Securitisation Symposium SAHL Case Study by S imon Stockley 27 th September 2002

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Securitisation Symposium SAHL Case Study by Simon Stockley 27 th September 2002

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Securitisation Symposium SAHL Case Study by S imon Stockley 27 th September 2002. Presentation Summary…. Securitisation Checklist What you need to know P ricing. Overview : SAHL What is SAHL? Activities since launch. Securitisation Defined Global growth Structure. Case Study - PowerPoint PPT Presentation

Transcript of Securitisation Symposium SAHL Case Study by S imon Stockley 27 th September 2002

  • Securitisation Symposium

    SAHL Case StudybySimon Stockley

    27th September 2002

  • Presentation SummaryOverview : SAHLWhat is SAHL?Activities since launchSecuritisationDefined Global growthStructure

    Case StudyProductPositioningFundingSecuritisation ChecklistWhat you need to knowPricing

  • Banking establishments are more dangerous than standing armiesThomas JeffersonExcept for con-men borrowing money they shouldnt get, and widows who have to visit with handsome men in the trust department, no sane person ever enjoyed visiting a bankMartin Mayer

  • What is SA Home Loans?

  • What is SA Home Loans?

  • Number of loans processed : 20 000Value of loans processed :R5billionValue of loans approved :R3billionBreakdown by region :Gauteng 30% KZN 35% W Cape 35%Securitised Portfolio Thekwini Fund :R1,25billion (December 2001)Unsecuritised : R1,75billion

    South African Home LoansActivities since launch: February 1999

  • Index

    Index

    #Description

    1Core Origination

    2Blue Banner Origination

    3Combined Origination

    4Origination By Branch

    5Projected Origination

    6Registrations

    7Purpose

    8Bank

    9LTV

    10PTI

    11Thekwini Arrears

    12BB Arrears

    13Main St Arrears

    14Thekwini Trigger

    15Main St Arrears

    1

    0199805.4940014608.5919202013.9938892398.25

    0051921280.1223439377.4147737830.97

    0049360442.7221849503.3536472907.59

    0032810185.3813027915.5119248298.58

    21000015000048911354.2115727021.7526512874

    0075497495.0133591331.649943295.23

    376135.151457062.973576003.6539545180.649844019.21

    363828630155.4564466386.126961339.0340632898.36

    01340205.1683033312.341315658.1648598713.97

    0664924.6981808437.7235414151.1946518762.83

    01307634.5588001300.1842313805.6567295116.83

    468968.354457430.72132789819.2452712098.8984196209

    04311935.2106921845.6640284198.2357592270.28

    161605.735848681.12156063171.9647377738.8289693317.09

    686445.796174976.4128177330.7340612354.5668617614.27

    03622219.773260517.8326022799.6652828697.56

    221038.559346914.72121315607.9737796356.5264290431.24

    513100.613666709.71131523914.0537266305.979514288.33

    553467.6520430174.24109854896.2240995573.690570188.91

    3842922.1544983369.2113344764.7447397142.49191515200.65

    5434475.3654259507.784560422.7134130695.7141670139.25

    27512190.2380789215.1435029001.6246423541.14185529381.67

    44551536.5212548582910628404.3143731385.86110847132.37

    130339762.6566244765.4611194.522426769.7438426052.72

    Needs Approval

    Attorney Instructed

    Registered

    Declined

    Not Taken Up

    SAHL CORE ORIGINATION

    2

    09/200009/200009/200009/200009/2000

    10/200010/200010/200010/200010/2000

    00363596.990412238.85

    12/200012/200012/200012/200012/2000

    000169054.30

    02/200102/200102/200102/200102/2001

    00317658.7831215.59907999.62

    0293331.07941199.49346649.11345192.77

    05100001828519.691367332.98646110.9

    0342143.925310139.7211783037.2710681698.6

    01262120.737562760.2413668325.1212158210.95

    0132409.8814546273.2612498895.6915037321.25

    213287.52080769.7315190813.627021524.3116016691.56

    01736502.6717261579.5614154742.8517078732.79

    132563.731204926.2912321342.210513092.6611847319.8

    01212841.54921614.094761774.337635230.77

    328102.052416866.6713392862.256495209.857097840.82

    699975.652860559.4120456808.929399562.2319226212.13

    1027736.537607253.9841148674.8213837224.8427034291.63

    908384.3317865213.6251185287.3115329677.1446453964.66

    2622462.6934830253.2941901144.6115318684.4142994956.65

    3262631.6443604699.8917872604.7611380160.131323847.31

    12519115.1357752240.944826274.818952541.3132872718.64

    39163519.9835734709.6709746645.7110881841.52

    Needs Approval

    Attorney Instructed

    Registered

    Declined

    Not Taken Up

    SAHL BLUE BANNER ORIGINATION

    3

    0199805.4940014608.5919202013.9938892398.25

    0051921280.1223439377.4147737830.97

    0049724039.7121849503.3536885146.44

    0032810185.3813027915.5119248298.58

    21000015000048911354.2115896076.0526512874

    0075497495.0133591331.649943295.23

    376135.151457062.973893662.3540376396.1950752018.83

    363828923486.5265407585.5927307988.1440978091.13

    01850205.1684861831.9942682991.1449244824.87

    01007068.6187118577.4447197188.4657200461.43

    02569755.2895564060.4255982130.7779453327.78

    468968.354589840.6147336092.565210994.5899233530.25

    213287.56392704.93122112659.2847305722.5473608961.84

    161605.737585183.79173324751.5261532481.67106772049.88

    819009.527379902.69140498672.9351125447.2280464934.07

    04835061.278182131.9230784573.9960463928.33

    549140.611763781.39134708470.2244291566.3771388272.06

    1213076.2516527269.12151980722.9746665868.1398740500.46

    1581204.1828037428.22151003571.0454832798.44117604480.54

    4751306.4862848582.82164530052.0562726819.63237969165.31

    8056938.0589089760.99126461567.3249449380.11184665095.9

    30774821.87124393915.0352901606.3857803701.24216853228.98

    57070651.65183238069.9415454679.1162683927.17143719851.01

    169503282.63101979475.1311194.532173415.4549307894.24

    Needs Approval

    Attorney Instructed

    Registered

    Declined

    Not Taken Up

    SAHL COMBINED ORIGINATION

    4

    11791576.0411109059.3252825292.921117751.2

    26686325.8619558298.3356951222.9818698299.91

    21228635.9926179188.9440382296.0619994404.82

    11966596.99116795.7320676352.923326653.94

    18331664.3117827544.2428323774.8827197320.83

    23544071.1536366011.8667882860.9231026273.52

    27084610.9627861381.5873788211.737823071.18

    19183046.4221779559.0566168771.8827759602.03

    30752328.7337665683.2169090599.3440649247.25

    39354164.8733667055.0380237336.3838880292.07

    56192496.3835818141.5197551033.7443966614.62

    86069802.1549241362.41133120148.1248408113.6

    60065244.5945706893.0699588349.8244225315.12

    83872550.9763824708.43122838158.778809760.59

    68190748.1647471197.61113235897.151390123.56

    44780314.0824302110.471287967.9233895303.04

    67399650.5830087200.12122234097.0242969185.82

    98434740.4951618624.6127178458.7137869364.83

    8692270049485959.6172702071.143948751.72

    127945942.4648952036.49303469879.2352426672.61

    134414743.7140979858.52232285431.9550042708.19

    123026071.4160331464.85268878428.9730453402.77

    114047325.156656501.81235794936.1855668415.79

    104206789.8143471521.87157108886.2948124752.98

    Cats

    Sharks

    Springboks

    Stormers

    SAHL Origination By Region

    5

    162110942.323695146927404.6636951369513695136951

    133694453.883701151381895.783701179736962.24338613701137011

    178639853.163704272336175.623704265759839.95044913704237042

    192523295.943707271445536.753707287866981.85040173707237072

    233569274.253710375831939.653710394695784.00844393710337103

    316839426.283713477495365.2637134114884930.8723663713437134

    249633336.093716476405824.9137164155842739.6013453716437164

    349376072.5937195113975617.9637195122786306.7701333719537195

    280287966.4337225117347562.0237225171846430.0445593722537225

    174265695.4437256116373340.7237256137864296.3680263725637256

    262701230.6437287111896809.313728785715479.65089083728737287

    315127436.9337315132462262.1537315129213967.9719113731537315

    353059482.4237346117930826.8637346155000669.17594137346136000000

    532825926.2937376127057837.8237376173658176.4099737376156000000

    457722742.3737407171230584.937407262079290.63182937407173000000

    482727273.537437154222996.1737437225138540.95210637437192000000

    462167178.8837468194923395.2937468237437435.31477537468210000000

    352975261.9537499180122486.8237499227324610.94293737499228000000

    3752975000000037529224737346.38746537529173616751.171547246000000

    3756080000000037560221630516.26314237560368899969.531308263000000

    3759085000000037590226194517.17950937590393493300.833395282000000

    3762145000000037621279973406.83639837621418086632.135482300000000

    3765245000000037652329770760.5999937652221339981.718785317000000

    3768085000000037680349528624.72211437680221339981.718785336000000

    Pipeline

    Projected

    Registered

    Projected

    Approvals

    Projected

    Budget

    SAHL PROJECTED ORIGINATION

    6

    23852265.9523852265.95

    35730244.0235730244.02

    34916139.6734916139.67

    36311158.4636311158.46

    35294138.3535294138.35

    45569048.245569048.2

    46927404.6646927404.66

    51381895.7851381895.78

    72336175.6272336175.62

    71445536.7571445536.75

    75831939.6575831939.65

    77495365.2677495365.26

    76405824.9176405824.91

    107083996.746891621.22113975617.96

    102106084.2315241477.79117347562.02

    103495719.8512877620.87116373340.72

    101856510.0810040299.23111896809.31

    117793144.8114669117.34132462262.15

    107480420.210450406.66117930826.86

    115964999.211092838.62127057837.82

    145940778.7625289806.14171230584.9

    114315325.2739907670.9154222996.17

    138187063.856736331.49194923395.29

    119877400.4560245086.37180122486.82

    SAHL

    BB

    Total

    SAHL REGISTRATIONS

    7

    0.30821917810.05479452050.6369863014

    0.29694323140.05240174670.6506550218

    0.33195020750.06224066390.6058091286

    0.21476510070.04697986580.7382550336

    0.30857142860.09142857140.6

    0.25081433220.07166123780.67752443

    0.24216524220.06837606840.6894586895

    0.23102310230.07590759080.6930693069

    0.19250.05250.755

    0.18766066840.07969151670.7326478149

    0.23076923080.04871794870.7205128205

    0.19691780820.05821917810.7448630137

    0.16666666670.05357142860.7797619048

    0.16504854370.04438280170.7905686546

    0.15719947160.05812417440.784676354

    0.16304347830.04347826090.7934782609

    0.17996289420.04267161410.7773654917

    0.13119533530.05247813410.8163265306

    0.15918958030.04920405210.7916063676

    0.2145328720.04036908880.7450980392

    0.21739130430.04565217390.7369565217

    0.2297872340.04113475180.7290780142

    0.22789783890.04027504910.731827112

    0.22190201730.03362151780.7444764649

    New Purchase

    Refinance

    Switch Loan

    LOAN PURPOSE

    8

    0.22826086960.02173913040.05434782610.03260869570.13043478260.10869565220.11956521740.3043478261

    0.18750.05555555560.07638888890.04166666670.08333333330.13194444440.09027777780.3333333333

    0.26573426570.0209790210.06293706290.0279720280.13986013990.13986013990.09790209790.2447552448

    0.28301886790.01886792450.15094339620.02830188680.09433962260.08490566040.08490566040.2547169811

    0.16346153850.07692307690.09615384620.00961538460.15384615380.07692307690.08653846150.3365384615

    0.16256157640.04926108370.10344827590.01970443350.08374384240.13793103450.06896551720.3743842365

    0.1858407080.05309734510.10176991150.00884955750.0929203540.10619469030.15929203540.2920353982

    0.19417475730.03398058250.0679611650.00970873790.10194174760.1456310680.16990291260.2766990291

    0.18791946310.05033557050.07718120810.00671140940.13087248320.12751677850.10402684560.3154362416

