Delivering its promise, DePfa marketed its first issue last week, inaugurating the Irish covered assets market. Sources at the German-based bank said the issue should have priced by the end of last week.

"The primary legislation creating these new Irish instruments is the Asset Covered Securities Act 2001, which was passed on December 18, 2001 and came into force in 2002," reports Standard & Poor's. "During 2002, a number of necessary statutory instruments and regulatory notices were enacted with the result that in 2003 the system is now ready for use."

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