VENETO BANCA retained around €1.6bn of RMBS notes last month, demonstrating what little impact regulatory efforts have had in improving the competitiveness of securitisation as a funding tool in the past couple of years. Claris 2014, printed by Veneto Banca in March of that year, was the first new Italian RMBS since 2011, and a subsequent flurry of trades backed by Italian assets raised hopes that securitisation was fighting back against other funding products. Two months after Veneto's comeback, European Central Bank executive board member Yves Mersch gave the keynote address at the IMN Global ABS conference in Barcelona, pledging to intensify efforts to ease the regulatory burden on securitisation in Europe.
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