Although many participants in the European securitization market had already drawn a line under a terrible year by early December, those at the European Securitization Forum faced the prospect of Christmas being cancelled altogether. News emerged in early December that a delegation from the European securitization industry’s trade body had been summoned to speak with EU director of financial services David Wright during the first week of December and tasked with coming up with an action plan to tackle the industry’s problems – by the end of January.
This marks an upping of the ante between the European Commission and the ESF.
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