    0.13768115940.03623188410.12318840580.02173913040.09420289860.13043478260.1159420290.3405797101

    0.17777777780.03333333330.10740740740.01111111110.08518518520.12222222220.12962962960.3333333333

    0.17102137770.06413301660.09501187650.00475059380.13776722090.09976247030.1068883610.3206650831

    0.13684210530.03421052630.09473684210.01315789470.11315789470.13421052630.13684210530.3368421053

    0.16366906470.0593525180.0953237410.01258992810.09892086330.10611510790.13489208630.3291366906

    0.15275310830.06039076380.1083481350.01598579040.07815275310.11545293070.12255772650.3463587922

    0.1619718310.05633802820.08450704230.02816901410.06338028170.08450704230.13732394370.3838028169

    0.20631067960.06553398060.09466019420.00728155340.09951456310.1043689320.12135922330.3009708738

    0.15551537070.15009041590.08679927670.00361663650.0958408680.0958408680.09945750450.3128390597

    0.13271028040.18878504670.08971962620.01869158880.07289719630.09345794390.1084112150.2953271028

    0.18535825550.12616822430.08566978190.01869158880.08411214950.07476635510.12305295950.3021806854

    0.16740088110.13803230540.08516886930.02349486050.07488986780.08370044050.16299559470.2643171806

    0.17624521070.1015325670.06896551720.01915708810.08045977010.13984674330.11302681990.3007662835

    0.16865869850.10491367860.07968127490.01460823370.08764940240.16334661350.10358565740.2775564409

    0.15844155840.09610389610.07272727270.02987012990.08441558440.17012987010.07532467530.312987013

