At the request of the European Union statistical body, Eurostat, the European Committee on Monetary, Financial and Balance of Payments (CMFB) has recommended that the securitization of fiscal claims by governments be treated as direct, on-balance-sheet state borrowing unless all of the risks (and benefits) are transferred.

It's likely that Eurostat will follow with formal guidelines on the use of securitizations that are expected to place a premature tarnish on the golden age of government ABS.

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