...Cumulative gross and net losses at 36 months after closing were 1.71% and 0.95%, respectively. These levels remain significantly below Fitch's base-case losses despite being marginally higher than the 3Q14 results. Net losses continued to benefit from strong recoveries at 53.6%. Recovery rates for all vintages averaged between 42% and 62% over the three months of 4Q14. Strong excess spread generally covered net losses, other than in one instance of a seller note charge-off in 2Q14 that was repaid at the following payment date. Two Bella Trust transactions and a SMART Series transaction were redeemed during 4Q14 and removed from the arrears indices for the quarter. Additions to the indices were Series 2014-1 REDS EHP Trust and SMART ABS Series 2014-3PP Trust. The inclusions and additional collateral added to warehouse transactions more than offset the redemptions and collateral amortisation, with total collateral underlying the indices increasing by AUD0.3bn....