    SBSA

    Saambou

    Perm

    Other

    Nedbank

    FNB

    BOE

    ABSA

    SOURCE BANK ON APPROVAL

    9

    0.606553580909/200009/2000

    0.586078123410/200010/2000

    0.590008012711/200011/2000

    0.60343114412/200012/2000

    0.61270652901/200101/2001

    0.608699719602/200102/2001

    0.607750912803/200103/2001

    0.616428249304/200104/2001

    0.628488026605/200105/2001

    0.63236119150.83036676220.90941804670.7132864567

    0.62333127790.80847672380.87952898670.6492054527

    0.6463770630.85949037520.90453947670.6535645333

    0.65315320260.846976090.94059668920.6546401727

    0.57453543170.85713270030.91519906950.6566211292

    0.64007518110.84422562470.87149559110.6552982576

    0.329800010.84860372940.90453801670.6527134741

    01/20020.82294279290.89671177580.6586464147

    02/20020.85141295360.881902650.647601742

    03/20020.84215701270.89846370660.6378652978

    04/20020.83978561320.88702812590.6375100781

    05/20020.83792297570.88567164040.6312304556

    06/20020.83753096950.86976078450.6296965507

    07/20020.84712609050.87789430380.6277840786

    08/20020.84926189170.88230197220.6354885264

    Thekwini 1

    Blue Banner 2.75

    Blue Banner 3.10

    Main Street

    LTV ON APPROVAL

    10

    0.168183699809/200009/2000

    0.168621770910/200010/2000

    0.161540186311/200011/2000

    0.173236912212/200012/2000

    0.166995977201/200101/2001

    0.163932898902/200102/2001

    0.166965526903/200103/2001

    0.170053420104/200104/2001

    0.171106014905/200105/2001

    0.16655507990.17416666590.17513333670.1186666697

    0.16019014510.16070769090.14633333650.165276925

    0.15195468070.18270869650.172566660.1595788232

    0.15969052650.18698157940.15543333510.1612775144

    0.15271714290.17110517310.15537368380.15975665

    0.17804444440.18444999920.15199444560.1555444777

    0.16220.19169444470.18196666830.1560723036

    01/20020.18609999880.16737500170.1623202785

    02/20020.19701063960.174340.1687416402

    03/20020.182481250.17033863780.1691151402

    04/20020.18737607380.15698309890.1687099529

    05/20020.1905633160.16722763040.1714362791

    06/20020.18045465150.16490566050.1736020875

    07/20020.19186113520.16183611140.171443096

    08/20020.18912682950.15159333240.1775333334

    Thekwini 1

    Blue Banner 2.75

    Blue Banner 3.10

    Main Street

    PTI ON APPROVAL

    11

    000

    0.0400

    0.039682539700

    0.03643724700

    0.01955307260.00279329610

    0.0160.0060

    0.01136363640.00162337660.0016233766

    0.01653944020.00127226460

    0.03083247690.00308324770

    0.03177405120.00264783760.0008826125

    0.03492786640.00303720580.0007593014

    0.03459747170.0019960080.001330672

    0.04682686380.00677757240.0006161429

    0.04471101420.0059978190.0016357688

    0.04689042450.00444225070.0014807502

    0.04939981530.00461680520.0027700831

    0.04811443430.00736887730.0026007802

    0.03666666670.00666666670.0025

    0.02745098040.00470588240.002745098

    0.04162021550.00483091790.0011148272

    0.05900837990.00593575420.0024441341

    0.06285334220.00764881940.0049883605

    0.06290875120.00840859550.0037371535

    0.06971294670.00761570010.00380785

    0.07601211790.01074084270.0046819058

    0.08263836240.0111195350.0048016174

    0.08280404610.00870383440.0063514467

    0.06826086960.00934782610.0047826087

    0.07119543040.00856793150.0050999592

    0.06955355430.01034680970.0053650125

    0.05285487010.01042955630.0060102528

    0.05816937550.00906757910.0068434559

    0.04928131420.00906913070.0080424367

    0.03763900770.01146278870.0082121471

    0.03060165980.00795297370.0098547718

    0.05289982430.00896309310.0091388401

    0.04382540810.00975869410.0086941093

    0.05175231520.0101688760.0092609406

    0.06691380910.00815569970.0085264133

    0.05811320750.00735849060.0094339623

    0.05861015650.01030927840.0093547155

    0.0 - 1.5 Months

    1.6 - 2.5 Months

    2.5 + Months

    Thekwini Arrears

    12

    000

    0.057692307700

    0.07303370790.00561797750.0056179775

    0.06751054850.01687763710

    0.03669724770.02140672780.003058104

    0.15829145730.02261306530.0050251256

    0.08488612840.03105590060.0062111801

    0.07973421930.02657807310.0083056478

    0.09148665820.01778907240.0088945362

    0.11564625850.02040816330.009718173

    0.1136186770.0132295720.0085603113

    0.0 - 1.5 Months

    1.6 - 2.5 Months

    2.5 + Months

    Blue Banner Arrears

    13

    000

    0.022321428600

    0.025380710700

    0.0579567780.00294695480

    0.04322200390.01375245580.0045841519

    0.07839195980.00954773870.008040201

    0.05851493140.01856335750.0088781275

    0.0692877860.01289075090.0128907509

    0.09113712370.01059085840.0117056856

    0.07890926640.01230694980.0120656371

    0.0869659510.01062676210.012144871

    0.0 - 1.5 Months

    1.6 - 2.5 Months

    2.5 + Months

    Main Street Arrears

    14

    0.00380.006

    0.00440.006

    0.00410.006

    Actual

    Trigger

    Thekwini Arrears Trigger

    DATA

    PSMS SAHL

    MonthNeeds ApprovalAttorney InstructedRegisteredDeclinedNot Taken Up

    09/20000199,80540,014,60919,202,01438,892,398

    10/20000051,921,28023,439,37747,737,831

    11/20000049,360,44321,849,50336,472,908

    12/20000032,810,18513,027,91619,248,299

    01/2001210,000150,00048,911,35415,727,02226,512,874

    02/20010075,497,49533,591,33249,943,295

    03/2001376,1351,457,06373,576,00439,545,18149,844,019

    04/2001363,828630,15564,466,38626,961,33940,632,898

    05/200101,340,20583,033,31241,315,65848,598,714

    06/20010664,92581,808,43835,414,15146,518,763

    07/200101,307,63588,001,30042,313,80667,295,117

    08/2001468,9684,457,431132,789,81952,712,09984,196,209

    09/200104,311,935106,921,84640,284,19857,592,270

    10/2001161,6065,848,681156,063,17247,377,73989,693,317

    11/2001686,4466,174,976128,177,33140,612,35568,617,614

    12/200103,622,22073,260,51826,022,80052,828,698

    01/2002221,0399,346,915121,315,60837,796,35764,290,431

    02/2002513,10113,666,710131,523,91437,266,30679,514,288

    03/2002553,46820,430,174109,854,89640,995,57490,570,189

    04/20023,842,92244,983,369113,344,76547,397,142191,515,201

    05/20025,434,47554,259,50884,560,42334,130,696141,670,139

    06/200227,512,19080,789,21535,029,00246,423,541185,529,382

    07/200244,551,537125,485,82910,628,40443,731,386110,847,132

    08/2002130,339,76366,244,76511,19522,426,77038,426,053

    PSMS BB

    MonthNeeds ApprovalAttorney InstructedRegisteredDeclinedNot Taken Up

    09/2000

    10/2000

    11/200000363,5970412,239

    12/2000

    01/2001000169,0540

    02/2001

    03/200100317,659831,216908,000

    04/20010293,331941,199346,649345,193

    05/20010510,0001,828,5201,367,333646,111

    06/20010342,1445,310,14011,783,03710,681,699

    07/200101,262,1217,562,76013,668,32512,158,211

    08/20010132,41014,546,27312,498,89615,037,321

    09/2001213,2882,080,77015,190,8147,021,52416,016,692

    10/200101,736,50317,261,58014,154,74317,078,733

    11/2001132,5641,204,92612,321,34210,513,09311,847,320

    12/200101,212,8424,921,6144,761,7747,635,231

    01/2002328,1022,416,86713,392,8626,495,2107,097,841

    02/2002699,9762,860,55920,456,8099,399,56219,226,212

    03/20021,027,7377,607,25441,148,67513,837,22527,034,292

    04/2002908,38417,865,21451,185,28715,329,67746,453,965

    05/20022,622,46334,830,25341,901,14515,318,68442,994,957

    06/20023,262,63243,604,70017,872,60511,380,16031,323,847

    07/200212,519,11557,752,2414,826,27518,952,54132,872,719

    08/200239,163,52035,734,71009,746,64610,881,842

    PSMS Combined

    MonthNeeds ApprovalAttorney InstructedRegisteredDeclinedNot Taken Up

    09/20000199,80540,014,60919,202,01438,892,398

    10/20000051,921,28023,439,37747,737,831

    11/20000049,724,04021,849,50336,885,146

    12/20000032,810,18513,027,91619,248,299

    01/2001210,000150,00048,911,35415,896,07626,512,874

    02/20010075,497,49533,591,33249,943,295

    03/2001376,1351,457,06373,893,66240,376,39650,752,019

    04/2001363,828923,48765,407,58627,307,98840,978,091

    05/200101,850,20584,861,83242,682,99149,244,825178,639,853

    06/200101,007,06987,118,57747,197,18857,200,461192,523,296

    07/200102,569,75595,564,06055,982,13179,453,328233,569,274

    08/2001468,9684,589,841147,336,09365,210,99599,233,530316,839,426

    09/2001213,2886,392,705122,112,65947,305,72373,608,962249,633,336

    10/2001161,6067,585,184173,324,75261,532,482106,772,050349,376,073

    11/2001819,0107,379,903140,498,67351,125,44780,464,934280,287,966

    12/200104,835,06178,182,13230,784,57460,463,928174,265,695

    01/2002549,14111,763,781134,708,47044,291,56671,388,272262,701,231

    02/20021,213,07616,527,269151,980,72346,665,86898,740,500315,127,437

    03/20021,581,20428,037,428151,003,57154,832,798117,604,481353,059,482

    04/20024,751,30662,848,583164,530,05262,726,820237,969,165532,825,926

    05/20028,056,93889,089,761126,461,56749,449,380184,665,096457,722,742

    06/200230,774,822124,393,91552,901,60657,803,701216,853,229482,727,274

    07/200257,070,652183,238,07015,454,67962,683,927143,719,851462,167,179

    08/2002169,503,283101,979,47511,19532,173,41549,307,894352,975,262

    PSMS CombinedCatsSharksSpringboksStormers

    09/200011,791,57611,109,05952,825,29321,117,751

    10/200026,686,32619,558,29856,951,22318,698,300

    11/200021,228,63626,179,18940,382,29619,994,405

    12/200011,966,5979,116,79620,676,35323,326,654

    01/200118,331,66417,827,54428,323,77527,197,321

    02/200123,544,07136,366,01267,882,86131,026,274

    03/200127,084,61127,861,38273,788,21237,823,071

    04/200119,183,04621,779,55966,168,77227,759,602

    05/200130,752,32937,665,68369,090,59940,649,247

    06/200139,354,16533,667,05580,237,33638,880,292

    07/200156,192,49635,818,14297,551,03443,966,615

    08/200186,069,80249,241,362133,120,14848,408,114

    09/200160,065,24545,706,89399,588,35044,225,315

    10/200183,872,55163,824,708122,838,15978,809,761

    11/200168,190,74847,471,198113,235,89751,390,124

    12/200144,780,31424,302,11071,287,96833,895,303

    01/200267,399,65130,087,200122,234,09742,969,186

    02/200298,434,74051,618,625127,178,45937,869,365

    03/200286,922,70049,485,960172,702,07143,948,752

    04/2002127,945,94248,952,036303,469,87952,426,673

    05/2002134,414,74440,979,859232,285,43250,042,708

    06/2002123,026,07160,331,465268,878,42930,453,403

    07/2002114,047,32556,656,502235,794,93655,668,416

    08/2002104,206,79043,471,522157,108,88648,124,753

    Registration

    MonthSAHLBBTotal

    09/200023,852,26623,852,266

    10/200035,730,24435,730,244

    11/200034,916,14034,916,140

    12/200036,311,15836,311,158

    01/200135,294,13835,294,138

    02/200145,569,04845,569,048

    03/200146,927,40546,927,405

    04/200151,381,89651,381,896

    05/200172,336,17672,336,176

    06/200171,445,53771,445,537

    07/200175,831,94075,831,940

    08/200177,495,36577,495,365

    09/200176,405,82576,405,825

    10/2001107,083,9976,891,621113,975,618

    11/2001102,106,08415,241,478117,347,562

    12/2001103,495,72012,877,621116,373,341

    01/2002101,856,51010,040,299111,896,809

    02/2002117,793,14514,669,117132,462,262

    03/2002107,480,42010,450,407117,930,827

    04/2002115,964,99911,092,839127,057,838

    05/2002145,940,77925,289,806171,230,585

    06/2002114,315,32539,907,671154,222,996

    07/2002138,187,06456,736,331194,923,395

    08/2002119,877,40060,245,086180,122,487

    Purpose

    MonthNew PurchaseRefinanceSwitch LoanNew PurchaseRefinanceSwitch Loan

    09/20004589330.8%5.5%63.7%

    10/2000681214929.7%5.2%65.1%

    11/2000801514633.2%6.2%60.6%

    12/200032711021.5%4.7%73.8%

    01/2001541610530.9%9.1%60.0%

    02/2001772220825.1%7.2%67.8%

    03/2001852424224.2%6.8%68.9%

    04/2001702321023.1%7.6%69.3%

    05/2001772130219.3%5.3%75.5%

    06/2001733128518.8%8.0%73.3%

    07/2001901928123.1%4.9%72.1%

    08/20011153443519.7%5.8%74.5%

    09/2001842739316.7%5.4%78.0%

    10/20011193257016.5%4.4%79.1%

    11/20011194459415.7%5.8%78.5%

    12/2001601629216.3%4.3%79.3%

    01/2002972341918.0%4.3%77.7%

    02/2002903656013.1%5.2%81.6%

    03/20021103454715.9%4.9%79.2%

    04/20021863564621.5%4.0%74.5%

    05/20022004267821.7%4.6%73.7%

    06/20021622951423.0%4.1%72.9%

    07/20022324174522.8%4.0%73.2%

    08/20022313577522.2%3.4%74.4%

    Bank92

    MonthABSABOEFNBNedbankOtherPermSaambouSBSAABSABOEFNBNedbankOtherPermSaambouSBSA

    09/2000281110123522130.4%12.0%10.9%13.0%3.3%5.4%2.2%22.8%

    10/20004813191261182733.3%9.0%13.2%8.3%4.2%7.6%5.6%18.8%

    11/2000351420204933824.5%9.8%14.0%14.0%2.8%6.3%2.1%26.6%

    12/200027991031623025.5%8.5%8.5%9.4%2.8%15.1%1.9%28.3%

    01/200135981611081733.7%8.7%7.7%15.4%1.0%9.6%7.7%16.3%

    02/200176142817421103337.4%6.9%13.8%8.4%2.0%10.3%4.9%16.3%

    03/200166362421223124229.2%15.9%10.6%9.3%0.9%10.2%5.3%18.6%

    04/20015735302121474027.7%17.0%14.6%10.2%1.0%6.8%3.4%19.4%

    05/200194313839223155631.5%10.4%12.8%13.1%0.7%7.7%5.0%18.8%

    06/200194323626634103834.1%11.6%13.0%9.4%2.2%12.3%3.6%13.8%

    07/20019035332332994833.3%13.0%12.2%8.5%1.1%10.7%3.3%17.8%

    08/2001135454258240277232.1%10.7%10.0%13.8%0.5%9.5%6.4%17.1%

    09/2001128525143536135233.7%13.7%13.4%11.3%1.3%9.5%3.4%13.7%

    10/2001183755955753339132.9%13.5%10.6%9.9%1.3%9.5%5.9%16.4%

    11/2001195696544961348634.6%12.3%11.5%7.8%1.6%10.8%6.0%15.3%

    12/2001109392418824164638.4%13.7%8.5%6.3%2.8%8.5%5.6%16.2%

    01/2002124504341339278530.1%12.1%10.4%10.0%0.7%9.5%6.6%20.6%

    02/2002173555353248838631.3%9.9%9.6%9.6%0.4%8.7%15.0%15.6%

    03/200215858503910481017129.5%10.8%9.3%7.3%1.9%9.0%18.9%13.3%

    04/200219479485412558111930.2%12.3%7.5%8.4%1.9%8.6%12.6%18.5%

    05/2002180111575116589411426.4%16.3%8.4%7.5%2.3%8.5%13.8%16.7%

    06/20021575973421036539230.1%11.3%14.0%8.0%1.9%6.9%10.2%17.6%

    07/2002209781236611607912727.8%10.4%16.3%8.8%1.5%8.0%10.5%16.9%

    08/2002241581316523567412231.3%7.5%17.0%8.4%3.0%7.3%9.6%15.8%

    LTVPTI

    MonthBlue Banner 2.75Blue Banner 3.10Main StreetThekwini 1Blue Banner 2.75Blue Banner 3.10Main StreetThekwini 1

    09/200061%17%

    10/200059%17%

    11/200059%16%

    12/200060%17%

    01/200161%17%

    02/200161%16%

    03/200161%17%

    04/200162%17%

    05/200163%17%

    06/200183%91%71%63%17%18%12%17%

    07/200181%88%65%62%16%15%17%16%

    08/200186%90%65%65%18%17%16%15%

    09/200185%94%65%65%19%16%16%16%

    10/200186%92%66%57%17%16%16%15%

    11/200184%87%66%64%18%15%16%18%

    12/200185%90%65%33%19%18%16%16%

    01/200282%90%66%19%17%16%

    02/200285%88%65%20%17%17%

    03/200284%90%64%18%17%17%

    04/200284%89%64%19%16%17%

    05/200284%89%63%19%17%17%

    06/200284%87%63%18%16%17%

    07/200285%88%63%19%16%17%

    08/200285%88%64%19%15%18%

    Arrears 15

    Month00.0 - 1.51.6 - 2.52.5 +Total0.0 - 1.5 Months1.6 - 2.5 Months2.5 + Months

    04/1999300030.00%0.00%0.00%

    05/199924100254.00%0.00%0.00%

    06/19991215001263.97%0.00%0.00%

    07/19992389002473.64%0.00%0.00%

    08/19993507103581.96%0.28%0.00%

    09/19994898305001.60%0.60%0.00%

    10/19996077116161.14%0.16%0.16%

    11/199977213107861.65%0.13%0.00%

    12/199994030309733.08%0.31%0.00%

    01/20001,09336311,1333.18%0.26%0.09%

    02/20001,26646411,3173.49%0.30%0.08%

    03/20001,44652321,5033.46%0.20%0.13%

    04/20001,535761111,6234.68%0.68%0.06%

    05/20001,738821131,8344.47%0.60%0.16%

    06/20001,91995932,0264.69%0.44%0.15%

    07/20002,0431071062,1664.94%0.46%0.28%

    08/20002,1731111762,3074.81%0.74%0.26%

    09/20002,290881662,4003.67%0.67%0.25%

    10/20002,461701272,5502.75%0.47%0.27%

    11/20002,5631121332,6914.16%0.48%0.11%

    12/20002,6711691772,8645.90%0.59%0.24%

    01/20012,78018923153,0076.29%0.76%0.50%

    02/20012,97020227123,2116.29%0.84%0.37%

    03/20013,13723826133,4146.97%0.76%0.38%

    04/20013,29927639173,6317.60%1.07%0.47%

    05/20013,56732744193,9578.26%1.11%0.48%

    06/20013,83535237274,2518.28%0.87%0.64%

    07/20014,22131443224,6006.83%0.93%0.48%

    08/20014,48634942254,9027.12%0.86%0.51%

    09/20014,77436354285,2196.96%1.03%0.54%

    10/20015,26529959345,6575.29%1.04%0.60%

    11/20015,41234053405,8455.82%0.91%0.68%

    12/20015,45628853475,8444.93%0.91%0.80%

    01/20025,51022067485,8453.76%1.15%0.82%

    02/20025,50417746575,7843.06%0.80%0.99%

    03/20025,28630151525,6905.29%0.90%0.91%

    04/20025,28524755495,6364.38%0.98%0.87%

    05/20025,11528556515,5075.18%1.02%0.93%

    06/20024,94436144465,3956.69%0.82%0.85%

    07/20024,90330839505,3005.81%0.74%0.94%

    08/20024,82830754495,2385.86%1.03%0.94%

    Arrears 16

    Month00.0 - 1.51.6 - 2.52.5 +Total0.0 - 1.5 Months1.6 - 2.5 Months2.5 + Months

    10/200131000310.00%0.00%0.00%

    11/2001986001045.77%0.00%0.00%

    12/200116313111787.30%0.56%0.56%

    01/200221716402376.75%1.69%0.00%

    02/200230712713273.67%2.14%0.31%

    03/2002324639239815.83%2.26%0.50%

    04/2002424411534838.49%3.11%0.62%

    05/2002533481656027.97%2.66%0.83%

    06/2002694721477879.15%1.78%0.89%

    07/200287911921101,02911.56%2.04%0.97%

    08/20021,11114617111,28511.36%1.32%0.86%

    Arrears 17

    Month00.0 - 1.51.6 - 2.52.5 +Total0.0 - 1.5 Months1.6 - 2.5 Months2.5 + Months

    10/2001400040.00%0.00%0.00%

    11/20012195002242.23%0.00%0.00%

    12/200157615005912.54%0.00%0.00%

    01/200295659301,0185.80%0.29%0.00%

    02/20021,433662171,5274.32%1.38%0.46%

    03/20021,79915619161,9907.84%0.95%0.80%

    04/20022,26514546222,4785.85%1.86%0.89%

    05/20022,80821540403,1036.93%1.29%1.29%

    06/20023,18132738423,5889.11%1.06%1.17%

    07/20023,71632751504,1447.89%1.23%1.21%

    08/20024,10540149564,6118.70%1.06%1.21%

    Default 15

    MonthActualTrigger

    02-20020.38%0.60%

    05-20020.44%0.60%

    08-20020.41%0.60%

    Model

    Registered InstructedDeclinedNTUTotal01234567Total

    49.2%20.6%30.2%100%181,0763,1932,5191,5607393624059,872

    1,116,999,751467,599,903686,776,4582,270,940,3160.2%10.9%32.3%25.5%15.8%7.5%3.7%4.1%100.0%

