RNS Number:2129E
Bank of Scotland Plc
20 September 2007

HBOS Group Reorganisation Act 2006

17 September 2007

              Permanent Financing (No. 7) PLC (the Seventh Issuer)

The following is a notice to the holders of the Notes (as defined below) issued
by the Seventh Issuer on 23 March 2005.

The Seventh Issuer wishes to give notice to the holders of the:

 $1,400,000,000 Series 2 Class A Asset Backed Floating Rate Notes due September
     2014 (ISIN: US71419VAD91 - Common Code: 021554910 - CUSIP: 71419VAD9)
  $60,700,000 Series 2 Class B Asset Backed Floating Rate Notes due June 2042
        (ISIN: US71419VAE74 - Common Code: 021555037 - CUSIP: 71419VAE7)
  $59,200,000 Series 2 Class C Asset Backed Floating Rate Notes due June 2042
        (ISIN: US71419VAF40 - Common Code: 021555118 - CUSIP: 71419VAF4)
 Euro1,700,000,000 Series 3 Class A Asset Backed Floating Rate Notes due September
        2032 (ISIN: XS0215348896 - Common Code: 021534889 - CUSIP: N/A)
  Euro73,700,000 Series 3 Class B Asset Backed Floating Rate Notes due June 2042
           (ISIN: XS0215349944 - Common Code: 021534994 - CUSIP: N/A)
  Euro71,800,000 Series 3 Class C Asset Backed Floating Rate Notes due June 2042
           (ISIN: XS0215351254 - Common Code: 021535125 - CUSIP: N/A)
  #850,000,000 Series 4 Class A Asset Backed Floating Rate Notes due September
        2032 (ISIN: XS0215352906 - Common Code: 021535290 - CUSIP: N/A)
  #36,800,000 Series 4 Class B Asset Backed Floating Rate Notes due June 2042
           (ISIN: XS0215353896 - Common Code: 021535389 - CUSIP: N/A)
  #35,900,000 Series 4 Class C Asset Backed Floating Rate Notes due June 2042
           (ISIN: XS0215355081 - Common Code: 021535508 - CUSIP: N/A)
#500,000,000 Series 5 Asset Backed Floating Rate Notes due September 2032 (ISIN:
              XS0215356485 - Common Code: 021535648 - CUSIP: N/A)

                       each issued by the Seventh Issuer
                 (the Noteholders and the Notes, respectively)

 constituted by a Trust Deed dated 23 March 2005 (as supplemented and amended)
between the Seventh Issuer and The Bank of New York (the Trustee) as trustee for
                                the Noteholders

Notice is hereby given to the Noteholders that, pursuant to the HBOS Group
Reorganisation Act 2006 (the HBOS Group Reorganisation Act) and with effect from
17 September 2007 (the Reorganisation Date), The Governor and Company of the
Bank of Scotland (the Bank) was registered as a public company under the
Companies Act 1985 and changed its name to Bank of Scotland plc and the business
and all property and liabilities of Halifax plc (Halifax) were transferred to
the Bank.

In this regard, there is no need for the parties to the Transaction Documents to
enter into any further documentation in order to construe the Transaction
Documents as referring to the Bank in place of Halifax since the HBOS Group
Reorganisation Act provides that every existing contract relating to Halifax
shall be construed and have effect on and from the Reorganisation Date as if the
Bank had been a party thereto instead of Halifax and as if any reference
(however worded and whether express or implied) to Halifax was substituted with
a reference to the Bank.



However, certain Transaction Documents to which Halifax and/or the Bank is a
party may be amended and restated or supplemented and amended in connection with
the next issue of notes by the Seventh Issuer so that the representations and
warranties and covenants contained therein reflect that they will be given by a
company incorporated in Scotland and registered as a public company under the
Companies Act 1985.

Copies of any such further Transaction Documents will available for inspection
by Noteholders at the specified offices of the Paying Agents set out below:


             UK PRINCIPAL PAYING AGENT                                 US PAYING AGENT



                   Citibank, N.A.                                       Citibank, N.A.

                  Citigroup Centre                                        14th Floor

                   Canada Square                                388 Greenwich Street New York

                    Canary Wharf                                        New York 10013

                   London E14 5LB



All defined terms, unless defined herein or the context otherwise requires,
shall have the meanings given to them in the Amended and Restated Master
Definitions and Construction Schedule dated 1 March 2007 and the Seventh Issuer
Master Definitions and Construction Schedule dated 23 March 2005.

For further information, please contact:

Permanent Master Issuer plc

c/o SFM Corporate Services Limited

35 Great St. Helen's

London EC3A 6AP



Telephone : 020 7398 6300

Fax : 020 7398 6325



DISCLAIMER - INTENDED ADDRESSEES

Please note that the information contained in the base prospectus of the Issuer
dated 17 March 2005 (the Base Prospectus) may be addressed to and/or targeted at
persons who are residents of particular countries (specified in the Base
Prospectus) only and is not intended for use and should not be relied upon by
any person outside these countries and/or to whom the offer contained in the
Base Prospectus is not addressed. Prior to relying on the information contained
in the Base Prospectus you must ascertain from the Base Prospectus whether or
not you are part of the intended addressees of the information contained
therein.



Nothing in this service constitutes an offer to sell or issue or the
solicitation of an offer to buy or subscribe for securities in the United States
or any other jurisdiction.



Your right to access this service is conditional upon complying with the above
requirements.




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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