UK Mortgages Ltd Net Asset Value(s)
February 16 2021 - 10:02AM
UK Regulatory
TIDMUKML
UK MORTGAGES LIMITED
(a closed-ended investment company incorporated in Guernsey with registration
number 60440)
LEI 549300388LT7VTHCIT59
Final Net Asset Value
FUND NAME NAV ISIN NAV DATE
UK Mortgages Limited £0.8179 GG00BXDZMK63 31 December 2020
UKML RNS: Commentary accompanying UK Mortgages Limited December 2020 NAV
The UKML NAV per share was calculated for December 2020 month end at 81.79
pence per share, an increase of 0.36 pence per share.
Alongside the regular monthly income generated by the Company's investments,
the key drivers for the movement in the NAV for this period have been the
updated IFRS 9 Expected Credit Loss (ECL) provisioning assessment and the hedge
effectiveness calculations both of which occur semi-annually. With regard to
ECL provisioning, there has been a significant reduction in the number of loans
taking a payment holiday, with current levels having fallen to a fraction of
the amount at the previous calculation in June 2020, which essentially
coincided with the peak take-up. The effect of this has been to partially
reduce the required provisioning, despite continuing to model an enhanced level
of stress on loans where the borrowers have resumed payments following the end
of a payment holiday. In addition, the results of hedge effectiveness
calculations have continued to show a high level of effectiveness, with a net
small improvement.
Elsewhere, the positive impact of the above factors was partially offset by
several one-off fees relating to the recent shareholder vote.
Meanwhile, the Company's investments continue to perform in line with
expectations.
More details will be available in the Company's next factsheet to be published
shortly.
Enquiries:
Northern Trust International Fund Administration Services (Guernsey) Limited
Andrew Bonham 44 (0)1481 745302
Date: 16 February 2021
END
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