    MonthRegistrations123PipelineApprovalsRegistrationsCore BudgetBB BudgetBudget

    03/200146,927,40575,784,01340,557,81350,512,537162,110,942

    04/200151,381,89666,845,53327,307,98840,780,989133,694,45479,736,962

    05/200172,336,17686,989,23342,536,04449,099,838178,639,85365,759,840

    06/200171,445,53788,237,40047,197,18857,092,703192,523,29687,866,982

    07/200175,831,94099,074,86954,702,76678,007,144233,569,27494,695,784

    08/200177,495,365153,865,09265,088,37997,550,963316,839,426114,884,931

    09/200176,405,825129,691,31347,305,72372,452,028249,633,336155,842,740

    10/2001113,975,618180,825,44161,212,558106,470,892349,376,073122,786,307

    11/2001117,347,562152,023,48050,906,87075,360,964280,287,966171,846,430

    12/2001116,373,34183,663,37830,784,57459,448,400174,265,695137,864,296

    01/2002111,896,809262,701,23185,715,480

    02/2002132,462,262315,127,437129,213,968

    03/2002117,930,827353,059,482155,000,669117,000,00019,000,000136,000,000

    04/2002127,057,838Clients532,825,926173,658,176128,000,00028,000,000156,000,000

    05/2002171,230,5852,129457,722,742262,079,291136,000,00037,000,000173,000,000

    06/2002154,222,9962,245482,727,274225,138,541146,000,00046,000,000192,000,000

    07/2002194,923,3952,150462,167,179237,437,435155,000,00055,000,000210,000,000

    08/2002180,122,4871,642352,975,262227,324,611164,000,00064,000,000228,000,000

    09/2002224,737,3463,488750,000,000173,616,751224,737,346316,56224,777,27776,796,77257,447,72941,414,47512,999,7365,683,7775,301,019173,000,00073,000,000246,000,000

    10/2002221,630,5163,721800,000,000368,899,970221,630,516672,63018,923,38273,525,88060,585,99135,576,99819,618,7806,367,9366,358,921181,000,00082,000,000263,000,000

    11/2002226,194,5173,953850,000,000393,493,301226,194,517717,47240,208,30356,154,60858,005,54037,520,50216,853,4629,610,2827,124,348191,000,00091,000,000282,000,000

    12/2002279,973,4072,093450,000,000418,086,632279,973,407762,31442,888,857119,317,01844,301,11435,922,44717,774,1358,255,68810,751,835200,000,000100,000,000300,000,000

    01/2003329,770,7612,093450,000,000221,339,982329,770,761403,57845,569,410127,271,48694,130,77627,435,38617,017,1088,706,6819,236,336208,000,000109,000,000317,000,000

    02/2003349,528,6253,953850,000,000221,339,982349,528,625403,57824,124,982135,225,954100,406,16158,294,56612,996,6358,335,8509,740,900218,000,000118,000,000336,000,000

    MonthRegisteredProjectedPipelineProjectedApprovalsProjectedBudget

    03/200146,927,405162,110,942

    04/200151,381,896133,694,45479,736,962

    05/200172,336,176178,639,85365,759,840

    06/200171,445,537192,523,29687,866,982

    07/200175,831,940233,569,27494,695,784

    08/200177,495,365316,839,426114,884,931

    09/200176,405,825249,633,336155,842,740

    10/2001113,975,618349,376,073122,786,307

    11/2001117,347,562280,287,966171,846,430

    12/2001116,373,341174,265,695137,864,296

    01/2002111,896,809262,701,23185,715,480

    02/2002132,462,262315,127,437129,213,968

    03/2002117,930,827353,059,482155,000,669136,000,000

    04/2002127,057,838532,825,926173,658,176156,000,000

    05/2002171,230,585457,722,742262,079,291173,000,000

    06/2002154,222,996482,727,274225,138,541192,000,000

    07/2002194,923,395462,167,179237,437,435210,000,000

    08/2002180,122,487352,975,262227,324,611228,000,000

    09/2002224,737,346750,000,000173,616,751246,000,000

    10/2002221,630,516800,000,000368,899,970263,000,000

    11/2002226,194,517850,000,000393,493,301282,000,000

    12/2002279,973,407450,000,000418,086,632300,000,000

    01/2003329,770,761450,000,000221,339,982317,000,000

    02/2003349,528,625850,000,000221,339,982336,000,000

  • DefinitionSecuritisation DefinedThe packing of individual loans and other debt instruments, converting the package into a security, enhancing its credit for the further sale to a third party.Kendall

  • Securitisation DefinedThe conversion of illiquid individual loans to marketable securities, which are generally asset backed.The effect then is .

  • Securitisation DefinedIn practical terms Securitisation pulls apart financial transactions and allocates the risk and rewards to those entities that are best able to accept and therefore price for them.

  • RESIDENTIALMORTGAGESGeographic Expansion & Product Innovation Securitisation

  • Structural Impediments

  • Legal Impediments

  • Origination Impediments

  • Information Technology Impediments

  • SA Home LoansA case study

  • The Product

  • Positioning

  • How much will I save monthly?Get a discount on your home loan for life

    Monthly SavingsR300 000R200 000R100 0001.00%R235R158R791.50%R254R236R1182.00%R471R314R1572.50%R587R391R1963.00%R703R464R234

