securitisation (continued)
On 20 june 2006, Northern Rock entered into a financial guarantee contract with Whinstone 2 Limited, a special purpose entity,in respect of $168.5m of the first loss reserve funds held by the Granite securitisation entities repayable to northern Rock only after repayment of all other liabilities. Whinstone 2 Limited simultaneously issued credit linked notes to the value of $168.5m which are included within debt securities in issue at year end exchange rats where issued in currencies other than sterling
In addition to the transaction above, Northern Rock assigned a portfolio of unsecured loans valued at $749.7m to Flint Receivables Trustees Limited on 8 December 2003. Flint Consumer Loans No.1 Limited purchased an interest amounting to $595.0m in the trust on the same date, funded by the issue of asset backed notes. During 2006, Northern Rock chose to repay the asset backed note in full and repurchase the remaining loans from the trust.