Germany's True Sale Initiative (TSI) is finally moving ahead, as the thirteen banks to be impacted by the legislation gathered to sign the founding documents for the True Sale International GmbH. A spokesperson for the sponsoring bank, KfW, said infrastructure for securitization should be in place by this summer.

German banks have up to now only had limited access to true sale structures. In February 2003 a change in the trade tax laws - considered one of the main obstacles for true sale structures - prompted the creation of TSI (see ASR 7/14/2003). From the original five banks that began the dialog, the group has grown to include thirteen, but could potentially include more names as the structure becomes more recognizable.

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