While the European primary pipeline remains quiet, securitization activity for Central Bank repo funding is growing. 

Fitch Ratings said that it's led to a trend towards much larger transaction sizes. Fitch estimated that the average European structured finance transaction size in 2008 (excluding CDOs) was €2.6 billion ($3.5 billion) in 2008, compared to €1.7 billion in 2007, an increase of some 52%.

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