The U.K. continues to dominate European credit card ABS, with only one or two deals done on the continent so far. At the moment the only buzz of mainland activity comes from Greece, where a deal backed by credit card receivables is due to close in July.

There is huge potential growth in Continental Europe - but the question is, is that growth likely? The large cultural divide between continental Europe and the U.K. in credit card usage has yet to be bridged. And though some countries, like Spain and Italy, have worked to change this mentality - it's not clear how fast this change will transform the market.

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