Bristol & West, a wholly owned subsidiary of the Bank of Ireland, recently saw its first residential mortgage-backed securitization delayed by the U.K. regulatory body, the Financial Services Authority. The GBP300 million ($433.9 million) transaction, called Shipshape Residential Mortgages No.1, had been due at the start of October but following the delay was set to price as ASRI went to press. ING Barings was brought in as lead manager.

Neither ING, Bristol & West or the FSA were prepared to comment on why the deal was put back, although one unsubstantiated rumor doing the rounds was that it was simply a result of a job reshuffle at the FSA which needed to be resolved before approval could be given.

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