ARM Irish Stock Exchange Announcement RNS 70811

PROPOSAL TO RESTRUCTURE ARM ASSET BACKED SECURITIES S.A (the “Company”) SLS PORTFOLIO (the “Portfolio”)

The Company began a tender process for the restructure of the Portfolio of assets which it held a number of months ago.  The process received a high volume of interest from the market receiving a number of proposals from bidding companies (the “Proposers”).  The volume of proposals far exceeded the expectations of the board and this led to a more protracted period of evaluation on the proposals.

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OPINION

A Disgraceful Level of Assistance

On Friday 13 July the FSA, suddenly decided to publicly interfere in the deliberations of the ARM Appraisal Committee and issued their latest “information and guidance” via their website. As posted a couple of days later the Steering Group saw this as further unhelpful meddling by the FSA, who we feel must have their own self interested reasons for doing this. The guidance notes issued are of little or no benefit to ARM bondholders, who could soon be facing another Winter without a pension payment to see them kept warm and properly fed during the coldest months.

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ARM Decisions Due This Week?

According to the recent RNS from ARM, we have been advised that the ARM Appraisal Committee, which has been appraising proposals submitted to the company for the restructure of the portfolio of SLS policies it owns, has been working towards an initial date of the week of July 2 to have a short list of proposals drawn up for further in-depth analysis.

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“Libor was dislocated with itself”

While we wait on the results of the deliberations of the ARM Appraisal Committee into the fate of our investments in the ARM Fund. I thought I might revisit the subject of the regulators that failed to protect us from the destruction of our pensions circa three years ago, as we appear to have yet another example of the ‘Law of Unintended Consequences’, which seemingly dog the FSA in the performance of it’s duties.

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