SANTANDER UK modified its HOLMES RMBS master trust last month to make all outstanding notes meet the simple, transparent and standardised (STS) eligibility criteria. That makes Santander the first issuer to retrofit STS criteria to public paper issued before the new rules came into force at the start of 2019. The bank also chose to do without a third-party verification agent to back up its judgment that the four outstanding Holmes series now comply with the regulations.
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