Eurostat has unveiled its regulatory framework for government securitizations - a move that some market participants say places public sector accounting rules more in line with the recent changes in private sector accounting rules.

The guidelines will finally bring clarity to the debate of what is and what is not officially considered off-balance-sheet funding. As they read in their preliminary stage, they would treat future flows not attached to a pre-existing asset - like the Italian Lotto deal - as on-balance-sheet debt.

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