Will investors cope with ABS empowerment?

摘要

Securitisation was pushed firmly back onto the capital markets agenda this past week. The tripartite Joint Committee of the European Supervisory Authorities unveiled its chunky report on the topic, while on the same day ESMA chairman Steven Maijoor singled it out for special mention - along with crowdfunding - in his speech on Capital Markets Union at the Luxembourg Stock Exchange Day. Highlighting securitisation was, I imagine, linked to the unveiling of the report, so I shouldn't overplay the fact that Maijoor didn't talk, for example, about the broader topic of SME funding. But I do sense that as debate evolves around European capital markets, too many people may perhaps be nailing their colours too firmly to the mast of securitisation. It's a wonderful tool if used properly, but will it act as a major catalyst for banks to resume lending?