In ABCP land, the news of the week trickled out of Standard & Poor's structured finance conference held in Orlando, Florida, where Greg Coleman of the Office of the Comptroller of the Currency acknowledged that the federal regulators were drafting some sort of temporary capital relief proposal for banks that could be hindered by the implementation of FIN 46.

"I believe that banks are still going to try to deconsolidate, but this gives everyone a little breathing room," said Maureen Coen, head of ABCP at Credit Suisse First Boston. "I think it's absolutely a positive development."

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