Post-crisis central bank policies are crowding out ABS, ECB and BoE say

BoE, ECB suggest set of principles to judge 'qualifying securitisations'

Euro sign, Frankfurt

Initiatives to boost lending such as the Bank of England's (BoE) Funding for Lending Scheme (FLS) or the European Central Bank's (ECB) long-term refinancing operations (LTROs) can take some of the blame for the near-death of Europe's securitisation market by making asset-backed securities (ABSs) expensive by comparison, according to a joint discussion paper published today by the two central banks.

The paper is aimed at reinvigorating the ABS market, and seeks comment from market participants on

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