PF payouts for February [AAs and GBBA2/PSA]

Unrelated, but the question now comes to my mind:

For those wholly in AAs receiving pay-as-redeemed amounts pro-rata payouts, when do they realise their losses? Since all AA investors hold the same 'portfolio' and presumably AC 'rebalances' the portfolio as individual loans redeem and reduces the number in it, and some loans don't redeem with some sort of question-mark over them, then 'where' and 'when' do AAs register actual losses for tax purposes? Is this during the wind-down period [as individual loans are declared irrecoverable?] or only at the end [whenever that day comes]?

Of course, all AA investors should be on an identical losing streak but I would assume [now I think about it] that no losses need occur in the near future until the final payment is made five and some years from now provided the PF can pay out 'as/when' individual loans reach the irrecoverable stage. The problem of course is AC being reluctant to call it a day [i.e. trying not to be over hasty] just b/c we are in wind-down and making 'automatic' PF payments. [It's all rather vague still, isn't it?]

Its provision fund is empty

It's worse. The 'wind-down arrangement' [that's the official term for it in the www.assetzcapital.co.uk/wind-down-arrangements ] is a formal statement of how they 'should' do things that is quite at variance with how they 'are' doing them according to the infamous 15 Dec 'memo'. In particular, the WDA doesn't say anything about having investor fees. Under 'risks' instead it says:

"in our estimation, the monitoring income Assetz Capital is entitled to under the loan agreements is more than sufficient to cover the expected costs of winding down the loan book" and they would "continue to operate the Provision Funds in line with our Provision Fund policy"

That '2.9%' [of performing loans ] for the first six months they are planning to start collecting next month .. that 2.9% crimping of interest is 'ring fenced' in the official document to keep provision funds in existence - not syphoned off:

Makes me think one reason for the sudden use of the remaining PFs now is to exhaust them - as part of the plan to justify fee-dipping that is otherwise questionable. [Or am I attributing to Machiavellianism that which can more readily be attributed to slough?]

It looks like the turn of this conversation has finally got us booted off the main board!