London, 29 April 2008 - Baker & McKenzie, London has advised The Royal Bank of Scotland plc as Arranger on the Driver UK One plc £215 million and €324.9 million trade receivables securitisation for Volkswagen Financial Services (UK) Limited.

This is the first public securitisation for Volkswagen Financial Services (UK) Limited in the UK and is one of the few public European ABS transactions completed to date in 2008 (the first public deal of this year being Volkswagen's Driver Five securitisation of German auto loans, on which Baker & McKenzie's Frankfurt office advised).

Volkswagen Financial Services (UK) Limited provides financial services to support brands within the Volkswagen Group, including Volkswagen, Audi, Bentley and Skoda. It acted as Originator and Servicer on this transaction.  Volkswagen Financial Services AG acted as Co-Arranger with RBS.

Vincent Keaveny, structured finance partner at Baker & McKenzie, commented: ''We are very pleased to have been able to build on our German colleagues' existing relationship with Volkswagen". 

Rebecca Ford, also a Partner in the structured capital markets team at Baker & McKenzie, added "We are delighted to have acted on Volkswagen's first ever UK term auto loan deal, which is widely regarded as possibly the most important asset-backed deal to be closed in the current market climate.''

The Baker & McKenzie team was led by Partners Vincent Keaveny and Rebecca Ford, and included associates Alison Harper and Beata Dunn-Olejarova. Tax advice was provided by Partner James MacLachlan, senior consultant Mark Delaney and associate James Wilson.