Spanish bank Santander confirmed a GBP1.3 billion proposed takeover of U.K. lender Alliance & Leicester last week. The proposed deal would give A&L a bigger financial platform that should bode well for the two securitization programs it has outstanding.

A&L's two securitizations, the Fosse and Langton master trusts, remain stable with negligible losses to date, although Deutsche Bank analysts said that the bank could have been facing some severed funding issues in the short term.

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