Arran 2007-A, the long-awaited additional credit enhancement for the Royal Bank of Scotland's U.K. credit cards master trust Arran Funding Ltd., was launched last week, following a correction to calculation errors reported by the issuer late last year.

Last Dec. 5, RBS informed Fitch Ratings that it would be restating some of the historical data of the Arran trust. On Jan. 12 of this year, RBS provided revised performance numbers for yield, charge-offs and excess spread for the monthly reporting periods from December 2005 through October 2006, as well as restated data for the November period using the corrected calculations. The revised data showed slightly poorer performance even following the transaction.

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