((GBP)) % of Total East Anglia 5,982 1.98% 565,982,580 2.00% East Midlands 21,285 7.03% 1,802,038,437 6.38% Greater London 36,011 11.90% 5,464,402,317 19.36% North 32,066 10.59% 1,977,592,686 7.00% North West 40,428 13.35% 3,064,417,305 10.85% Scotland 40,115 13.25% 2,734,540,263 9.69% South East 44,329 14.64% 5,648,564,329 20.01% South West 19,206 6.34% 2,018,005,541 7.15% Wales 12,510 4.13% 949,022,973 3.36% West Midlands 19,836 6.55% 1,752,860,790 6.21% Yorkshire 30,956 10.23% 2,254,002,932 7.98% Total 302,724 100% 28,231,430,154 100% ----------------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------------- Number Value ((GBP)) % of Total 0% < 25% 11,598 442,268,943 1.57% > = 25% < 50% 37,034 2,774,502,491 9.83% > = 50% < 55% 11,615 1,055,435,235 3.74% > = 55% < 60% 12,573 1,204,010,908 4.26% > = 60% < 65% 14,500 1,469,259,883 5.20% > = 65% < 70% 17,662 1,786,954,783 6.33% > = 70% < 75% 22,635 2,349,045,800 8.32% > = 75% < 80% 22,927 2,614,166,128 9.26% > = 80% < 85% 38,163 4,145,793,561 14.69% > = 85% < 90% 36,399 3,690,980,978 13.07% > = 90% < 95% 55,446 4,737,457,207 16.78% > = 95% < 100% 21,587 1,919,351,427 6.80% > = 100% 585 42,202,809 0.15% Total 302,724 28,231,430,154 100.0% ----------------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------------- Number Value ((GBP)) % of Total Endowment 21,564 1,640,935,762 5.81% Interest Only 54,260 7,841,620,550 27.78% Pension Policy 527 52,582,294 0.19% Personal Equity Plan 935 69,685,408 0.25% Repayment 225,438 18,626,606,140 65.98% Total 302,724 28,231,430,154 100.00% ----------------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------------- Number Value ((GBP)) % of Total Full Time 263,865 23,211,554,604 82.22% Part Time 3,936 254,553,010 0.90% Retired 434 13,600,615 0.05% Self Employed 31,530 4,606,889,436 16.32% Other 2,959 144,832,488 0.51% Total 302,724 28,231,430,154 100.00% ----------------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------------- Outstanding Rating Reference Rate Margin Moodys/S&P/Fitch Series 1 A1 $0 Aaa/AAA/AAA 3.49% 0.06% A2 (GBP) 397,632,674.00 Aaa/AAA/AAA 2.19% 0.07% A3 $1,248,100,000 Aaa/AAA/AAA 3.53% 0.10% B $59,200,000 Aa3/AA/AA 3.59% 0.16% M $31,400,000 A2/A/A 3.70% 0.27% C $62,700,000 Baa2/BBB/BBB 4.02% 0.59% Series 2 A1 $713,700,000 Aaa/AAA/AAA 3.57% 0.14% A2 (GBP)800,150,000 Aaa/AAA/AAA 2.26% 0.14% B (GBP)74,400,000 Aa3/AA/AA 2.40% 0.28% M (GBP)57,900,000 A2/A/A 2.49% 0.37% C (GBP)139,050,000 Baa2/BBB/BBB 2.92% 0.80% Series 3 A1 (GBP)411,250,000 Aaa/AAA/AAA 5.04% 0.18% A2 (GBP)600,000,000 Aaa/AAA/AAA 5.515% Fixed until 09/2011 B (GBP)54,350,000 Aa3/AA/AA 5.21% 0.35% M (GBP)42,250,000 A2/A/A 5.31% 0.45% C (GBP)99,450,000 Baa2/BBB/BBB 5.74% 0.88% ----------------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------------- % of Notes Outstanding Class B and M Notes ((GBP) Equivalent) (GBP)237,352,601 7.08% Class C Notes ((GBP) Equivalent) (GBP)229,275,589 6.84% ----------------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------------- % of Funding Share Class B and M Notes ((GBP) Equivalent) (GBP)237,352,601 1.31% Class C Notes ((GBP) Equivalent) (GBP)229,275,589 1.26% ----------------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------------- Granite Mortgages 04-3 Reserve Fund Requirement (GBP)48,000,000 0.26% Balance Brought Forward (GBP)48,000,000 0.26% Drawings this Period (GBP)0 0.00% Excess Spread this Period (GBP)4,881,707 0.03% Funding Reserve Fund Top-up this Period* (4,881,707) -0.03% Current Balance (GBP)48,000,000 0.26% ---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- Funding Reserve Balance (GBP)82,337,162 0.45% Funding Reserve % 1.0% NA ----------------------------------------------------------------------------------------------------------------------------------

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