securitisation

And thus far, at least, there is still precious little evidence that the securitisation market is ready to flourish again.

Derivatives and securitisation, which have been at the heart of the firestorm in finance, have also been hugely beneficial.

One of Jersey's biggest earners until recently was the securitisation of financial assets; that market is all but dead.

Who would have thought a year ago that both men would be laid low by an obscure form of debt securitisation?

In the boom it was easy to fill the gap by tapping American money- market funds or securitisation markets .

Instead, arguably, it was the excess securitisation of US subprime mortgages that unexpectedly set off the current solvency crisis.

The securitisation of mortgages was an innovation that led unwittingly to what Wall Street calls "betting the company" .

But uncertainty about the long-term prospects of Fannie and Freddie has been a brake on the revival of securitisation.

None of this, however, can dissipate the overall sense of gloom that pervades the securitisation world.

Eurostat, the European Union's statistical office, has not always looked kindly on securitisation deals by European governments.

Indeed, the acceleration of credit during the securitisation era was not matched by an acceleration in economic output.

Some discussion of the role of securitisation and systemic risk is essential, even if it feels like a lot of detail for beginners to grasp.

Keen to restore securitisation's credibility, Wall Street's main trade groups, too, want the TALF opened up to smaller rating agencies.

But now the securitisation market has frozen, they do not really understand the implications of this new shift.

I missed the details of the link between subprime loans, securitisation, special investment vehicles and a meltdown in money markets.

These days, of course, the word "SIV" has become almost as taboo as the phrase "subprime securitisation" .

The latter are coming under the spotlight as regulators crack down on an estimated $340bn worth of "informal securitisation" .

For a while, indeed, the securitisation boom made the old textbook role of banks seem somewhat redundant.

As Mr Turner notes, the promise of securitisation has turned out to be partly illusory.

Despite the howls from politicians, securitisation has been a boon for the world economy.

"This could lead the way in terms of recreating the securitisation market, as the FDIC deals could end up being the new template. "

"Irony abounds in these markets, " notes Kevin Ingram, a partner at Clifford Chance and a securitisation specialist.

How will the securitisation market cope with a raft of new regulation and what will this mean for the industry?

That was a perversion of securitisation, rather than an indictment of it.

First, regulators may impose higher capital charges on banks for the contingent risks they run as a result of securitisation.

The deleveraging of banks may be inevitable and healthy, but the disappearance of the securitisation market is not.

Securitisation was one method.

First, when securitisation markets collapsed, the company lost its primary source of funding.

The construction of the assets pool is quite important in the course of intellectual property right securitisation.

But "eventually" is the key word here: right now, most parts of the securitisation market are all but dead.

Generalised attacks on securitisation may be heard in Frankfurt and Paris, but must be firmly rejected.

Eventually, he says, he would like to sell most of UniCredit's loans, once European securitisation markets are harmonised .

In securitisation, originators will have to disclose more information about loan pools and hold a slice of their products.

The fund's calculations suggest that a 5% requirement would be enough to close some securitisation markets for good.

When investor demand for securitisation does return "it may essentially be back to square one structure-wise, " he added.

Consumers benefited from financial innovation when securitisation allowed institutions to sell credit aggressively.

All of these were, like residential mortgages, fed into Wall Street's stalled securitisation machine.

There is scope for securitisation of these loans to produce more financial instruments for money market operations.

That suggests that more mainstream parts of the investment banking market are suffering, and not areas related to mortgage securitisation.

With securitisation markets damaged and confidence in banks battered, that will not be easy.

The problems are exacerbated by the demise of the securitisation market, and fears about counterparty risk.

The combination of excessive leverage and mortgage securitisation were at the epicentre of the US subprime crisis.

Reporting on authorized institutions activities in the credit derivatives market and their positions in asset securitisation.

Amid such uncertainty "only a madman would ramp up securitisation efforts now, " says one banker.

And if they are all implemented, they might eventually enable the securitisation market to return to life, albeit on a more sober scale.

Moreover, the frenzy of innovation around debt and securitisation got out of hand.

Hence the near-universal agreement that securitisation needs to be revived.

With the collapse of the private securitisation markets, Fannie and Freddie account for 70% of new mortgage issuance.

But leverage will return and the securitisation market will be open for business, albeit in a more sober form.