  • Index

    Index

    #Description

    1Core Origination

    2Blue Banner Origination

    3Combined Origination

    4Origination By Branch

    5Projected Origination

    6Registrations

    7Purpose

    8Bank

    9LTV

    10PTI

    11Thekwini Arrears

    12BB Arrears

    13Main St Arrears

    14Thekwini Trigger

    15Main St Arrears

    1

    0199805.4940014608.5919202013.9938892398.25

    0051921280.1223439377.4147737830.97

    0049360442.7221849503.3536472907.59

    0032810185.3813027915.5119248298.58

    21000015000048911354.2115727021.7526512874

    0075497495.0133591331.649943295.23

    376135.151457062.973576003.6539545180.649844019.21

    363828630155.4564466386.126961339.0340632898.36

    01340205.1683033312.341315658.1648598713.97

    0664924.6981808437.7235414151.1946518762.83

    01307634.5588001300.1842313805.6567295116.83

    468968.354457430.72132789819.2452712098.8984196209

    04311935.2106921845.6640284198.2357592270.28

    161605.735848681.12156063171.9647377738.8289693317.09

    686445.796174976.4128177330.7340612354.5668617614.27

    03622219.773260517.8326022799.6652828697.56

    221038.559346914.72121315607.9737796356.5264290431.24

    513100.613666709.71131523914.0537266305.979514288.33

    553467.6520430174.24109854896.2240995573.690570188.91

    3842922.1544983369.2113344764.7447397142.49191515200.65

    5434475.3654259507.784560422.7134130695.7141670139.25

    27512190.2380789215.1435029001.6246423541.14185529381.67

    44551536.5212548582910628404.3143731385.86110847132.37

    130339762.6566244765.4611194.522426769.7438426052.72

    Needs Approval

    Attorney Instructed

    Registered

    Declined

    Not Taken Up

    SAHL CORE ORIGINATION

    2

    09/200009/200009/200009/200009/2000

    10/200010/200010/200010/200010/2000

    00363596.990412238.85

    12/200012/200012/200012/200012/2000

    000169054.30

    02/200102/200102/200102/200102/2001

    00317658.7831215.59907999.62

    0293331.07941199.49346649.11345192.77

    05100001828519.691367332.98646110.9

    0342143.925310139.7211783037.2710681698.6

    01262120.737562760.2413668325.1212158210.95

    0132409.8814546273.2612498895.6915037321.25

    213287.52080769.7315190813.627021524.3116016691.56

    01736502.6717261579.5614154742.8517078732.79

    132563.731204926.2912321342.210513092.6611847319.8

    01212841.54921614.094761774.337635230.77

    328102.052416866.6713392862.256495209.857097840.82

    699975.652860559.4120456808.929399562.2319226212.13

    1027736.537607253.9841148674.8213837224.8427034291.63

    908384.3317865213.6251185287.3115329677.1446453964.66

    2622462.6934830253.2941901144.6115318684.4142994956.65

    3262631.6443604699.8917872604.7611380160.131323847.31

    12519115.1357752240.944826274.818952541.3132872718.64

    39163519.9835734709.6709746645.7110881841.52

    Needs Approval

    Attorney Instructed

    Registered

    Declined

    Not Taken Up

    SAHL BLUE BANNER ORIGINATION

    3

    0199805.4940014608.5919202013.9938892398.25

    0051921280.1223439377.4147737830.97

    0049724039.7121849503.3536885146.44

    0032810185.3813027915.5119248298.58

    21000015000048911354.2115896076.0526512874

    0075497495.0133591331.649943295.23

    376135.151457062.973893662.3540376396.1950752018.83

    363828923486.5265407585.5927307988.1440978091.13

    01850205.1684861831.9942682991.1449244824.87

    01007068.6187118577.4447197188.4657200461.43

    02569755.2895564060.4255982130.7779453327.78

    468968.354589840.6147336092.565210994.5899233530.25

    213287.56392704.93122112659.2847305722.5473608961.84

    161605.737585183.79173324751.5261532481.67106772049.88

    819009.527379902.69140498672.9351125447.2280464934.07

    04835061.278182131.9230784573.9960463928.33

    549140.611763781.39134708470.2244291566.3771388272.06

    1213076.2516527269.12151980722.9746665868.1398740500.46

    1581204.1828037428.22151003571.0454832798.44117604480.54

    4751306.4862848582.82164530052.0562726819.63237969165.31

    8056938.0589089760.99126461567.3249449380.11184665095.9

    30774821.87124393915.0352901606.3857803701.24216853228.98

    57070651.65183238069.9415454679.1162683927.17143719851.01

    169503282.63101979475.1311194.532173415.4549307894.24

    Needs Approval

    Attorney Instructed

    Registered

    Declined

    Not Taken Up

    SAHL COMBINED ORIGINATION

    4

    11791576.0411109059.3252825292.921117751.2

    26686325.8619558298.3356951222.9818698299.91

    21228635.9926179188.9440382296.0619994404.82

    11966596.99116795.7320676352.923326653.94

    18331664.3117827544.2428323774.8827197320.83

    23544071.1536366011.8667882860.9231026273.52

    27084610.9627861381.5873788211.737823071.18

    19183046.4221779559.0566168771.8827759602.03

    30752328.7337665683.2169090599.3440649247.25

    39354164.8733667055.0380237336.3838880292.07

    56192496.3835818141.5197551033.7443966614.62

    86069802.1549241362.41133120148.1248408113.6

    60065244.5945706893.0699588349.8244225315.12

    83872550.9763824708.43122838158.778809760.59

    68190748.1647471197.61113235897.151390123.56

    44780314.0824302110.471287967.9233895303.04

    67399650.5830087200.12122234097.0242969185.82

    98434740.4951618624.6127178458.7137869364.83

    8692270049485959.6172702071.143948751.72

    127945942.4648952036.49303469879.2352426672.61

    134414743.7140979858.52232285431.9550042708.19

    123026071.4160331464.85268878428.9730453402.77

    114047325.156656501.81235794936.1855668415.79

    104206789.8143471521.87157108886.2948124752.98

    Cats

    Sharks

    Springboks

    Stormers

    SAHL Origination By Region

    5

    162110942.323695146927404.6636951369513695136951

    133694453.883701151381895.783701179736962.24338613701137011

    178639853.163704272336175.623704265759839.95044913704237042

    192523295.943707271445536.753707287866981.85040173707237072

    233569274.253710375831939.653710394695784.00844393710337103

    316839426.283713477495365.2637134114884930.8723663713437134

    249633336.093716476405824.9137164155842739.6013453716437164

    349376072.5937195113975617.9637195122786306.7701333719537195

    280287966.4337225117347562.0237225171846430.0445593722537225

    174265695.4437256116373340.7237256137864296.3680263725637256

    262701230.6437287111896809.313728785715479.65089083728737287

    315127436.9337315132462262.1537315129213967.9719113731537315

    353059482.4237346117930826.8637346155000669.17594137346136000000

    532825926.2937376127057837.8237376173658176.4099737376156000000

    457722742.3737407171230584.937407262079290.63182937407173000000

    482727273.537437154222996.1737437225138540.95210637437192000000

    462167178.8837468194923395.2937468237437435.31477537468210000000

    352975261.9537499180122486.8237499227324610.94293737499228000000

    3752975000000037529224737346.38746537529173616751.171547246000000

    3756080000000037560221630516.26314237560368899969.531308263000000

    3759085000000037590226194517.17950937590393493300.833395282000000

    3762145000000037621279973406.83639837621418086632.135482300000000

    3765245000000037652329770760.5999937652221339981.718785317000000

    3768085000000037680349528624.72211437680221339981.718785336000000

    Pipeline

    Projected

    Registered

    Projected

    Approvals

    Projected

    Budget

    SAHL PROJECTED ORIGINATION

    6

    23852265.9523852265.95

    35730244.0235730244.02

    34916139.6734916139.67

    36311158.4636311158.46

    35294138.3535294138.35

    45569048.245569048.2

    46927404.6646927404.66

    51381895.7851381895.78

    72336175.6272336175.62

    71445536.7571445536.75

    75831939.6575831939.65

    77495365.2677495365.26

    76405824.9176405824.91

    107083996.746891621.22113975617.96

    102106084.2315241477.79117347562.02

    103495719.8512877620.87116373340.72

    101856510.0810040299.23111896809.31

    117793144.8114669117.34132462262.15

    107480420.210450406.66117930826.86

    115964999.211092838.62127057837.82

    145940778.7625289806.14171230584.9

    114315325.2739907670.9154222996.17

    138187063.856736331.49194923395.29

    119877400.4560245086.37180122486.82

    SAHL

    BB

    Total

    SAHL REGISTRATIONS

    7

    0.30821917810.05479452050.6369863014

    0.29694323140.05240174670.6506550218

    0.33195020750.06224066390.6058091286

    0.21476510070.04697986580.7382550336

    0.30857142860.09142857140.6

    0.25081433220.07166123780.67752443

    0.24216524220.06837606840.6894586895

    0.23102310230.07590759080.6930693069

    0.19250.05250.755

    0.18766066840.07969151670.7326478149

    0.23076923080.04871794870.7205128205

    0.19691780820.05821917810.7448630137

    0.16666666670.05357142860.7797619048

    0.16504854370.04438280170.7905686546

    0.15719947160.05812417440.784676354

    0.16304347830.04347826090.7934782609

    0.17996289420.04267161410.7773654917

    0.13119533530.05247813410.8163265306

    0.15918958030.04920405210.7916063676

    0.2145328720.04036908880.7450980392

    0.21739130430.04565217390.7369565217

    0.2297872340.04113475180.7290780142

    0.22789783890.04027504910.731827112

    0.22190201730.03362151780.7444764649

    New Purchase

    Refinance

    Switch Loan

    LOAN PURPOSE

    8

    0.22826086960.02173913040.05434782610.03260869570.13043478260.10869565220.11956521740.3043478261

    0.18750.05555555560.07638888890.04166666670.08333333330.13194444440.09027777780.3333333333

    0.26573426570.0209790210.06293706290.0279720280.13986013990.13986013990.09790209790.2447552448

    0.28301886790.01886792450.15094339620.02830188680.09433962260.08490566040.08490566040.2547169811

    0.16346153850.07692307690.09615384620.00961538460.15384615380.07692307690.08653846150.3365384615

    0.16256157640.04926108370.10344827590.01970443350.08374384240.13793103450.06896551720.3743842365

    0.1858407080.05309734510.10176991150.00884955750.0929203540.10619469030.15929203540.2920353982

    0.19417475730.03398058250.0679611650.00970873790.10194174760.1456310680.16990291260.2766990291

    0.18791946310.05033557050.07718120810.00671140940.13087248320.12751677850.10402684560.3154362416

    0.13768115940.03623188410.12318840580.02173913040.09420289860.13043478260.1159420290.3405797101

    0.17777777780.03333333330.10740740740.01111111110.08518518520.12222222220.12962962960.3333333333

    0.17102137770.06413301660.09501187650.00475059380.13776722090.09976247030.1068883610.3206650831

    0.13684210530.03421052630.09473684210.01315789470.11315789470.13421052630.13684210530.3368421053

    0.16366906470.0593525180.0953237410.01258992810.09892086330.10611510790.13489208630.3291366906

    0.15275310830.06039076380.1083481350.01598579040.07815275310.11545293070.12255772650.3463587922

    0.1619718310.05633802820.08450704230.02816901410.06338028170.08450704230.13732394370.3838028169

    0.20631067960.06553398060.09466019420.00728155340.09951456310.1043689320.12135922330.3009708738

    0.15551537070.15009041590.08679927670.00361663650.0958408680.0958408680.09945750450.3128390597

    0.13271028040.18878504670.08971962620.01869158880.07289719630.09345794390.1084112150.2953271028

    0.18535825550.12616822430.08566978190.01869158880.08411214950.07476635510.12305295950.3021806854

    0.16740088110.13803230540.08516886930.02349486050.07488986780.08370044050.16299559470.2643171806

    0.17624521070.1015325670.06896551720.01915708810.08045977010.13984674330.11302681990.3007662835

    0.16865869850.10491367860.07968127490.01460823370.08764940240.16334661350.10358565740.2775564409

    0.15844155840.09610389610.07272727270.02987012990.08441558440.17012987010.07532467530.312987013

