The European securitization market saw the return of regular new issuance with approximately €75 billion ($98.2 billion) distributed to end investors year-to-date. However, the uptick in primary volumes is still dwarfed by the retained securitizations that remain on issuers balance sheets.

At their recent structured finance conference in London, the Royal Bank of Scotland (RBS) estimated that the outstanding European ABS universe is at €2 trillion, of which €1.1 trillion represents bank-retained ABS that have been structured since the start of the crisis.

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