Simple, transparent and standardised securitisation: is it possible?
In the context of the capital markets union plan, the European Commission proposed an initiative to re-launch securitisation, with harmonised rules across the EU for a subset of standardised offerings, and with CRR amendments to adjust capital charges to provide for a more risk-sensitive treatment for such instruments. Securitisation is key to reduce balance sheets of banks and to make individual loans liquid. However, securitisation still raises eyebrows with many policy makers and users, and the question emerges whether the distinction can easily be made between standardised and transparent on the one hand, and complex, opaque and bespoke securitisations on the other. The intention of this debate is to discuss the feasibility of STS, and its potential.
- Almoro Rubin de Cervin, Head of Unit, Financial Services Policy and International Affairs, DG FISMA, European Commission
- Paul Tang, Member of the European Parliament, ECON Committee
- Nicholas Dorn, Associate Research Fellow, Institute of Advanced Legal Studies (IALS), University of London
- Menno van den Elsaker, Head of European ABS at APG Asset Management
- Steve Gandy, Managing Director and Head of DCM Solutions, Santander Global Banking and Markets
- Stefan Rolf, Head of Asset Backed Securitisation and Treasury Coordination Asia-Pacific Region, Volkswagen Financial Services AG
Moderated by Karel Lannoo, CEO, CEPS
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