Also pushing forward, the European asset-backed commercial paper market showed record growth in 1999, exceeding $60 billion in outstandings. According to Jean Dornhofer a vice president at Moody's Investors Service (London), the year 2000 levels have remained at $60 billion (as of June 30), reflecting the flat growth curve trend seen in the U.S. as well.

"That's impressive considering the explosive growth the market had last year," Dornhofer said. "We expect growth to continue at a measured pace in the future, both on the entry of new sponsors into the market and based upon the untapped potential of many bank's balance sheets."

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