Most Spanish securitization transactions issued since August 2007 have been retained by banks with the eligible securities used as potential European Central Bank (ECB) repo collateral. 

According to Fitch Ratings, the Spanish banks' use of ECB liquidity increased to €47.6 billion ($74.6 billion) in April 2008, compared with €19.1 billion a year earlier. This funding incentive, Fitch said, is driving changes in Spanish securitization transactions.

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