Bob’s Weekly Update

Dear Bondholders,

Very much an EEA weighted news round up for you this week. I make no apology for this as, although we only have a smallish number of ARM bondholders with holdings in EEA, the outcome of their class action against the FCA has huge implications for us.  Irrespective of whether you are in T1 or T11, or anything in between, we were all victims of the FSA’s failure to regulate  and the destructive comments of Ms Cole. I will continue to give an additional voice to the EEA case for as long as it continues, and wish them well.

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SPECIAL ANNOUNCEMENT

Director Ronan Collins Resigns

ARM Help have received a copy of Ronan’s resignation letter dated January 27th 2015.

It states that, “I herewith give you formal notice of my resignation from ARM Asset Backed Securities SA with immediate effect.”

Readers may recall that Ronan Collins was one of three Irish Directors who came on board to facilitate the then planned move from Luxembourg to the Irish Republic in 2010.  It was always intended that his appointment would be one of a short term engagement, but as we all know things did not work out as planned.  With the benefit of hindsight, I don’t believe any of those Directors would have agreed to serve had they known of the turbulence that was to follow their appointments.

Throughout that time, Ronan did his best to keep bondholders informed, operating under the supervision of our Luxembourg Court Appointed Supervisor Jean-Michael Pacaud.

Following the appointment of BDO as our Provisional Liquidators in October 2013, all authority moved from the then Board, to Mark Shaw and Malcolm Cohen.

Ronan Collins has continued to make himself available to BDO and their lawyers during the ensuring months and no doubt, will continue to do so, but has clearly decided that it is time to move on.

Bob Sharpe

BDO Update

Dear Bondholders

THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF BONDHOLDERS ARM ASSET BACKED SECURITIES SA (IN PROVISIONAL LIQUIDATION)
(the Company)
(a Société Anonyme incorporated under the laws of the Grand Duchy of Luxembourg) NOTICE

to the holders of all bonds presently outstanding as issued by the Company and listed on the Irish Stock Exchange, whether under the Base Prospectus dated 18 September 2009 for a US$1,000,000,000 asset- backed securitisation bond program or otherwise (the Bondholders and the Bonds, respectively).

Further to queries received from a number of bondholders regarding time limitations in respect of making a claim for compensation from the Financial Services Compensation Scheme (‘FSCS’), I refer you to the extract below taken from the FSCS’ question and answer section on its website:

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Bob’s Weekly Update

Dear Bondholders,

I hope you are all keeping warm in the current cold snap. For the first time in my life, I’m starting to actually feel the cold. Thankfully I laid in extra coal and logs before Christmas, so even if our Paleozoic Era gas boiler finally packs in, we can at least keep a fire roaring away. I don’t recall the price of gas when the current boiler was installed, but I think Petrol was around £1 per gallon when we lashed out on it, so we have probably had our monies worth. A few years ago, a nice young man from British gas came calling, and quoted us for boiler replacement. We didn’t go ahead as I worked out that to pay for the job from gas savings would take 43 years, by which time King William would have sent me a telegram!

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Bob’s Weekly Update

Dear Bondholders.

This week’s update will be delayed due to technical problems. Unfortunately my new iMac developed a strange problem where the screen would go blank in the middle of working. The computer has now been returned to Apple, fortunately under guarantee. Unfortunately I will not receive it back until next week, so please accept my apologies for any delay and inconvenience caused.

Kind regards and a Happy New Year to you all.

Ian Ward