It no longer looks like the Italian SCC INPS transaction will be causing further problems, as was previously suspected based on a 25% fall in collections at the last reporting period, which covered collections from August 2001 to October 2001.

The deal had previously caused concern in August 2000 when the concessionari, a collection system of special servicers set up for the transaction, initially fell below expected levels. However, since that date the Italian government has hammered out the kinks and has set up a variety of state-supported securitizations. In January 2001 the Series 1 notes of SCC INPS were paid in full, suggesting that the collection system had stabilized.

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