We don't have a securitisation market so they are able to do that business in a highly profitable way.

A "back to basics" campaign in securitisation may, in other words, also mean going back to old-fashioned, and much lower, bank profits.

and the securitisation markets that became so fashionable during the boom will recede, though not disappear altogether.

The private sector market for new securitisation has collapsed since the financial crisis started in 2007.

Securitisation makes assets easier to sell. Derivatives, used well, increase financial flexibility.

New regulations and accounting rules have made securitisation less appealing.

First, they involve the securitisation of banks' existing assets, rather than of new lending.

And because local banks still account for almost all domestic lending, there is no securitisation of bank loans.

Optimists in the banking world point out that the securitisation business has rebounded from blows before.

In contrast, they say the rise of informal securitisation has serious implications for the wider economy.

But since then credit dramatically has outstripped economic growth, as securitisation took hold.

Without securitisation, the world cannot sustain such extreme imbalances indefinitely.

Much of the rest came from various forms of securitisation.

The hoarding is a natural consequence of the breakdown of the securitisation market.

Amid these shortcomings were some good ideas, such as a fivefold expansion of a $200 billion fledgling Fed facility to boost securitisation.

To make matters worse, the securitisation sector faces rising regulatory pressure.

Securitisation is the packaging of financial assets, which are then sold on to investors.

The intellectual case for securitisation certainly remains strong, and not just because without it, deleveraging will be even more painful.

Defenders argue it lacks the leverage and mortgage securitisation that sparked the US subprime crisis.

Those investorswhocannot extend credit directly to individuals or small businesses can get exposure to these assets via securitisation.

Since late 2005, China's bank regulators have allowed some leading financial institutions to experiment with securitisation.

The industry has defied gravity by using debt, securitisation and proprietary trading to boost fee income and profits.

It's not securitisation for leverage and arbitrage purposes any more.

Securitisation is a good concept, but it becomes bad when rubbish is put in there.

"The basic proposition of securitisation is not daft, " he says.

Can the securitisation - and credit creation - machine start again?

Securitisation is in its infancy, as is the use of derivatives.

Some of the worst abuses in securitisation stemmed from the use of credit ratings.

That will probably discourage the securitisation of loans.

That was certainly true of the banks' off-balance sheet securitisation activity.

Before the bubble burst, few investors properly understood the impact of securitisation.

It should not be forgotten why the boom in securitisation started more than 30 years ago.

The securitisation boom has also benefited many borrowers.

You don't know what you are talking about, replied the head of mortgage securitisation.

The method of choice is securitisation, the issuing of bonds based on the various revenues thrown off by intellectual property.

More fundamentally, securitisation opened a new route to growth for banks.

The housing boom was inflamed by mortgage securitisation.

Ranieri did warn in 2006 of the risks from the breakneck growth of mortgage securitisation.

The securitisation of mortgages added a new dimension of systemic risk.

Securitisation, which has been at the centre of the current crisis, is another child of the 1970s.

Many European banks used securitisation to fund the expansion of their loan books in the boom (see chart 7).

The sticking-point, according to conventional wisdom, is securitisation.

As Wall Street ate into their securitisation business, they branched into buying debt securities worth some $1. 6 trillion.

Tenants cannot pay rents, there is too much securitisation and customers have gone.

In the past two decades, securitisation and other financial innovation brought the same phenomenon to credit markets.

Deutsche Bank wants to extend its investment-banking expertise to other retail products, such as mortgages, via securitisation.

They are not a natural securitisation product.

Only $28bn was raised through securitisation in April.

The process of "securitisation" is too big, too integral to fail.

Deutsche Bank's securitisation team expects negative equity to peak at 48% of total homes by 2011.

What is imploding though is the securitisation world.

Securitisation was developed in America almost three decades ago, when bankers started using mortgages to issue bonds.

An estimated $8. 7 trillion of assets worldwide are funded by securitisation.

The first is that the market for securitisation will shrink substantially.

"This is the world of smart securitisation, " said Geoff Smailes, managing director of global credit solutions at BarCap.

Many banks believed they had escaped this with fee-based actitivies such as asset securitisation and custody.

Similarly, in Hong Kong, the public will soon be able to invest in securitisation bonds from the tunnels and bridge that they use every day.

Even in securitisation, the market at the heart of, and worst-affected by, the crisis, there are signs of life;

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