As if symbolic of the ABCP industry's woes over the past two years, the market's titan conduit, Edison Securitization Corp. - which peaked in size at nearly $40 billion - officially stopped funding new assets, according to GE Capital Corp.'s 2003 full-year filing with the Securities and Exchange Commission.

In fact, GE has added a new line to its balance sheet called "consolidated, liquidating securitization entities," which includes the assets of Edison. The consolidated entities amounted to $26.5 billion at the end of December, compared with $36.3 billion at July 1, 2003, when GE brought the assets of Edison onto its balance sheet in compliance with FIN 46, the accounting guidelines introduced last January by the Financial Accounting Standards Board.

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