    SBSA

    Saambou

    Perm

    Other

    Nedbank

    FNB

    BOE

    ABSA

    SOURCE BANK ON APPROVAL

    9

    0.606553580909/200009/2000

    0.586078123410/200010/2000

    0.590008012711/200011/2000

    0.60343114412/200012/2000

    0.61270652901/200101/2001

    0.608699719602/200102/2001

    0.607750912803/200103/2001

    0.616428249304/200104/2001

    0.628488026605/200105/2001

    0.63236119150.83036676220.90941804670.7132864567

    0.62333127790.80847672380.87952898670.6492054527

    0.6463770630.85949037520.90453947670.6535645333

    0.65315320260.846976090.94059668920.6546401727

    0.57453543170.85713270030.91519906950.6566211292

    0.64007518110.84422562470.87149559110.6552982576

    0.329800010.84860372940.90453801670.6527134741

    01/20020.82294279290.89671177580.6586464147

    02/20020.85141295360.881902650.647601742

    03/20020.84215701270.89846370660.6378652978

    04/20020.83978561320.88702812590.6375100781

    05/20020.83792297570.88567164040.6312304556

    06/20020.83753096950.86976078450.6296965507

    07/20020.84712609050.87789430380.6277840786

    08/20020.84926189170.88230197220.6354885264

    Thekwini 1

    Blue Banner 2.75

    Blue Banner 3.10

    Main Street

    LTV ON APPROVAL

    10

    0.168183699809/200009/2000

    0.168621770910/200010/2000

    0.161540186311/200011/2000

    0.173236912212/200012/2000

    0.166995977201/200101/2001

    0.163932898902/200102/2001

    0.166965526903/200103/2001

    0.170053420104/200104/2001

    0.171106014905/200105/2001

    0.16655507990.17416666590.17513333670.1186666697

    0.16019014510.16070769090.14633333650.165276925

    0.15195468070.18270869650.172566660.1595788232

    0.15969052650.18698157940.15543333510.1612775144

    0.15271714290.17110517310.15537368380.15975665

    0.17804444440.18444999920.15199444560.1555444777

    0.16220.19169444470.18196666830.1560723036

    01/20020.18609999880.16737500170.1623202785

    02/20020.19701063960.174340.1687416402

    03/20020.182481250.17033863780.1691151402

    04/20020.18737607380.15698309890.1687099529

    05/20020.1905633160.16722763040.1714362791

    06/20020.18045465150.16490566050.1736020875

    07/20020.19186113520.16183611140.171443096

    08/20020.18912682950.15159333240.1775333334

    Thekwini 1

    Blue Banner 2.75

    Blue Banner 3.10

    Main Street

    PTI ON APPROVAL

    11

    000

    0.0400

    0.039682539700

    0.03643724700

    0.01955307260.00279329610

    0.0160.0060

    0.01136363640.00162337660.0016233766

    0.01653944020.00127226460

    0.03083247690.00308324770

    0.03177405120.00264783760.0008826125

    0.03492786640.00303720580.0007593014

    0.03459747170.0019960080.001330672

    0.04682686380.00677757240.0006161429

    0.04471101420.0059978190.0016357688

    0.04689042450.00444225070.0014807502

    0.04939981530.00461680520.0027700831

    0.04811443430.00736887730.0026007802

    0.03666666670.00666666670.0025

    0.02745098040.00470588240.002745098

    0.04162021550.00483091790.0011148272

    0.05900837990.00593575420.0024441341

    0.06285334220.00764881940.0049883605

    0.06290875120.00840859550.0037371535

    0.06971294670.00761570010.00380785

    0.07601211790.01074084270.0046819058

    0.08263836240.0111195350.0048016174

    0.08280404610.00870383440.0063514467

    0.06826086960.00934782610.0047826087

    0.07119543040.00856793150.0050999592

    0.06955355430.01034680970.0053650125

    0.05285487010.01042955630.0060102528

    0.05816937550.00906757910.0068434559

    0.04928131420.00906913070.0080424367

    0.03763900770.01146278870.0082121471

    0.03060165980.00795297370.0098547718

    0.05289982430.00896309310.0091388401

    0.04382540810.00975869410.0086941093

    0.05175231520.0101688760.0092609406

    0.06691380910.00815569970.0085264133

    0.05811320750.00735849060.0094339623

    0.05861015650.01030927840.0093547155

    0.0 - 1.5 Months

    1.6 - 2.5 Months

    2.5 + Months

    Thekwini Arrears

    12

    000

    0.057692307700

    0.07303370790.00561797750.0056179775

    0.06751054850.01687763710

    0.03669724770.02140672780.003058104

    0.15829145730.02261306530.0050251256

    0.08488612840.03105590060.0062111801

    0.07973421930.02657807310.0083056478

    0.09148665820.01778907240.0088945362

    0.11564625850.02040816330.009718173

    0.1136186770.0132295720.0085603113

    0.0 - 1.5 Months

    1.6 - 2.5 Months

    2.5 + Months

    Blue Banner Arrears

    13

    000

    0.022321428600

    0.025380710700

    0.0579567780.00294695480

    0.04322200390.01375245580.0045841519

    0.07839195980.00954773870.008040201

    0.05851493140.01856335750.0088781275

    0.0692877860.01289075090.0128907509

    0.09113712370.01059085840.0117056856

    0.07890926640.01230694980.0120656371

    0.0869659510.01062676210.012144871

    0.0 - 1.5 Months

    1.6 - 2.5 Months

    2.5 + Months

    Main Street Arrears

    14

    0.00380.006

    0.00440.006

    0.00410.006

    Actual

    Trigger

    Thekwini Arrears Trigger

    DATA

    PSMS SAHL

    MonthNeeds ApprovalAttorney InstructedRegisteredDeclinedNot Taken Up

    09/20000199,80540,014,60919,202,01438,892,398

    10/20000051,921,28023,439,37747,737,831

    11/20000049,360,44321,849,50336,472,908

    12/20000032,810,18513,027,91619,248,299

    01/2001210,000150,00048,911,35415,727,02226,512,874

    02/20010075,497,49533,591,33249,943,295

    03/2001376,1351,457,06373,576,00439,545,18149,844,019

    04/2001363,828630,15564,466,38626,961,33940,632,898

    05/200101,340,20583,033,31241,315,65848,598,714

    06/20010664,92581,808,43835,414,15146,518,763

    07/200101,307,63588,001,30042,313,80667,295,117

    08/2001468,9684,457,431132,789,81952,712,09984,196,209

    09/200104,311,935106,921,84640,284,19857,592,270

    10/2001161,6065,848,681156,063,17247,377,73989,693,317

    11/2001686,4466,174,976128,177,33140,612,35568,617,614

    12/200103,622,22073,260,51826,022,80052,828,698

    01/2002221,0399,346,915121,315,60837,796,35764,290,431

    02/2002513,10113,666,710131,523,91437,266,30679,514,288

    03/2002553,46820,430,174109,854,89640,995,57490,570,189

    04/20023,842,92244,983,369113,344,76547,397,142191,515,201

    05/20025,434,47554,259,50884,560,42334,130,696141,670,139

    06/200227,512,19080,789,21535,029,00246,423,541185,529,382

    07/200244,551,537125,485,82910,628,40443,731,386110,847,132

    08/2002130,339,76366,244,76511,19522,426,77038,426,053

    PSMS BB

    MonthNeeds ApprovalAttorney InstructedRegisteredDeclinedNot Taken Up

    09/2000

    10/2000

    11/200000363,5970412,239

    12/2000

    01/2001000169,0540

    02/2001

    03/200100317,659831,216908,000

    04/20010293,331941,199346,649345,193

    05/20010510,0001,828,5201,367,333646,111

    06/20010342,1445,310,14011,783,03710,681,699

    07/200101,262,1217,562,76013,668,32512,158,211

    08/20010132,41014,546,27312,498,89615,037,321

    09/2001213,2882,080,77015,190,8147,021,52416,016,692

    10/200101,736,50317,261,58014,154,74317,078,733

    11/2001132,5641,204,92612,321,34210,513,09311,847,320

    12/200101,212,8424,921,6144,761,7747,635,231

    01/2002328,1022,416,86713,392,8626,495,2107,097,841

    02/2002699,9762,860,55920,456,8099,399,56219,226,212

    03/20021,027,7377,607,25441,148,67513,837,22527,034,292

    04/2002908,38417,865,21451,185,28715,329,67746,453,965

    05/20022,622,46334,830,25341,901,14515,318,68442,994,957

    06/20023,262,63243,604,70017,872,60511,380,16031,323,847

    07/200212,519,11557,752,2414,826,27518,952,54132,872,719

    08/200239,163,52035,734,71009,746,64610,881,842

    PSMS Combined

    MonthNeeds ApprovalAttorney InstructedRegisteredDeclinedNot Taken Up

    09/20000199,80540,014,60919,202,01438,892,398

    10/20000051,921,28023,439,37747,737,831

    11/20000049,724,04021,849,50336,885,146

    12/20000032,810,18513,027,91619,248,299

    01/2001210,000150,00048,911,35415,896,07626,512,874

    02/20010075,497,49533,591,33249,943,295

    03/2001376,1351,457,06373,893,66240,376,39650,752,019

    04/2001363,828923,48765,407,58627,307,98840,978,091

    05/200101,850,20584,861,83242,682,99149,244,825178,639,853

    06/200101,007,06987,118,57747,197,18857,200,461192,523,296

    07/200102,569,75595,564,06055,982,13179,453,328233,569,274

    08/2001468,9684,589,841147,336,09365,210,99599,233,530316,839,426

    09/2001213,2886,392,705122,112,65947,305,72373,608,962249,633,336

    10/2001161,6067,585,184173,324,75261,532,482106,772,050349,376,073

    11/2001819,0107,379,903140,498,67351,125,44780,464,934280,287,966

    12/200104,835,06178,182,13230,784,57460,463,928174,265,695

    01/2002549,14111,763,781134,708,47044,291,56671,388,272262,701,231

    02/20021,213,07616,527,269151,980,72346,665,86898,740,500315,127,437

    03/20021,581,20428,037,428151,003,57154,832,798117,604,481353,059,482

    04/20024,751,30662,848,583164,530,05262,726,820237,969,165532,825,926

    05/20028,056,93889,089,761126,461,56749,449,380184,665,096457,722,742

    06/200230,774,822124,393,91552,901,60657,803,701216,853,229482,727,274

    07/200257,070,652183,238,07015,454,67962,683,927143,719,851462,167,179

    08/2002169,503,283101,979,47511,19532,173,41549,307,894352,975,262

    PSMS CombinedCatsSharksSpringboksStormers

    09/200011,791,57611,109,05952,825,29321,117,751

    10/200026,686,32619,558,29856,951,22318,698,300

    11/200021,228,63626,179,18940,382,29619,994,405

    12/200011,966,5979,116,79620,676,35323,326,654

    01/200118,331,66417,827,54428,323,77527,197,321

    02/200123,544,07136,366,01267,882,86131,026,274

    03/200127,084,61127,861,38273,788,21237,823,071

    04/200119,183,04621,779,55966,168,77227,759,602

    05/200130,752,32937,665,68369,090,59940,649,247

    06/200139,354,16533,667,05580,237,33638,880,292

    07/200156,192,49635,818,14297,551,03443,966,615

    08/200186,069,80249,241,362133,120,14848,408,114

    09/200160,065,24545,706,89399,588,35044,225,315

    10/200183,872,55163,824,708122,838,15978,809,761

    11/200168,190,74847,471,198113,235,89751,390,124

    12/200144,780,31424,302,11071,287,96833,895,303

    01/200267,399,65130,087,200122,234,09742,969,186

    02/200298,434,74051,618,625127,178,45937,869,365

    03/200286,922,70049,485,960172,702,07143,948,752

    04/2002127,945,94248,952,036303,469,87952,426,673

    05/2002134,414,74440,979,859232,285,43250,042,708

    06/2002123,026,07160,331,465268,878,42930,453,403

    07/2002114,047,32556,656,502235,794,93655,668,416

    08/2002104,206,79043,471,522157,108,88648,124,753

    Registration

    MonthSAHLBBTotal

    09/200023,852,26623,852,266

    10/200035,730,24435,730,244

    11/200034,916,14034,916,140

    12/200036,311,15836,311,158

    01/200135,294,13835,294,138

    02/200145,569,04845,569,048

    03/200146,927,40546,927,405

    04/200151,381,89651,381,896

    05/200172,336,17672,336,176

    06/200171,445,53771,445,537

    07/200175,831,94075,831,940

    08/200177,495,36577,495,365

    09/200176,405,82576,405,825

    10/2001107,083,9976,891,621113,975,618

    11/2001102,106,08415,241,478117,347,562

    12/2001103,495,72012,877,621116,373,341

    01/2002101,856,51010,040,299111,896,809

    02/2002117,793,14514,669,117132,462,262

    03/2002107,480,42010,450,407117,930,827

    04/2002115,964,99911,092,839127,057,838

    05/2002145,940,77925,289,806171,230,585

    06/2002114,315,32539,907,671154,222,996

    07/2002138,187,06456,736,331194,923,395

    08/2002119,877,40060,245,086180,122,487

    Purpose

    MonthNew PurchaseRefinanceSwitch LoanNew PurchaseRefinanceSwitch Loan

    09/20004589330.8%5.5%63.7%

    10/2000681214929.7%5.2%65.1%

    11/2000801514633.2%6.2%60.6%

    12/200032711021.5%4.7%73.8%

    01/2001541610530.9%9.1%60.0%

    02/2001772220825.1%7.2%67.8%

    03/2001852424224.2%6.8%68.9%

    04/2001702321023.1%7.6%69.3%

    05/2001772130219.3%5.3%75.5%

    06/2001733128518.8%8.0%73.3%

    07/2001901928123.1%4.9%72.1%

    08/20011153443519.7%5.8%74.5%

    09/2001842739316.7%5.4%78.0%

    10/20011193257016.5%4.4%79.1%

    11/20011194459415.7%5.8%78.5%

    12/2001601629216.3%4.3%79.3%

    01/2002972341918.0%4.3%77.7%

    02/2002903656013.1%5.2%81.6%

    03/20021103454715.9%4.9%79.2%

    04/20021863564621.5%4.0%74.5%

    05/20022004267821.7%4.6%73.7%

    06/20021622951423.0%4.1%72.9%

    07/20022324174522.8%4.0%73.2%

    08/20022313577522.2%3.4%74.4%

    Bank92

    MonthABSABOEFNBNedbankOtherPermSaambouSBSAABSABOEFNBNedbankOtherPermSaambouSBSA

    09/2000281110123522130.4%12.0%10.9%13.0%3.3%5.4%2.2%22.8%

    10/20004813191261182733.3%9.0%13.2%8.3%4.2%7.6%5.6%18.8%

    11/2000351420204933824.5%9.8%14.0%14.0%2.8%6.3%2.1%26.6%

    12/200027991031623025.5%8.5%8.5%9.4%2.8%15.1%1.9%28.3%

    01/200135981611081733.7%8.7%7.7%15.4%1.0%9.6%7.7%16.3%

    02/200176142817421103337.4%6.9%13.8%8.4%2.0%10.3%4.9%16.3%

    03/200166362421223124229.2%15.9%10.6%9.3%0.9%10.2%5.3%18.6%

    04/20015735302121474027.7%17.0%14.6%10.2%1.0%6.8%3.4%19.4%

    05/200194313839223155631.5%10.4%12.8%13.1%0.7%7.7%5.0%18.8%

    06/200194323626634103834.1%11.6%13.0%9.4%2.2%12.3%3.6%13.8%

    07/20019035332332994833.3%13.0%12.2%8.5%1.1%10.7%3.3%17.8%

    08/2001135454258240277232.1%10.7%10.0%13.8%0.5%9.5%6.4%17.1%

    09/2001128525143536135233.7%13.7%13.4%11.3%1.3%9.5%3.4%13.7%

    10/2001183755955753339132.9%13.5%10.6%9.9%1.3%9.5%5.9%16.4%

    11/2001195696544961348634.6%12.3%11.5%7.8%1.6%10.8%6.0%15.3%

    12/2001109392418824164638.4%13.7%8.5%6.3%2.8%8.5%5.6%16.2%

    01/2002124504341339278530.1%12.1%10.4%10.0%0.7%9.5%6.6%20.6%

    02/2002173555353248838631.3%9.9%9.6%9.6%0.4%8.7%15.0%15.6%

    03/200215858503910481017129.5%10.8%9.3%7.3%1.9%9.0%18.9%13.3%

    04/200219479485412558111930.2%12.3%7.5%8.4%1.9%8.6%12.6%18.5%

    05/2002180111575116589411426.4%16.3%8.4%7.5%2.3%8.5%13.8%16.7%

    06/20021575973421036539230.1%11.3%14.0%8.0%1.9%6.9%10.2%17.6%

    07/2002209781236611607912727.8%10.4%16.3%8.8%1.5%8.0%10.5%16.9%

    08/2002241581316523567412231.3%7.5%17.0%8.4%3.0%7.3%9.6%15.8%

    LTVPTI

    MonthBlue Banner 2.75Blue Banner 3.10Main StreetThekwini 1Blue Banner 2.75Blue Banner 3.10Main StreetThekwini 1

