Preliminary drafts of the Financial Accounting Standards Board consolidation project had been hotly debated and discussed by interested parties in the ABCP market for a number of months. The final exposure draft - which was released in June - is vague in places, and lacks several concepts from the preliminary drafts that would have added more clarity to ABCP and CDO participants.

Bank-sponsored multi-seller programs are the largest single category of ABCP programs. Moody's rates 140 Prime-1 multi-seller programs, with $408 billion outstanding as of 3/31/02, approximately 57% of the market.

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