ARM luxembourg statement - Ernst & Young - Luxembourg

ARM Luxembourg statement

Luxembourg, 30 November 2011

On 10 November 2011, at the request of the Luxembourg Commission de Surveillance du Secteur Financier (the “CSSF”), the Luxembourg District Court sitting in commercial matters (the “Court”) appointed Ernst & Young, represented by Mr. Jean-Michel Pacaud, as supervisory commissioner (commissaire de surveillance) of ARM Asset Backed Securities S.A. (“ARM”) in replacement of the CSSF.

The decision of the Court entails a prohibition for ARM, under penalty of voidance, to take any measures other than protective, and to perform any contracts, including the proposed transaction between ARM and Insetco plc, unless otherwise authorized by Ernst & Young acting as supervisory commissioner.

As entrusted by the Court, Ernst & Young considers the potential impact on investors and the best interest of the Company before authorizing any action. In that context, Ernst & Young is currently collecting and analyzing all relevant information in order to form a complete opinion on the merits of the Insetco transaction.

Ernst & Young has been and continues working in close cooperation with ARM, Insetco, the Financial Services Authority, the Central Bank of Ireland and the Malta Financial Services Authority.

All media inquiries should be directed to the above Ernst & Young contacts Any other query should be directed to the following email address:  supervisory.commissioner@lu.ey.com.

Posted on 30 November 2011