    09/200061%17%

    10/200059%17%

    11/200059%16%

    12/200060%17%

    01/200161%17%

    02/200161%16%

    03/200161%17%

    04/200162%17%

    05/200163%17%

    06/200183%91%71%63%17%18%12%17%

    07/200181%88%65%62%16%15%17%16%

    08/200186%90%65%65%18%17%16%15%

    09/200185%94%65%65%19%16%16%16%

    10/200186%92%66%57%17%16%16%15%

    11/200184%87%66%64%18%15%16%18%

    12/200185%90%65%33%19%18%16%16%

    01/200282%90%66%19%17%16%

    02/200285%88%65%20%17%17%

    03/200284%90%64%18%17%17%

    04/200284%89%64%19%16%17%

    05/200284%89%63%19%17%17%

    06/200284%87%63%18%16%17%

    07/200285%88%63%19%16%17%

    08/200285%88%64%19%15%18%

    Arrears 15

    Month00.0 - 1.51.6 - 2.52.5 +Total0.0 - 1.5 Months1.6 - 2.5 Months2.5 + Months

    04/1999300030.00%0.00%0.00%

    05/199924100254.00%0.00%0.00%

    06/19991215001263.97%0.00%0.00%

    07/19992389002473.64%0.00%0.00%

    08/19993507103581.96%0.28%0.00%

    09/19994898305001.60%0.60%0.00%

    10/19996077116161.14%0.16%0.16%

    11/199977213107861.65%0.13%0.00%

    12/199994030309733.08%0.31%0.00%

    01/20001,09336311,1333.18%0.26%0.09%

    02/20001,26646411,3173.49%0.30%0.08%

    03/20001,44652321,5033.46%0.20%0.13%

    04/20001,535761111,6234.68%0.68%0.06%

    05/20001,738821131,8344.47%0.60%0.16%

    06/20001,91995932,0264.69%0.44%0.15%

    07/20002,0431071062,1664.94%0.46%0.28%

    08/20002,1731111762,3074.81%0.74%0.26%

    09/20002,290881662,4003.67%0.67%0.25%

    10/20002,461701272,5502.75%0.47%0.27%

    11/20002,5631121332,6914.16%0.48%0.11%

    12/20002,6711691772,8645.90%0.59%0.24%

    01/20012,78018923153,0076.29%0.76%0.50%

    02/20012,97020227123,2116.29%0.84%0.37%

    03/20013,13723826133,4146.97%0.76%0.38%

    04/20013,29927639173,6317.60%1.07%0.47%

    05/20013,56732744193,9578.26%1.11%0.48%

    06/20013,83535237274,2518.28%0.87%0.64%

    07/20014,22131443224,6006.83%0.93%0.48%

    08/20014,48634942254,9027.12%0.86%0.51%

    09/20014,77436354285,2196.96%1.03%0.54%

    10/20015,26529959345,6575.29%1.04%0.60%

    11/20015,41234053405,8455.82%0.91%0.68%

    12/20015,45628853475,8444.93%0.91%0.80%

    01/20025,51022067485,8453.76%1.15%0.82%

    02/20025,50417746575,7843.06%0.80%0.99%

    03/20025,28630151525,6905.29%0.90%0.91%

    04/20025,28524755495,6364.38%0.98%0.87%

    05/20025,11528556515,5075.18%1.02%0.93%

    06/20024,94436144465,3956.69%0.82%0.85%

    07/20024,90330839505,3005.81%0.74%0.94%

    08/20024,82830754495,2385.86%1.03%0.94%

    Arrears 16

    Month00.0 - 1.51.6 - 2.52.5 +Total0.0 - 1.5 Months1.6 - 2.5 Months2.5 + Months

    10/200131000310.00%0.00%0.00%

    11/2001986001045.77%0.00%0.00%

    12/200116313111787.30%0.56%0.56%

    01/200221716402376.75%1.69%0.00%

    02/200230712713273.67%2.14%0.31%

    03/2002324639239815.83%2.26%0.50%

    04/2002424411534838.49%3.11%0.62%

    05/2002533481656027.97%2.66%0.83%

    06/2002694721477879.15%1.78%0.89%

    07/200287911921101,02911.56%2.04%0.97%

    08/20021,11114617111,28511.36%1.32%0.86%

    Arrears 17

    Month00.0 - 1.51.6 - 2.52.5 +Total0.0 - 1.5 Months1.6 - 2.5 Months2.5 + Months

    10/2001400040.00%0.00%0.00%

    11/20012195002242.23%0.00%0.00%

    12/200157615005912.54%0.00%0.00%

    01/200295659301,0185.80%0.29%0.00%

    02/20021,433662171,5274.32%1.38%0.46%

    03/20021,79915619161,9907.84%0.95%0.80%

    04/20022,26514546222,4785.85%1.86%0.89%

    05/20022,80821540403,1036.93%1.29%1.29%

    06/20023,18132738423,5889.11%1.06%1.17%

    07/20023,71632751504,1447.89%1.23%1.21%

    08/20024,10540149564,6118.70%1.06%1.21%

    Default 15

    MonthActualTrigger

    02-20020.38%0.60%

    05-20020.44%0.60%

    08-20020.41%0.60%

    Model

    Registered InstructedDeclinedNTUTotal01234567Total

    49.2%20.6%30.2%100%181,0763,1932,5191,5607393624059,872

    1,116,999,751467,599,903686,776,4582,270,940,3160.2%10.9%32.3%25.5%15.8%7.5%3.7%4.1%100.0%

    MonthRegistrations123PipelineApprovalsRegistrationsCore BudgetBB BudgetBudget

    03/200146,927,40575,784,01340,557,81350,512,537162,110,942

    04/200151,381,89666,845,53327,307,98840,780,989133,694,45479,736,962

    05/200172,336,17686,989,23342,536,04449,099,838178,639,85365,759,840

    06/200171,445,53788,237,40047,197,18857,092,703192,523,29687,866,982

    07/200175,831,94099,074,86954,702,76678,007,144233,569,27494,695,784

    08/200177,495,365153,865,09265,088,37997,550,963316,839,426114,884,931

    09/200176,405,825129,691,31347,305,72372,452,028249,633,336155,842,740

    10/2001113,975,618180,825,44161,212,558106,470,892349,376,073122,786,307

    11/2001117,347,562152,023,48050,906,87075,360,964280,287,966171,846,430

    12/2001116,373,34183,663,37830,784,57459,448,400174,265,695137,864,296

    01/2002111,896,809262,701,23185,715,480

    02/2002132,462,262315,127,437129,213,968

    03/2002117,930,827353,059,482155,000,669117,000,00019,000,000136,000,000

    04/2002127,057,838Clients532,825,926173,658,176128,000,00028,000,000156,000,000

    05/2002171,230,5852,129457,722,742262,079,291136,000,00037,000,000173,000,000

    06/2002154,222,9962,245482,727,274225,138,541146,000,00046,000,000192,000,000

    07/2002194,923,3952,150462,167,179237,437,435155,000,00055,000,000210,000,000

    08/2002180,122,4871,642352,975,262227,324,611164,000,00064,000,000228,000,000

    09/2002224,737,3463,488750,000,000173,616,751224,737,346316,56224,777,27776,796,77257,447,72941,414,47512,999,7365,683,7775,301,019173,000,00073,000,000246,000,000

    10/2002221,630,5163,721800,000,000368,899,970221,630,516672,63018,923,38273,525,88060,585,99135,576,99819,618,7806,367,9366,358,921181,000,00082,000,000263,000,000

    11/2002226,194,5173,953850,000,000393,493,301226,194,517717,47240,208,30356,154,60858,005,54037,520,50216,853,4629,610,2827,124,348191,000,00091,000,000282,000,000

    12/2002279,973,4072,093450,000,000418,086,632279,973,407762,31442,888,857119,317,01844,301,11435,922,44717,774,1358,255,68810,751,835200,000,000100,000,000300,000,000

    01/2003329,770,7612,093450,000,000221,339,982329,770,761403,57845,569,410127,271,48694,130,77627,435,38617,017,1088,706,6819,236,336208,000,000109,000,000317,000,000

    02/2003349,528,6253,953850,000,000221,339,982349,528,625403,57824,124,982135,225,954100,406,16158,294,56612,996,6358,335,8509,740,900218,000,000118,000,000336,000,000

    MonthRegisteredProjectedPipelineProjectedApprovalsProjectedBudget

    03/200146,927,405162,110,942

    04/200151,381,896133,694,45479,736,962

    05/200172,336,176178,639,85365,759,840

    06/200171,445,537192,523,29687,866,982

    07/200175,831,940233,569,27494,695,784

    08/200177,495,365316,839,426114,884,931

    09/200176,405,825249,633,336155,842,740

    10/2001113,975,618349,376,073122,786,307

    11/2001117,347,562280,287,966171,846,430

    12/2001116,373,341174,265,695137,864,296

    01/2002111,896,809262,701,23185,715,480

    02/2002132,462,262315,127,437129,213,968

    03/2002117,930,827353,059,482155,000,669136,000,000

    04/2002127,057,838532,825,926173,658,176156,000,000

    05/2002171,230,585457,722,742262,079,291173,000,000

    06/2002154,222,996482,727,274225,138,541192,000,000

    07/2002194,923,395462,167,179237,437,435210,000,000

    08/2002180,122,487352,975,262227,324,611228,000,000

    09/2002224,737,346750,000,000173,616,751246,000,000

    10/2002221,630,516800,000,000368,899,970263,000,000

    11/2002226,194,517850,000,000393,493,301282,000,000

    12/2002279,973,407450,000,000418,086,632300,000,000

    01/2003329,770,761450,000,000221,339,982317,000,000

    02/2003349,528,625850,000,000221,339,982336,000,000

  • ReservingRequirementsBankDepositsLoansToPublicMargin : 4 - 5%Traditional Bank Funding

  • ControlPublicSpecialPurposeVehicleTrustLoansTo thePublicSeniorSecuritiesSubordinatedSecuritiesPurchaseSecuritiesIndependentTrusteeExternalAuditorOrigination & ManagementFee : 0.5%JIBAR RatePlus 2.1%1.6% Yield pick upSecuritisation StructureInstitutionalInvestors

  • SAHL Legal Structure

  • Investment Structure

  • Indicative terms - Thekwini

    Key terms

    Transaction

    Residential Mortgage Backed Securities (RMBS)

    Issuer

    The Thekwini Fund 1 Limited

    Servicer/Originator

    SAHL

    Standby Servicer

    Standard Bank

    Collateral

    First ranking residential loans on SA properties which meet the eligibility criteria

    Tranching of the Notes

    Class A

    Class B

    Reserve Fund

    Ratings Moodys/ Fitch

    Aaa.za/AAA(zaf)

    Baa2.za/BBB(zaf)

    (

    Tranche size

    [92%]

    [8%]

    [2-2.2%]

    Coupon

    Floating, spread vs. 3mJIBAR

    Floating, spread vs. 3mJIBAR

    Coupon frequency

    Quarterly

    Quarterly

    (

    Coupon Step-up

    [40]% of Class A coupon

    [25]% of Class B coupon

    (

    Step-up and call date

    November 2005

    November 2005

    (

    Clean-up call

    May be exercised when 20% of all notes are outstanding

    May be exercised when 20% of all notes are outstanding

    (

    Legal Maturity

    2024

    2024

    2024

    Listing

    BESA

    BESA

    (

  • SecuritisationA Practical GuideSize does countQuality of dataSystem reporting abilityTime, money, personnelTiming Market conditionsRatingsPricing

  • As an asset class, RMBS spreads have been extremely stable

    European RMBS spreadsSpread to LIBOR (bp)

  • AAA European structured credit products yield curveSpread to LIBOR (bp)

    AAA Structured Products Credit Curve

    Relative Pricing

  • Schematic Diagram of Thekweni II

    SA Home Loans

    Redraw Facility

    Investors

    Bank Funding

    Hedge Counterparty

    Main Street 65 (Pty) Limited

    Home Loan Borrower

    The Thekwini Fund 2 Limited

    Indemnity and Mortgage first lien over the Home Loan Borrowers property

    Monthly payments

    Loan

    Servicing

    Loan origination

    Servicing

    Reserve fund

    Transfer of mortgages

    Purchase of mortgages

    Wholesale loan

    Mortgage first lien

    Loan

    Hedging

    Repayment of the Wholesale loan

    Quarterly obligations

    Cash proceeds

    Notes issue

    Transfer of security

    Excess spread

    Guarantee

    Committed loan facility

    Guarantee Trust

    SecurityTrust

    Home Loan Borrower

  • Highlights of Thekwini Fund II

    The AAA Notes will be split into two tranchesAn amortising Note to pick up all the pre-paymentA 5-year bullet with minimal pre-payment risk (Fixed Rate potential)The bullet AAA Note may be structured as a fixed interest rate instrument

