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The overall European ABCP market in 2007 was characterized by uncertainty. There were more questions than answers, and there was very little deal activity.

However, one move by HSBC in the first week of December proved to be the most definitive of the year. HSBC announced then that it was not interested in being part of M-LEC, the doomed bailout superfund, for its two SIVs - Cullinan Finance and Asscher Finance.

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