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0 Card Credit Interest Uk

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61 Differences between UK GAAP and US GAAP accounting principles
(q) Securitisations
                                                         Year ended
                                                     31st December
                                                               2003

                                                        Credit card
                                                        receivables

Fair value of interest only strip                            £107m

Constant prepayment rate per annum                            100%
Credit losses per annum(a)                                     5.3%
Discount rate                                                  5.0%

				
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