    Chart1

    59553349.8759305982630272.952854372208436.724566

    59553349.8759305982630272.952854372208436.724566

    59553349.8759305982630272.952854372208436.724566

    59553349.8759305982630272.952854372208436.724566

    59553349.8759305982630272.952854372208436.724566

    59553349.8759305982630272.952854372208436.724566

    59553349.8759305982630272.952854372208436.724566

    59553349.8759305982630272.952854372208436.724566

    59553349.8759305982630272.952854364582188.86184

    59553349.8759305982630272.952854356765284.802546

    59553349.8759305982630272.952854348752958.14177

    59553349.8759305982630272.952854340540323.314474

    59553349.8759305982630272.952854332122372.616496

    59553349.8759305982630272.952854323493973.151069

    59553349.8759305982630272.952854314649863.699006

    59553349.8759305982630272.952854305584651.510641

    59553349.8759305982630272.952854296292809.017568

    59553349.8759305982630272.952854286768670.462167

    59553349.8759305982630272.952854277006428.442881

    59553349.8759305982630272.952854267000130.373114

    59553349.8759305982630272.952854256743674.851601

    59553349.8759305982630272.952854246230807.942052

    59553349.8759305982630272.952854235455119.359763

    59553349.8759305982630272.952854224410038.562918

    59553349.8759305982630272.952854213088830.746151

    59553349.8759305982630272.952854201484592.733965

    59553349.8759305982630272.952854189590248.771474

    59553349.8759305982630272.952854177398546.209921

    59553349.8759305982630272.952854164902051.084329

    59553349.8759305982630272.952854152093143.580598

    59553349.8759305982630272.952854138964013.389273

    59553349.8759305982630272.952854125506654.943165

    59553349.8759305982630272.952854111712862.535905

    59553349.8759305982630272.95285497574225.3184623

    59553349.8759305982630272.95285483082122.1705841

    59553349.8759305982630272.95285468227716.4440089

    59553349.8759305982630272.95285453001950.5742694

    59553349.8759305982630272.95285437395540.5577863

    59553349.8759305982630272.95285421398970.2908913

    59553349.8759305982630272.9528545002485.76732385

    59553349.8759305970826362.0835210

    59553349.8759305953599805.5309480

    59553349.8759305935942585.064560

    59553349.8759305917843934.0865130

    59553349.8759305899292816.8340150

    59553349.8759305880277921.6502040

    59553349.8759305860787654.0867980

    59553349.8759305840810129.8343070

    59553349.8759305820333167.4755030

    59553349.8759305799344281.057730

    59553349.8759305777830672.4795120

    59553349.8759305755779223.6868380

    59553349.8759305733176488.6743480

    59553349.8759305710008685.2865460

    59553349.8759305686261686.8140480

    59553349.8759305661921013.3797380

    59553349.8759305636971823.1095710

    59553349.8759305611398903.0826490

    59553349.8759305585186660.0550540

    59553349.8759305558319110.9517690

    59553349.8759305530779873.1209020

    59553349.8759305502552154.3442630

    59553349.8759305473618742.5982090

    59553349.8759305443961995.5585030

    59553349.8759305413563829.8428040

    59553349.8759305382405709.9842130

    59553349.8759305350468637.1291580

    59553349.8759305317733137.4527250

    59553349.8759305284179250.2843820

    59553349.8759305249786515.9368310

    59553349.8759305214533963.230590

    59553349.8759305178400096.7066940

    59553349.8759305141362883.51970

    59553349.8759305103399740.0030320

    59553349.875930564487517.89844640

    59553349.875930524602490.24124640

    43273686.7685469-0.00000000190.0000000019

    1369479.58620122-0.0000000019-0.0000000037

    -0.0000000019-0.00000000190.0000000037

    000

    Call Date

    A

    AAA-A2

    AAA-A1

    Value of Notes Outstanding

    Thekwini Fund No 2

    Chart2

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973368550368.550368

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973368550368.550368

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973368550368.550368

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973368550368.550368

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973368550368.550368

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973360924120.687643

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973353107216.628349

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973345094889.967573

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973336882255.140277

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973328464304.442299

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973319835904.976872

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973310991795.524809

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973301926583.336444

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973292634740.84337

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973283110602.28797

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973273348360.268684

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973263342062.198916

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973253085606.677404

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973242572739.767855

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973231797051.185566

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973220751970.38872

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973209430762.571954

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973197826524.559768

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973185932180.597277

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973173740478.035724

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973161243982.910132

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973148435075.406401

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973135305945.215076

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973121848586.768968

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.972973108054794.361707

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.97297393916157.1442652

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.97297379424053.996387

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.97297364569648.2698119

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.97297349343882.4000723

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.97297333737472.3835891

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.97297317740902.1166941

    11056511.056511122113022.113022166339066.339066358968058.968059972972972.9729731344417.59312665

    11056511.056511122113022.113022166339066.339066358968058.968059957510993.9294430

    11056511.056511122113022.113022166339066.339066358968058.968059940284437.376870

    11056511.056511122113022.113022166339066.339066358968058.968059922627216.9104820

    11056511.056511122113022.113022166339066.339066358968058.968059904528565.9324350

    11056511.056511122113022.113022166339066.339066358968058.968059885977448.6799370

    11056511.056511122113022.113022166339066.339066358968058.968059866962553.4961260

    11056511.056511122113022.113022166339066.339066358968058.968059847472285.932720

    11056511.056511122113022.113022166339066.339066358968058.968059827494761.6802290

    11056511.056511122113022.113022166339066.339066358968058.968059807017799.3214250

    11056511.056511122113022.113022166339066.339066358968058.968059786028912.9036520

    11056511.056511122113022.113022166339066.339066358968058.968059764515304.3254340

    11056511.056511122113022.113022166339066.339066358968058.968059742463855.5327610

    11056511.056511122113022.113022166339066.339066358968058.968059719861120.520270

    11056511.056511122113022.113022166339066.339066358968058.968059696693317.1324680

    11056511.056511122113022.113022166339066.339066358968058.968059672946318.6599710

    11056511.056511122113022.113022166339066.339066358968058.968059648605645.2256610

    11056511.056511122113022.113022166339066.339066358968058.968059623656454.9554930

    11056511.056511122113022.113022166339066.339066358968058.968059598083534.9285710

    11056511.056511122113022.113022166339066.339066358968058.968059571871291.9009760

    11056511.056511122113022.113022166339066.339066358968058.968059545003742.7976910

    11056511.056511122113022.113022166339066.339066358968058.968059517464504.9668240

    11056511.056511122113022.113022166339066.339066358968058.968059489236786.1901860

    11056511.056511122113022.113022166339066.339066358968058.968059460303374.4441310

    11056511.056511122113022.113022166339066.339066358968058.968059430646627.4044250

    11056511.056511122113022.113022166339066.339066358968058.968059400248461.6887270

    11056511.056511122113022.113022166339066.339066358968058.968059369090341.8301360

    11056511.056511122113022.113022166339066.339066358968058.968059337153268.975080

    11056511.056511122113022.113022166339066.339066358968058.968059304417769.2986480

    11056511.056511122113022.113022166339066.339066358968058.968059270863882.1303050

    11056511.056511122113022.113022166339066.339066358968058.968059236471147.7827530

    11056511.056511122113022.113022166339066.339066358968058.968059201218595.0765130

    11056511.056511122113022.113022166339066.339066358968058.968059165084728.5526160

    11056511.056511122113022.113022166339066.339066358968058.968059128047515.3656230

    11056511.056511122113022.113022166339066.339066358968058.96805990084371.84895390

    11056511.056511122113022.113022166339066.339066358968058.96805951172149.74436860

    11056511.056511122113022.113022166339066.339066358968058.96805911287122.08716860.0000000186

    11056511.056511122113022.113022166339066.339066329373027.70659760.00000000370

    11056511.056511122113022.113022153807886.8633182-0.0000000037-0.00000000370

    11056511.056511122113022.113022110856074.5014138000

    -0.000005006800000

    Call Date

    SAHL

    BB

    BBB

    A

    AAA-A2

    AAA-A1

    Value of Notes Outstanding

    Sheet1

    10.00%0.74%1%4%4%65%

    QCash FlowInterestBalanceSAHLBBBBBAAAA-A2AAA-A1

    11,500,000,0001,500,000,00011,056,51122,113,02266,339,06658,968,059972,972,973368,550,369

    2(37,500,000)37,500,0001,500,000,00011,056,51122,113,02266,339,06658,968,059972,972,973368,550,369

    3(37,500,000)37,500,0001,500,000,00011,056,51122,113,02266,339,06658,968,059972,972,973368,550,369

    4(37,500,000)37,500,0001,500,000,000111,056,51122,113,02266,339,06658,968,059972,972,973368,550,369

    5(37,500,000)37,500,0001,500,000,00011,056,51122,113,02266,339,06658,968,059972,972,973368,550,369

    6(37,500,000)37,500,0001,500,000,00011,056,51122,113,02266,339,06658,968,059972,972,973368,550,369

    7(37,500,000)37,500,0001,500,000,00011,056,51122,113,02266,339,06658,968,059972,972,973368,550,369

    8(37,500,000)37,500,0001,500,000,000211,056,51122,113,02266,339,06658,968,059972,972,973368,550,369

    9(45,126,248)37,500,0001,492,373,75211,056,51122,113,02266,339,06658,968,059972,972,973360,924,121

    10(45,126,248)37,309,3441,484,556,84811,056,51122,113,02266,339,06658,968,059972,972,973353,107,217

    11(45,126,248)37,113,9211,476,544,52111,056,51122,113,02266,339,06658,968,059972,972,973345,094,890

    12(45,126,248)36,913,6131,468,331,887311,056,51122,113,02266,339,06658,968,059972,972,973336,882,255

    13(45,126,248)36,708,2971,459,913,93611,056,51122,113,02266,339,06658,968,059972,972,973328,464,304

    14(45,126,248)36,497,8481,451,285,53611,056,51122,113,02266,339,06658,968,059972,972,973319,835,905

    15(45,126,248)36,282,1381,442,441,42711,056,51122,113,02266,339,06658,968,059972,972,973310,991,796

    16(45,126,248)36,061,0361,433,376,215411,056,51122,113,02266,339,06658,968,059972,972,973301,926,583

    17(45,126,248)35,834,4051,424,084,37211,056,51122,113,02266,339,06658,968,059972,972,973292,634,741

    18(45,126,248)35,602,1091,414,560,23411,056,51122,113,02266,339,06658,968,059972,972,973283,110,602

    19(45,126,248)35,364,0061,404,797,99211,056,51122,113,02266,339,06658,968,059972,972,973273,348,360

    20(45,126,248)35,119,9501,394,791,694511,056,51122,113,02266,339,06658,968,059972,972,973263,342,062

    21(45,126,248)34,869,7921,384,535,23811,056,51122,113,02266,339,06658,968,059972,972,973253,085,607

    22(45,126,248)34,613,3811,374,022,37111,056,51122,113,02266,339,06658,968,059972,972,973242,572,740

    23(45,126,248)34,350,5591,363,246,68311,056,51122,113,02266,339,06658,968,059972,972,973231,797,051

    24(45,126,248)34,081,1671,352,201,602611,056,51122,113,02266,339,06658,968,059972,972,973220,751,970

    25(45,126,248)33,805,0401,340,880,39411,056,51122,113,02266,339,06658,968,059972,972,973209,430,763

    26(45,126,248)33,522,0101,329,276,15611,056,51122,113,02266,339,06658,968,059972,972,973197,826,525

    27(45,126,248)33,231,9041,317,381,81211,056,51122,113,02266,339,06658,968,059972,972,973185,932,181

    28(45,126,248)32,934,5451,305,190,109711,056,51122,113,02266,339,06658,968,059972,972,973173,740,478

    29(45,126,248)32,629,7531,292,693,61411,056,51122,113,02266,339,06658,968,059972,972,973161,243,983

    30(45,126,248)32,317,3401,279,884,70711,056,51122,113,02266,339,06658,968,059972,972,973148,435,075

    31(45,126,248)31,997,1181,266,755,57711,056,51122,113,02266,339,06658,968,059972,972,973135,305,945

    32(45,126,248)31,668,8891,253,298,218811,056,51122,113,02266,339,06658,968,059972,972,973121,848,5871000

    33(45,126,248)31,332,4551,239,504,42611,056,51122,113,02266,339,06658,968,059972,972,973108,054,794

    34(45,126,248)30,987,6111,225,365,78911,056,51122,113,02266,339,06658,968,059972,972,97393,916,157TranchingWALPortionSize (Rm)Adjusted Portion

    35(45,126,248)30,634,1451,210,873,68511,056,51122,113,02266,339,06658,968,059972,972,97379,424,054AAA - A13.525.00%250.00.2457002457

    36(45,126,248)30,271,8421,196,019,280911,056,51122,113,02266,339,06658,968,059972,972,97364,569,648AAA - A25.066.00%660.00.6486486486

    37(45,126,248)29,900,4821,180,793,51411,056,51122,113,02266,339,06658,968,059972,972,97349,343,882A5.04.00%40.00.0393120393

    38(45,126,248)29,519,8381,165,187,10411,056,51122


STOCKLEY CENTER – 102 WAPLES WAY GEORGETOWN, DELAWARE …bidcondocs.delaware.gov/OMB/OMB_MC3511-7Waples_SPEC.pdf · 2014-10-13 · CONTRACT NO. MC3511000007 – STOCKLEY CENTER

STOCKLEY CENTER – 102 WAPLES WAY GEORGETOWN, DELAWARE …bidcondocs.delaware.gov/OMB/OMB_MC3511-7Waples_SPEC.pdf · 2014-10-13 · CONTRACT NO. MC3511000007 – STOCKLEY CENTER

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