In this respect, I would like to highlight the important work done by EBA in the assessment of the current supervisory practices and the proposals made to further enhance the criteria of significant risk transfer for securitisation in its discussion paper. Conclusion Let me conclude. The ECB places great importance on the health of the European securitisation market.
The ABS loan-level initiative has made an important contribution in ensuring a high degree of transparency to enable investors to assess the embedded risks of securitisations. Obviously, ABS had to become safer after the experience of the Great Financial Crisis, in particular with securitized US-subprime mortgages. Regulators and legislators have acted accordingly, and the work has not yet been completed.